JOHANNESBURG/LONDON, Jan 22 (Reuters) – Rio Tinto
has begun a review of its Mozambique coal mining
operations which cost it a $3 billion write-off, reconsidering
development plans, partners and its options for getting the coal
from pit to port.
Rio’s troubles in Mozambique offer a cautionary tale on big
projects in new areas, which have become increasingly
unattractive for miners under pressure from shareholders to
control spending and improve returns.
RUSTENBURG, South Africa, Jan 15 (Reuters) – Covered in
sweat and dust, workers at Anglo American Platinum’s
Khuseleka mine in South Africa emerged from a gruelling
underground shift on Tuesday to be told they were among 14,000
people about to lose their jobs in a massive corporate shake-up.
Their reactions ranged from disbelief to despair to anger,
suggesting the restructuring by parent company Anglo American
could trigger another wave of labour unrest in the
world’s leading producer of the precious metal.
JOHANNESBURG/LONDON (Reuters) – Tata Steel KZN, a subsidiary of the Indian steel maker (TISC.NS: Quote, Profile, Research), has shut two ferrochrome furnaces in South Africa for two months to help power utility Eskom manage a tight electricity supply, industry sources said on Friday.
Officials at Tata Steel KZN and Eskom ESCJ.UL declined to comment.
Under deals with Eskom, companies agree to temporarily suspend production, allowing the utility to buy back the energy that would have been used by the furnaces and feed it back to its starved electricity grid.
JOHANNESBURG, Dec 17 (Reuters) – Mozambique will apply a 32
percent tax on future sales of local assets by foreign companies
operating in the emerging coal and gas producer as it seeks a
greater share of profits from its mineral wealth, a tax official
said on Monday.
Several oil and mining majors have rushed in to Mozambique
to seek opportunities in what is expected to become one of the
world’s leading coal and gas exporters and the tax will affect
future sales of assets located in the southern African state.
JOHANNESBURG (Reuters) – Nelson Mandela, the 94-year-old former South African president and Nobel Peace laureate hospitalized with a lung infection, has successfully undergone a procedure to have gallstones removed, the government said on Saturday.
“The former president underwent a procedure via endoscopy to have gallstones removed. The procedure was successful and Madiba is recovering,” President Jacob Zuma’s office said in a statement, using Mandela’s clan name.
JOHANNESBURG, Dec 15 (Reuters) – Nelson Mandela, the
94-year-old former South African president and Nobel Peace
laureate hospitalised with a lung infection, has successfully
undergone a procedure to have gallstones removed, the government
said on Saturday.
“The former president underwent a procedure via endoscopy to
have gallstones removed. The procedure was successful and Madiba
is recovering,” President Jacob Zuma’s office said in a
statement, using Mandela’s clan name.
JOHANNESBURG, Dec 14 (Reuters) – Mozambique plans to take
advantage of massive gas reserves to develop domestic industries
as well as export liquefied natural gas, boosting government
revenue by $6-$8 billion a year, the latest draft of its master
Some 150 trillion cubic feet of gas have been found off its
shores so far, enough to supply Germany, Britain, France and
Italy for 15 years, and the government and companies scouting
wells have estimated there may be potential to double that
MAPUTO, Dec 13 (Reuters) – Depressed coal prices, tight
capital markets, shoddy railways and ports have cooled
Mozambique’s coal bonanza and will delay export projects aimed
at supplying booming demand in Asia.
The former Portuguese colony has been the new darling of the
industry, with its north-central Tete province boasting some of
the world’s largest untapped reserves of thermal coal for power
generation and coking coal for steel production.
JOHANNESBURG (Reuters) – South African petrochemicals group Sasol (SOLJ.J: Quote, Profile, Research, Stock Buzz) said its expectations for a strong year had been boosted by a good quarterly performance at its synthetic fuels unit.
“We remain confident that, based on the production guidance and our macroeconomic assumptions, we will deliver solid operational performance and earnings for the (2012/13) financial year,” chief financial officer Christine Ramon said on Monday.
MAPUTO, Nov 23 (Reuters) – Mozambique does not plan to seek
overly high state and local participation in mining, beyond
current totals of 5-20 percent, to keep attracting vital
investment, the head of the state-owned mining company said.
While some southern African politicians have campaigned to
nationalise mines or demanded that 51 percent stakes in
companies be given to local black people, as in Zimbabwe,
Antonio Manhica said his government would seek to balance the
interests of the country with those of investors.