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South Africa’s Rand, Bond Add To Losses On Budget Shock

South Africa’s Rand, Bond Add To Losses On Budget Shock

South Africa’s rand extended losses in early deals on Thursday, a day after Finance Minister Malusi Gigaba flagged weaker growth expectations and rising government debt in his budget speech.   At 0624 GMT, the rand traded at 14.1600 versus the dollar, 0.73 percent weaker from its New York close on overnight. Gigaba said in his […]

Mad Scramble for Lithium Mines Stretches From Congo to Cornwall

Mad Scramble for Lithium Mines Stretches From Congo to Cornwall

For evidence of just how hot battery ingredient lithium is right now, look no further than Australia’s AVZ Minerals Ltd. A penny stock until a few months ago, the mining hopeful has surged about 1,500 percent this year. The proposition: recasting a remote, century-old tin mine in the Democratic Republic of Congo as a supplier […]

Acacia Says Can’t Pay $300 Million Upfront That Deal with Tanzania Calls For

Acacia Says Can’t Pay $300 Million Upfront That Deal with Tanzania Calls For

Acacia Mining said it could not immediately pay the $300 million that its majority shareholder agreed to hand the government of Tanzania to settle a dispute that has crippled the company’s operations in the east African country. Acacia’s majority owner, Barrick Gold, said on Thursday it had agreed with Tanzania for Acacia to hand over […]

Barrick Gold To Give Tanzania Mines Stake And $300 Mln To End Dispute

Barrick Gold To Give Tanzania Mines Stake And $300 Mln To End Dispute

Barrick Gold will give Tanzania a 16 percent stake in three gold mines, a 50 percent share of revenues from those mines and a one-off payment of $300 million to resolve a dispute that has hit its operations in the country, the two sides said. The Canadian miner and the Tanzanian government have been in […]

Guinea Gets Staff-level Approval For 3-year IMF Deal

Guinea Gets Staff-level Approval For 3-year IMF Deal

The International Monetary Fund said on Tuesday it had reached a staff-level agreement with Guinea for a three-year programme of reforms with backing from the lender of last resort’s Extended Credit Facility (ECF). The agreement still requires approval from the IMF’s Executive Board, which is expected to consider it next month. An IMF statement said […]

Egypt Plans to Extend $2 Billion Financing Deal for a Year

Egypt Plans to Extend $2 Billion Financing Deal for a Year

Egypt plans to renew a $2 billion financing deal with international banks while also developing alternative sources of funding such as issuing dollar-denominated Eurobonds, Finance Minister Amr El-Garhy said. The repurchase transaction, which international banks offered to increase to $5 billion upon its extension, will remain unchanged in size and probably in duration, El-Garhy said, […]

Sub-Saharan Africa To Grow At A Slower Rate This Year, World Bank Says

Sub-Saharan Africa To Grow At A Slower Rate This Year, World Bank Says

The economy of sub-Saharan Africa is seen growing more slowly this year than previously forecast, largely due to weak investment and productivity, the World Bank said on Wednesday. In a report, it forecast growth in the region to be 2.4 percent in 2017, down from the 2.6 percent that it projected in April. But growth […]

IMF Sees No ‘Substantive’ Zambian Aid-Deal Talks This Month

IMF Sees No ‘Substantive’ Zambian Aid-Deal Talks This Month

The Zambian government and the International Monetary Fund won’t be holding meaningful discussions on a proposed $1.3-billion aid program at the Washington-based lender’s annual meetings this month after talks were put on hold in August. The nation’s Eurobond yields climbed. “IMF staff will be meeting the Zambian delegation at the IMF-World Bank annual meetings to […]

KPMG Revamps S. African Top Management as Clients Dump Firm

KPMG Revamps S. African Top Management as Clients Dump Firm

KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former chief operating officer of parent KPMG International, will be the local firm’s interim COO, while […]

Saudis to Make Deepest Cut to Crude Supply Despite Demand

Saudis to Make Deepest Cut to Crude Supply Despite Demand

Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market. State-run Saudi Arabian Oil Co., known as Aramco, will make an “unprecedented” cut of 560,000 barrels a day in its allocations to customers next month, the Saudi energy […]