Moody’s Gives South Africa Another Chance to Avoid Junk Status SA gets another stay of execution, hovering one notch above junk, but with the outlook upgraded to stable — signalling cautious optimism about turnaround plans A change in the country’s leadership and a national budget that was well received by markets has helped SA escape…
Listen Up, Miners: Africa Wants Bigger Slice of Commodities Boom, Now! One by one, the biggest names in African mining are getting squeezed. The tactics might be blunt, but the message is clear: the countries where they operate want a bigger share of the proceeds. The collapse in commodities through 2015 hobbled some of Africa’s biggest resource economies,…
First Quantum Unlikely to Escape $7.9bn ‘Giant Tax Bill’ First Quantum Minerals recovered from what was shaping up to be its worst two-day drop in two years as its chief executive officer said he’s hoping to talk his way out of a $7.9-billion tax bill in Zambia – which includes $5.7-billion in interest. First Quantum received a letter from…
Zimbabwe signs $4.2bn platinum deal to transform mining sector A Cypriot investor signed a $4.2-billion deal on Thursday to develop a platinum mine and refinery in Zimbabwe, an investment that President Emmerson Mnangagwa said showed the country was “open for business”. Signing the agreement with Cyprus-based Karo Resources, Mines Minister Winston Chitando said work would start in July, with the first output of platinum group…