Mining Sector |

South Africa Eases Free-Carry Rules in Final Mining Charter

JOHANNESBURG (Capital Markets in Africa) – South Africa eased some of the more controversial provisions in a final version of its Mining Charter approved by the cabinet this week as the government seeks to provide policy certainty and ease investor concerns. While holders of new mining rights must still give employees a 5 percent stake in the assets, they can choose to offset another 5 percent for nearby communities by investing in community development instead,…

Impala Platinum Miner Weighs Plan to Curb Losses Amid Slump

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Impala Platinum Holdings Ltd. is facing some tough choices as the South African miner works to stem losses at aging shafts amid slumping prices for the metal. The world’s second-largest producer has already cut 2,500 jobs in the year through June and says there may be more to come. Only three of the 10 shafts at its sprawling Rustenburg mining complex were making money as of March. Things have only…

INTO AFRICA July 2018 Edition – Back on Track: African Mining

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Welcome to the July 2018 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. This month’s edition, titled: Back on Track: African Mining explores emerging mining laws and regulations as well as opportunities across African countries and financing options for mining projects in Africa. Africa is rich in natural resources. It boasts of over 10% of world reserves of oil, about 40% ofgold, 90%…

Why South Africa Is Ripping Up Its Mining Rules Again: QuickTake

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers laboring in deep and dangerous operations. To spread the nation’s wealth more equally, the government revised its mining charter in 2017 to require that companies give more ownership to black shareholders. The industry lobby group sued to stop some changes it…

Cobalt Explorers See Congo Mine Law Offset by Price, High Grades

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KINSHASA (Capital Markets in Africa) – Junior miners exploring for cobalt in the Democratic Republic of Congo reckon increased prices and the country’s high-grade deposits will offset the added costs of new legislation larger companies have opposed. Congo, the world’s largest source of the metal, this month began implementing an amended mining code that introduces new taxes and increases royalty payments. Miners including Glencore Plc, Randgold Resources Ltd. and China Molybdenum Co. have criticized the new law…

South Africa’s New Mining Charter to Credit Past Black Deals

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JOHANNESBURG (Capital Markets in Africa) – South Africa will give mining companies credit for past black-empowerment deals even when the investors later sold their shares to whites or foreigners, removing a major concern for the industry. The country’s new Mining Charter, which is aimed at distributing South Africa’s mineral wealth more widely, will apply the “once empowered, always empowered” principle as long they met the previous 26 percent black-ownership requirement. The minimum percentage will also…

Glencore Said to Face U.K. Bribery Probe Over Congo Dealings

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JOHANNESBURG (Capital Markets in Africa) – The U.K.’s white-collar crime prosecutor is preparing to open a formal bribery investigation into Glencore Plc and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo, according to two people with knowledge of the matter. Investigators at the Serious Fraud Office plan to seek formal approval for a full probe into Glencore’s dealings in Congo, said the people, who declined to be identified because the matter isn’t…

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