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Gold Street Is Where South Africa’s Mining History Goes to Die

Gold Street Is Where South Africa’s Mining History Goes to Die

The death rattle of the industry that once symbolized South Africa can be heard in the town of Carletonville—on Gold Street. That’s where Paseka Selemela has been guarding cars since 2010, when the scaffolding business he worked for closed. Prior to that, he was an assistant at a now-shuttered mine owned by AngloGold Ashanti Ltd. […]

South Africa’s Grid Under Pressure As Electricity Workers Protest

South Africa’s Grid Under Pressure As Electricity Workers Protest

South Africa’s power grid was under pressure on Friday, with controlled blackouts possible, due to workers protesting over pay, a test of new President Cyril Ramaphosa’s efforts put the state electricity provider back on a stable financial footing. A spokesman for Eskom, which produces more than 90 percent of South Africa’s power, said the grid […]

China’s Tsingshan Mulls $1 billion Steel Plant in Zimbabwe

China’s Tsingshan Mulls $1 billion Steel Plant in Zimbabwe

China’s unlisted Tsingshan Holding Group on Monday signed a $1 billion outline agreement with Zimbabwe to build a steelmaking plant there after completing a feasibility study. President Emmerson Mnangagwa’s government is trying to woo foreign investors, especially in mining, as part of efforts to revive an economy that suffered in the later years of Robert […]

Congo Mining Code Regulations Signed Into Law – Aides

Congo Mining Code Regulations Signed Into Law – Aides

Regulations to implement Congo’s new mining code have been signed into law with no changes, advisers to the prime minister told Reuters on Saturday, despite objections from mining firms that have been threatening legal action. Prime Minister Bruno Tshibala signed the regulations into law overnight, his adviser Patrick Mutombo Buzangu told Reuters by telephone, but […]

South African Rand Slumps To Near 6-Month Low, Bonds Weaken

South African Rand Slumps To Near 6-Month Low, Bonds Weaken

South Africa’s rand slumped more than 2 percent to a near six-month low against the dollar and government bonds weakened sharply on Friday, dragged down by weak economic growth and global investors shying away from riskier assets. At 0844 GMT, the rand traded at 13.2400 per dollar, 1.7 percent weaker than its close on Thursday, […]

Ethiopia Opens Up Telecoms, Airline To Private, Foreign Investors

Ethiopia Opens Up Telecoms, Airline To Private, Foreign Investors

Ethiopia said on Tuesday it would open its state-run telecoms monopoly and state-owned Ethiopian Airlines to private domestic and foreign investment, a major policy shift that will loosen the state’s grip on the economy. The East African nation of 100 million people has one of the most closed and controlled economies in Africa. The ruling […]

Unwanted Cameroon Cocoa Is Said to Ruffle Latest London Delivery

Unwanted Cameroon Cocoa Is Said to Ruffle Latest London Delivery

Unwanted cocoa from Cameroon disrupted the latest exchange delivery in London as one trader was forced to split large piles of beans into smaller bags, according to people familiar with the matter. Swiss company Ecom Agroindustrial Corp. had to break down two piles of 1,000 metric tons of beans from Cameroon for delivery as several […]

Why African Cocoa Growers Are Having an OPEC Moment

Why African Cocoa Growers Are Having an OPEC Moment

The world’s top cocoa producers have long been at the mercy of traders who set cocoa prices thousands of miles away in London and New York. Now the producers are trying to do something about it. West African neighbors Ivory Coast and Ghana, which grow about 60 percent of the world’s cocoa, have outlined wide-ranging […]

Nigeria Stock Slump Continues as Benchmark Falls Most Since 2016

Nigeria Stock Slump Continues as Benchmark Falls Most Since 2016

Nigerian stocks fell the most in two years as skittish investors shied away from assets they deem too risky. Analysts and money managers said the declines weren’t justified and didn’t reflect positive developments in Africa’s largest oil producer. The Nigeria Stock Exchange All Share Index tumbled 3.4 percent to 36,816.29 by the close in Lagos […]

CEO of Africa’s Biggest Fund Manager Said to Face Suspension

CEO of Africa’s Biggest Fund Manager Said to Face Suspension

Daniel Matjila, the chief executive officer of the Public Investment Corp., will be probably be suspended while his role in several questionable investments by Africa’s biggest money manager is investigated, according to three people with knowledge of the matter. The Pretoria-based PIC manages South African state-workers’ pensions and oversees assets worth 1.9 trillion rand ($153 […]

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