JOHANNESBURG, July 13 (Reuters) – Nationalisation of South
Africa’s mines needs to be debated and not dismissed, the head
of Africa’s top gold miner said on Wednesday as he warned that
such a move could destroy the country’s fiscal stability.
The comments by Mark Cutifani, the chief executive of
AngloGold Ashanti , are the latest from top miners on
the issue, underscoring boardroom concerns that talk of
nationalisation by radical elements in the ruling African
National Congress are making investors and shareholders nervous.
JOHANNESBURG, July 7 (Reuters) – South African unions on
Thursday threatened strike action in the coal mining sector and
against the world’s top platinum producer, moves that may
threaten the country’s exports to resource-hungry Asia.
Africa’s largest economy is also almost exclusively
coal-powered, and energy supplies are tight, but utility Eskom
has said it has enough coal in stock to last 41 days,
so a strike would have to be lengthy to affect its operations.
JOHANNESBURG (Reuters) – South African miner Metorex Ltd (MTXJ.J: Quote, Profile, Research, Stock Buzz) said on Tuesday it had received a firm offer from China’s Jinchuan Group Ltd, trumping a bid by Brazilian giant Vale SA (VALE5.SA: Quote, Profile, Research, Stock Buzz) and sending its share price higher.
Vale, the world’s largest iron ore producer, seemed unlikely to be drawn into a bidding war after its chief financial officer earlier told Reuters in London that it would stick with its bid.
LUSAKA (Reuters) – Frederick Chiluba, Zambia’s first democratically elected president who fought off corruption charges after standing down, has died aged 68, a government spokesman said Saturday.
The cause of death was not immediately clear. Chiluba suffered from a chronic heart problem and had been hospitalized in the past.
JOHANNESBURG/SINGAPORE (Reuters) – Just a few months ago Alpheus Molepo’s daily lunch of “pap” or corn meal and meat cost 20 rand ($3.30). Now it costs 25 rand.
“This is why we are crying,” Molepo, 55, a Johannesburg taxi driver, said as he sat under the winter sun by his vehicle, complaining that business was down while food costs were up.
By Ed Stoddard and Yumna Mohamed
JOHANNESBURG (Reuters Life!) – Influential South African ANC youth leader Julius Malema says in a new documentary that the country’s mines must be nationalized to return mineral wealth to the black majority that was stolen by white colonists. Malema, head of the African National Congress’s Youth League, is one of the best-known politicians in the country and his comments in the documentary may further unnerve investors in the key mining sector and fuel debate on the issue.
The film, “Mining for Change: A Story of South African Mining,” debuted in March and is currently making the rounds at the Encounters South African International Documentary Film Festival in Johannesburg and Cape Town, which runs June 9 to 26.
LONDON/JOHANNESBURG (Reuters) – Angola is set to overcome technical problems to boost oil output to over 2 million barrels per day (bpd) next year and has the potential to overtake Africa’s top oil producer, Nigeria.
Angola briefly replaced fellow OPEC member Nigeria in the number 1 spot in 2009, but patchy production in some fields and relative peace in the Niger Delta have reversed their standing.
CARLETONVILLE, South Africa (Reuters) – The massive drill is deafening as it bores into the rock of the world’s deepest mine, where heat and humidity sap the strength of gold miners who never know when the next rock fall might kill or maim.
At 3.8 km (2.4 miles) underground, it feels like the bottom of the world.
Toil and blood have brought humans to this spot, the lowest in AngloGold Ashanti’s Mponeng mine, 60 kms (35 miles) southwest of Johannesburg.
A leaked cable that has sparked a row between Britain and Malawi could give rise to rural hunger in the impoverished southern African nation.
That is the upshot of the spiralling row that has seen Britain suspend aid including its support for a support for a highly successful seed and fertiliser programme in Malawi – and the government in Malawi stick to its guns despite the possible consequences for its people.