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.
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
The new body, called the World Platinum Investment Council,
will most likely be based in London or Johannesburg, the sources
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.
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
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.
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.
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.
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.
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
“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.
RUSTENBURG South Africa (Reuters) – For decades, production in South Africa’s platinum mines has rested on the muscular shoulders of men risking life and limb to drill into the rock face with jackhammers.
Three years of labor upheaval and a political push to make the shafts safer and transform the low-wage workforce have set in motion a drive to replace such rock drillers with machines.