KINSHASA (Reuters) – Democratic Republic of Congo authorities have sealed the offices and seized the accounts of the local branch of South Africa’s Vodacom over a tax dispute, the company said in a statement. “On December 6 and 7, 2022, agents of the General Directorate of Taxes (DGI) presented themselves at our technical, commercial and …
JOHANNESBURG (Reuters) – Kumba Iron Ore cut its production guidance for 2022, 2023 and 2024 on Friday, blaming South Africa’s poor freight rail performance. Kumba, majority-owned by Anglo American, now expects to produce 37 million tonnes of iron ore this year, down from previous guidance of between 38 million and 40 million tonnes. In 2023 …
Rail issues to drive production down at S. Africa’s Kumba Iron Ore Read More »
TOKYO (Reuters) – Ministers from Japan and the Democratic Republic of Congo agreed on Friday to co-operate on efforts to ensure stable procurement of the rare metals in whose supply the African nation occupies a dominant role. Japan’s industry minister, Yasutoshi Nishimura, met the mines minister of the DRC, Antoinette N’Samba Kalambayi, who was visiting …
Japan, Congo agree to co-operate on stable supply of rare metals Read More »
LONDON/JOHANNESBURG (Reuters) – The International Monetary Fund (IMF) on Thursday urged default-stricken Zambia to strike a debt restructuring deal with its international creditors as soon as possible and will make a formal assessment of its predicament in spring next year. Zambia defaulted on its sovereign debt in 2020. In August, it won IMF approval for …
IMF to assess Zambia in spring, urges debt deal with creditors Read More »
By Helen Reid and Nelson Banya JOHANNESBURG (Reuters) – Mining companies and governments in Africa are calling for stronger trade ties with the United States after a new climate law set out incentives for U.S. carmakers sourcing battery materials from trade partners. The $430 billion Inflation Reduction Act (IRA) has been criticised by the European …
U.S. bid for battery metals has Africa blind spot Read More »
JOHANNESBURG (Reuters) -The South African rand was little changed against the dollar on Thursday as the current account deficit narrowed in the third quarter and October manufacturing edged up on an annual basis. At 1530 GMT, the rand traded at 17.1600 against the dollar, close to its previous close of 17.1725. Central bank figures showed …
South African rand little changed; current account deficit narrows Read More »
(Corrects spelling of company official’s name to Jan-Patrick Helmsen from Jens-Patrick Helmsen in paragraph 4) JOHANNESBURG (Reuters) -German industrial group Rheinmetall plans to build its first South African plant to produce photovoltaic (PV) panels for the power-deprived local market, a company executive told Reuters on Thursday. The decline of debt-crippled state utility Eskom has this …
Rheinmetall to produce solar panels in South Africa Read More »
By Yousef Saba DUBAI (Reuters) -Moove, which was founded in Nigeria and provides revenue-based vehicle financing, said on Thursday it is raising $30 million in a private placement Islamic bond debut. Franklin Templeton’s Middle East unit is arranging the sukuk, structured as a sukuk al-istisna, a sharia-compliant debt format. Moove, which launched in India this …
Vehicle finance startup Moove raises $30 million in debut sukuk Read More »
JOHANNESBURG (Reuters) – South Africa’s manufacturing output rose 1.0% year on year in October after rising by 2.9% in September, statistics agency data showed on Thursday. Factory production fell 6.3% month on month in October. Analysts had predicted a 4.5% rise in annual terms in October and for output to drop 1.1% month on month. …
South African manufacturing output up 1.0% y/y in October Read More »
(Reuters) – South Africa’s thermal coal exporter Thungela Resources expects its full-year profit to double, it said on Thursday, as demand and higher prices for the fossil fuel offset the negative impact of poor rail performance on its export shipments. In a trading update, Thungela said its headline earnings per share (HEPS) – the most …
S.Africa’s Thungela expects coal prices to double annual profit Read More »
