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South Africa Miners Seek Policy Clarity to Boost Spending

JOHANNESBURG (Capital Markets in Africa) – South Africa needs to finalize its long-delayed mining regulations if falling investment in the sector is to be reversed, according to the Chamber of Mines, which represents producers. Fixed investment in mining dropped in each of the past two years after growing at an average annual rate of 12 percent from 2001 to 2008 and 2 percent from 2009 to 2014, Chamber Chief Executive Officer Roger Baxter told reporters in Johannesburg on…

Impala Platinum Plunges on $400 Million Bond Refinance

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JOHANNESBURG (Capital Markets in Africa) – Impala Platinum Holdings Ltd., the world’s second-largest producer of the precious metal, plunged in Johannesburg trading after saying it will refinance about $400 million of convertible bonds, which could dilute existing shareholders. The existing bonds had an equity conversion price more than four times higher than yesterday’s closing price of 41.46 rand a share. The new bonds will convert to equity at a much lower level of 30 to…

High Noon for President Zuma as Key ANC Leaders Seek Ouster

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma faces a key battle for his political survival this weekend when senior members of his ruling party say they’ll push for its decision-making national executive committee to order him to step down. Zuma, 75, goes into the meeting of the committee facing an unprecedented level of opposition from within the African National Congress and its labor and communist supporters following a series of scandals he’s faced since…

Moody’s: Namibia’s credit profile balances medium-term growth prospects against rising public debt

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London (Capital Markets in Africa) – Namibia’s Baa3 rating with a negative outlook reflects the country’s solid medium-term growth prospects and institutional strength, set against credit challenges including its rising public debt and heightened external risks, Moody’s Investors Service said in a report this week. The annual update, “Government of Namibia — Baa3 Negative Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of…

Zambia Took On More Than $3 Billion in External Debt in 2016

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LUSAKA (Capital Markets in Africa) – Zambia committed to $3.5 billion of new loans last year, 56 percent more than in 2015, the Finance Ministry said. Of the $3.1 billion in loans the government of Africa’s second-biggest copper producer contracted in 2016, as opposed to just committing to, $1.8 billion came from Chinese lenders, the ministry said in its annual economic report for last year. Despite the new loans, the government’s external debt position increased by…

South Africa Moves Firms to Mines Ministry for Accountability

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JOHANNESBURG (Capital Markets in Africa) – South Africa will transfer the state-owned mining company and petroleum exploration-promotion agency, which report to a unit of the Energy Ministry, to the Department of Mineral Resources to improve accountability. Petroleum Agency of South Africa and African Exploration Mining & Finance Corp. will be moved to the department within the financial year ending Feb. 28, Energy Minister Mmamoloko Kubayi told lawmakers in Cape Town Friday. They will be transferred from her department’s CEF…

Barclays Africa Said to Be Front-Runner to Buy Mozambican Bank

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JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Ltd., the South African bank with operations across 12 countries on the continent, is the lead bidder for Mozambique’s Moza Banco SA, according to people familiar with the matter. The central bank has received three proposals, which will be reviewed by an independent panel before the winner is announced in July, one of the people said, asking not to be named because the process is private. Barclays Africa’s…

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