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MTN Drops After Return to Profit Falls Short of Expectations

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s biggest mobile-network operator by sales, fell the most in more than a year after a return to first-half profit after a $1 billion regulatory fine fell short of analyst expectations. Headline earnings per share, which exclude one-time items, were probably 2.10 rand to 2.30 rand in the six months ended June 30, the Johannesburg-based company said in a statement Thursday. Analysts at Citi expected 2.60 rand a share, they…

South African Miners Apply to Block Minister’s Rights Freeze

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines, which represents the industry, made a court application to block a proposal by the mines minister to freeze granting and renewing mining rights, intensifying a legal clash between the two sides. The lobby group applied to the Pretoria High Court “to review and set aside the notice and to interdict the minister from taking any decision or issuing any directive contemplated in the notice,” it said…

Cell C Is Said to Sell $464 Million of Bonds Amid Reorganization

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. plans to raise as much as $464 million from the sale of two bonds as part of the South African mobile-phone company’s recapitalization that will enable Blue Label Telecoms Ltd. to buy a stake, according to two people familiar with the matter. The country’s third-largest wireless carrier will sell $184 million of three-year senior secured bonds and $280 million of five-year securities, according to the people, who asked…

Zimbabwe Opposition Unity Talks Said to Falter as Elections Near

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HARARE (Capital Markets in Africa) – Negotiations to unite Zimbabwe’s opposition against President Robert Mugabe’s ruling party before elections next year are foundering on disputes over who’ll be the alliance leader and guarantees of seats for smaller groups, according to five officials involved in the talks. Former Vice President Joice Mujuru and ex-Prime Minister Morgan Tsvangiraiare at loggerheads over who’ll lead the coalition, said the officials, who asked not to be identified because the talks haven’t been made…

Mining Clash Heats Up as South Africa Seeks Rights Freeze

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s mines minister has struck back at attempts by the industry to fight his controversial new industry rules with a proposal to indefinitely freeze granting and renewing mining rights. Minister Mosebenzi Zwane said Thursday that the moratorium is necessary to ensure that no rights are approved without being subject to the new regulations, which he has agreed to suspend pending an initial court judgment. The Chamber of Mines, which represents the industry, will…

IMF Wants Full Mozambique Debt Audit as Bondholders Slam Default

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MAPUTO (Capital Markets in Africa) – The International Monetary Fund said Mozambique must publish the full audit of hidden debt before it will consider resuming lending, as bondholders criticized the government’s latest default on its Eurobonds. The IMF welcomed the release last month of a summary of the Kroll LCC audit, saying it constituted an “important step toward greater transparency,” spokesman William Murray said at a briefing in Washington Thursday. The fund will consider re-engaging with Mozambique once the…

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