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Dec 19, 2014

Can Africa turn the “curse” of big animals into an economic blessing?

JOHANNESBURG, Dec 19 (Reuters) – For many outsiders,
Africa’s big animals are among the natural wonders of the world
and a major tourist draw.

For many Africans, elephants, rhinos and lions – or at least
the bloody trade in their body parts, and the proximity of big,
dangerous critters to their crops, cattle and kin – are part of
a wider “resource curse” that has long afflicted the continent.

Dec 15, 2014

BRICS countries lead global capital flight: report

JOHANNESBURG (Reuters) – The BRICS grouping of emerging market nations is leading the flight of illicit capital from the developing world, according to data in a new report released this week.

In its annual estimate of illegal capital flows, Washington-based think-tank Global Financial Integrity (GFI) said it a record $991 billion was siphoned in 2012 from the world’s developing economies, an increase of almost 5 percent from 2011.

Nov 10, 2014

Platinum industry to promote investment demand for metal

LIMA/JOHANNESBURG, Nov 10 (Reuters) – An industry body to
promote investment demand for platinum should be set for launch
late this year or early 2015 as South African producers try to
boost sales in the face of falling prices, industry and banking
sources said.

The new body, called the World Platinum Investment Council,
will most likely be based in London or Johannesburg, the sources
said.

Nov 10, 2014

Strike-hit Lonmin cuts costs, raises hurdles to return to profit

LONDON/JOHANNESBURG, Nov 10 (Reuters) – Platinum miner
Lonmin, dragged into the red this year by a bruising
five-month strike, said it would cut more than 2 billion rand
($179 million) of costs and set a higher hurdle for new projects
as it battles to return to profit.

Lonmin, the world’s third-largest platinum producer, said
the savings would be achieved over three years, largely through
operational improvements and lower overheads. It has also set a
target return rate of at least 15 percent for new investments.

Nov 5, 2014

Harmony Gold considers South African job cuts as gold price slumps

JOHANNESBURG, Nov 5 (Reuters) – South African miner Harmony
Gold reported a further quarterly loss on Wednesday and
suggested it might have to cut jobs as it contends with a
depressed gold price and operational problems which include an
escalating battle with illegal miners.

Unveiling its results for the three months to end-September,
the company said losses narrowed by 78 percent to 226 million
rand ($21 million), as production rose by 6 percent to just over
303,000 ounces.

Oct 25, 2014

South Africans deploy owls to fight rat problem in townships

JOHANNESBURG (Reuters) – A young barn owl looks bug-eyed in curiosity as a bird handler readies it for a new life – to be spent hunting the rats that plague South Africa’s poor and mostly black urban areas.

The Township Owl Project takes juvenile birds rescued from perilous situations, such as when a building where they nested in is demolished, and gives them a new home and a new job.

Oct 21, 2014

In Steenkamp family’s bar, mixed feelings over Pistorius sentence

PORT ELIZABETH South Africa (Reuters) – As Judge Thokolize Masipa told track star Oscar Pistorius he would go to jail for killing Reeva Steenkamp, customers at the bar owned by her parents held up their palms to signify “five years” and murmured approval.

The gathering of half a dozen of Steenkamp’s family friends sat glued to the television at the “Barking Spider”, smoking and drinking beer despite the early workday hour.

Oct 16, 2014

South Africa seeks to revamp disused gold mines

WELKOM, South Africa, Oct 16 (Reuters) – South Africa’s once
massive gold mining industry has been shrinking for years,
leaving billions of dollars of plants, worker housing and
pipelines at risk of demolition and the scrapyard.

Keen to avert this scenario, the government wants mining
companies to find alternative uses for disused facilities to
support communities and even continue to provide jobs.

Oct 14, 2014

South Africa considers declaring certain minerals as ‘strategic’

JOHANNESBURG (Reuters) – South Africa’s mines minister Ngoako Ramatlhodi said he was considering declaring certain minerals such as coal and iron ore as “strategic” for the country.

“We haven’t classified any, but it is provided for under the mineral bill, which is before the president. If that bill is signed into law, then it will give the minister the ability to declare certain minerals strategic for purposes of industrialisation in South Africa,” he said.

Oct 14, 2014

S.Africa considers declaring certain minerals as “strategic”

JOHANNESBURG, Oct 14 (Reuters) – South Africa’s mines
minister Ngoako Ramatlhodi said he was considering declaring
certain minerals such as coal and iron ore as “strategic” for
the country.

“We haven’t classified any, but it is provided for under the
mineral bill, which is before the president. If that bill is
signed into law, then it will give the minister the ability to
declare certain minerals strategic for purposes of
industrialisation in South Africa,” he said.

    • About Ed

      "I cover commodities in southerrn Africa, a region that I have returned to after spending over four years covering religion, politics and the Great Recession in America. I am a Canadian citizen and grew up in Nova Scotia."
      Joined Reuters:
      1995
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