JOHANNESBURG (Reuters) – A disciplinary hearing that could decide the political fate of South African firebrand Julius Malema has been postponed until October, the ruling African National Congress (ANC) said.
Malema, leader of the ANC’s youth wing and named this week by Forbes magazine as one of the most powerful men in Africa, faces suspension or expulsion from the ruling party if found guilty on charges which include bringing the ANC into disrepute.
JOHANNESBURG, Sept 8 (Reuters) – The Zimbabwean unit of
Impala Platinum , the world’s second-largest producer of
the precious metal, said the government had taken steps to
revoke its operating licence and it remained in talks with
The government has been trying to get miners to transfer 51
percent stakes in their local operations to black Zimbabweans.
JOHANNESBURG, Sept 8 (Reuters) – Workers at South African
state-run utility Eskom are preparing to strike after
wage talks failed, one union said on Thursday, prompting the
power provider to rule any stoppage illegal because it provides
an essential service.
The strike and possible subsequent electricity cuts could
have a crippling impact on the world’s largest platinum producer
and hobble a fragile economic recovery.
HARARE/JOHANNESBURG, Sept 7 (Reuters) – A showdown looms
between foreign mining companies in Zimbabwe and the government
over its drive to force them to surrender 51 percent of their
local equity stakes to black investors.
Zimbabwe said on Tuesday it could prosecute or cancel the
mining licence of Zimplats , the local unit of Impala
Platinum , the world’s second largest platinum producer,
for failing to agree to comply with the policy.
LONDON/JOHANNESBURG, Sept 6 (Reuters) – Glencore ,
the world’s largest commodity trader, has almost doubled its
stake in takeover target Optimum Coal Holdings to 23.9
percent, and sources said shareholders had promised to sell much
Glencore said on Tuesday it had bought 24.6 million shares
in the South African coal miner at an average price of 37.98
rand on Monday.
JOHANNESBURG/LONDON, Sept 1 (Reuters) – Commodity trading
giant Glencore confirmed on Thursday that it aims to
take a controlling stake in South African coal miner Optimum
Coal Holdings with its local partner, prominent local
politician-turned tycoon Cyril Ramaphosa.
The deal would be worth around $1 billion at OCH’s current
This would be Glencore’s most significant purchase since its
record share listing, when it sacrificed its fiercely protected
privacy to gain the balance sheet firepower for making
JOHANNESBURG, Aug 31 (Reuters) – South Africa’s National
Union of Mineworkers said it had agreed on a two-year wage deal
with Anglo American Platinum , the world’s top platinum
producer which accounts for about 40 percent of global supply.
Amplats shares closed over 2.5 percent higher on the day as
investors were relieved that strikes would not threaten a 2011
platinum output target of 2.6 million ounces, while the agreed
wage hikes came as no surprise.
JOHANNESBURG, Aug 26 (Reuters) – South Africa’s mines
minister Susan Shabangu will soon give her assessment of
industry progress in reaching the targets of a charter aimed at
giving previously excluded blacks a higher share of ownership,
her spokesperson said on Friday.
“We expect the minister to pronounce on this issue within a
matter of weeks once she has looked at all these latest
reports,” Bheki Khumalo told Reuters, referring to reports that
mining companies had to submit to the government by the end of
JOHANNESBURG/LONDON, Aug 26 (Reuters) – Glencore
, the world’s largest commodities trader, stood on
the verge of its largest takeover bid since its May stock market
listing on Friday, after South Africa’s Optimum Coal
confirmed it had received approaches.
The move on Optimum, South Africa’s sixth-largest coal
producer, illustrates Glencore’s appetite for deals in the
volatile equity and commodity markets, which it has said will
throw up bargains.
JOHANNESBURG, Aug 26 (Reuters) – Optimum Coal stood
at the centre of bid interest in South African assets on Friday,
confirming receipt of more than one takeover approach a day
after news that commodities trader and miner Glencore
Shares in Optimum leapt 6 percent in morning trade. Glencore
plans to strike a deal using South African businessman Cyril
Ramaphosa as a partner, sources close to the deal said on