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Jul 25, 2011

Amplats holds 2011 output target, HI profit up

JOHANNESBURG, July 25 (Reuters) – Anglo American Platinum
, the world’s largest platinum producer, held to its
2011 output target of 2.6 million ounces on Monday as it
predicted a stronger second half.

Its first-half headline earnings rose 20 percent as expected
on higher sales and prices but the miner, a unit of global giant
Anglo American , said costs remain a concern.

Jul 13, 2011

Strikes loom across S.African economy

JOHANNESBURG, July 13 (Reuters) – Strikes are looming in
South Africa’s gold and platinum sectors which could threaten
global supplies at a time when commodity prices are red hot.

Africa’s largest economy is also grappling with spreading
strikes in its petroleum sector which could have an impact on
refinery production and domestic fuel supplies.

Jul 13, 2011

SAfrica’s mine nationalisation needs debate-AngloGold

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.

Jul 7, 2011

S.Africa unions say coal, Amplats’ strikes loom

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.

Jul 5, 2011

China’s Jinchuan trumps Vale’s Metorex bid

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.

Jun 18, 2011

Former Zambian President Frederick Chiluba dies

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.

Jun 17, 2011

Food prices mean trouble for poor and politicians

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.

Jun 8, 2011

South Africa youth leader targets mines in new film

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.

Jun 6, 2011

Analysis – Angola eyes Africa’s top oil spot

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.

Jun 3, 2011

Hunt for ever-deeper South Africa gold still costs lives

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.

    • 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."
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