LUSAKA/JOHANNESBURG Oct 3 (Reuters) – Zambia could simplify
its fiscal regime for mining companies by scrapping corporate
tax for the sector next year, a government source said on
Friday, a move that comes against the background of a simmering
dispute over value-added tax (VAT).
Instead of corporate tax, regarded as hard to administer,
companies would face a higher mineral royalty rate in Africa’s
second-largest copper producer, the source said, without
detailing the size of the rise. The rate is currently 6 percent.
JOHANNESBURG, Sept 26 (Reuters) – Global warming in Africa
may soon move bond markets.
In 2016, the first climate change bonds will be issued from
Africa – unique instruments that will enable the world’s poorest
continent to tap both capital markets and donor funds to bolster
its defenses against extreme weather events such as prolonged
drought or extreme heat.
RUSTENBURG, South Africa, Sept 16 (Reuters) – South African
platinum miner Vincent Nyeleka has just moved up in the world,
leaving behind a cramped hovel that he rented for a new,
three-bedroom house he can call his own.
“This is better. Now my wife and children can come live with
me,” said Nyeleka, a 32-year-old winch operator, as he walked
through his new neighborhood, its streets lined with brick
houses and green lawns.
JOHANNESBURG/LONDON, Sept 15 (Reuters) – South Africa-based
AngloGold Ashanti has pulled the plug on a planned
restructuring only five days after announcing it, following a
shareholder revolt against the plan for a new London-listed
company and a $2.1 billion rights issue.
The gold producer last week unveiled its intention to split
its South African mines from international assets, mirroring
moves by other producers to reduce exposure to a country hit by
rising labour costs and policy instability.
JOHANNESBURG, Sept 14 (Reuters) – South Africa’s government
has approved a support package for troubled state-run power
utility Eskom, which will include the company raising over $4
billion in additional debt and receiving an equity injection
from the state.
The announcement highlighted the gravity of the situation
facing Eskom, which provides virtually all of the power to
Africa’s most advanced economy but has massive funding issues as
its costs are running way ahead of its revenues.
JOHANNESBURG, Sept 12 (Reuters) – South African-focused
bullion producer Sibanye Gold said on Friday it was
starting talks with unions and other stakeholders about possible
job cuts at its Cooke 4 mine to boost profits and productivity.
Sibanye said it had entered “into section 189 consultations
on the future of the Cooke 4 mine” – a reference to a legal
requirement that companies must talk with organised labour and
other affected parties in advance about potential lay offs.
JOHANNESBURG/LONDON (Reuters) – Africa’s biggest bullion producer AngloGold Ashanti is to restructure its mining and exploration operations outside South Africa under a new British-based company and aims to raise $2.1 billion in a rights issue.
The move announced by the company on Wednesday mirrors those of other large mining groups seeking to reduce exposure to South Africa, the vast resources of which come with the risk of a volatile labor market, policy uncertainty, dizzying shaft depths and soaring costs.
JOHANNESBURG, Sept 8 (Reuters) – Sasol is eyeing
potential expansion into Angola, Ghana and Tanzania but
Mozambique remains its immediate focus in Africa, the South
African petrochemicals company’s chief executive said on Monday.
Sasol reported a 14 percent increase in full-year earnings
on Monday, boosted by higher chemical prices and a weaker rand
but still short of analysts’ expectations.
JOHANNESBURG, Sept 3 (Reuters) – Swiss-based miner and
commodities trader Glencore still wants to sell its 25
percent stake in South African platinum producer Lonmin
at “the right time,” its chief executive said on Wednesday.
There has been some market speculation in recent weeks that
Glencore was considering raising its stake in Lonmin, given the
fall in the platinum miner’s share price this year.
JOHANNESBURG, Aug 28 (Reuters) – World no. 2 platinum
producer Impala Platinum said on Thursday it had
launched a strategic review that could include a shift to
mechanisation in the wake of a five-month strike that hit its
Rustenburg operations in South Africa.
The company also warned of a tough time ahead on the cost
front as it struggles to ramp up production after the strike and
rolls out pay increases of up to 20 percent.