Agnieszka's Feed
Sep 18, 2012

Lonmin miners cut demands as South Africa strikes grind on

JOHANNESBURG (Reuters) – Striking South African miners at platinum group Lonmin cut wage demands in their six-week stoppage, while the top world producer of the precious metal, Amplats, was silent on Tuesday on whether it had been able to resume operations suspended in the unrest.

The government, mediators and mining companies have intensified efforts to resolve the mining sector troubles which have hit the rand currency, raised insurance against default on South African debt and spooked some foreign investors into selling shares in mining companies.

Sep 17, 2012

Two South Africa mines reopen, situation still tense

JOHANNESBURG (Reuters) – Two South African mines reopened on Monday after labor strife forced them to suspend operations last week, but striking miners vowed to keep operations run by world No. 1 platinum producer Anglo American Platinum (Amplats) shut.

Wage talks were set to resume in a bid to end a violent 5-week strike that has killed 45 people around the Marikana mine of platinum producer Lonmin, bringing its production to a halt and pushing up the price of the precious white metal.

Sep 13, 2012

Ncondezi Coal seeks partner for Mozambique plant

JOHANNESBURG, Sept 13 (Reuters) – AIM-listed coal
development company Ncondezi Coal is looking for a
partner to build a coal-fired power plant in Mozambique to
supply the domestic and regional markets, its chief executive
officer said on Thursday.

The power plant, to be commissioned in 2017 and to be
located in Mozambique’s northern Tete province, would be built
in phases, initially ramping up to generate 600 MW by 2019.

Sep 12, 2012

S.Africa’s Medupi plant work suspended after protests

JOHANNESBURG, Sept 12 (Reuters) – Construction of South
Africa’s 4,764 MW Medupi coal-fired power plant, meant to plug a
dire electricity shortfall, remained suspended following
protests at the site the previous week, state-owned utility
Eskom said on Wednesday.

Last week around 80 workers contracted by Murray & Roberts
(M&R) and Grinaker-LTA, part of construction group
Aveng, damaged some vehicles and equipment at the site
in an illegal protest over labour issues.

Sep 10, 2012

Sasol seeks buys and partners in natural gas strategy

JOHANNESBURG, Sept 10 (Reuters) – South African
petrochemicals group Sasol Ltd plans to pursue its
natural gas-focused strategy through further acquisitions or by
partnering with other producers to convert their gas into fuel
or chemicals, a senior official said on Monday.

Sasol is the world’s top maker of motor fuels from coal, but
has increasingly been diversifying into chemicals, gas and
clean-energy projects, partly to align itself with wider moves
to low-carbon systems and to benefit from low gas prices.

Aug 1, 2012

Exxaro on the prowl for new assets as profits rise

JOHANNESBURG, Aug 1 (Reuters) – South Africa’s Exxaro
is looking to invest in platinum group metals or copper
to benefit from a favourable market and become a fully
diversified miner, a senior executive said on Wednesday.

Exxaro, which posted an 11 percent rise in first-half
earnings, has been on a push to diversify beyond its traditional
reliance on coal, mineral sands and its 20 percent stake in iron
ore miner Kumba Iron Ore.

Jul 12, 2012

PetroSA in talks to buy Sabre Oil Ghana assets

JOHANNESBURG (Reuters) – South Africa’s PetroSA is in talks to buy assets in Ghana from Sabre Oil and Gas, including a stake in the lucrative Jubilee field, the head of the government-owned oil group said on Thursday.

Under new leadership since March, PetroSA has become more aggressive about new projects, scouting Africa for oil and gas and buying downstream assets to diversify its revenue beyond a gas-to-liquids plant in South Africa.

Jul 10, 2012

S.Africa’s Transnet insists on coal line expansion

JOHANNESBURG, July 10 (Reuters) – South African logistics
group Transnet is committed to raising capacity on its
coal export rail line despite a policy debate that could curb
outside sales if the commodity is declared a “strategic
resource,” its head said on Tuesday.

Coal exporters in South Africa, which include Anglo American
, Exxaro, Sasol, BHP Billiton
and Xstrata Coal, have long been eager to export
more coal to supply growing demand from power plants in Asia.

Jun 19, 2012

Mozambique coal, gas: boom for all, or just a few?

MAPUTO (Reuters) – In Mozambique’s port capital Maputo, glitzy offices, boutique hotels and fancy restaurants are popping up alongside crumbling colonial buildings, nourished by multi-billion dollar investment in coal and gas deposits to the north.

Luxury cars jam crowded streets and smart-suited business executives strut the sidewalks.

Jun 6, 2012

South Africa’s Absa buys store card business for $1.2 billion

JOHANNESBURG (Reuters) – South African bank Absa (ASAJ.J: Quote, Profile, Research, Stock Buzz) will pay $1.2 billion for the store credit card business of unlisted domestic retailer Edcon, it said on Wednesday, bulking up its presence in the high-margin but riskier unsecured lending market.

Under the deal, Absa, majority-owned by Britain’s Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz), will also extend credit and sell other financial products to the nearly 4 million customers of South Africa’s biggest clothing retailer.