Tag Archives | mines
Mining companies operating in Zimbabwe and the main labour union in the industry have reached a deadlock in pay talks for next year after the trade union demanded that wages be more than doubled, two people familiar with the negotiations said.
Africa Brief: Local food firms eye expansion in rest of Africa, Zimbabwe to start joint ENRC mine and more…
Nigerian President Goodluck Jonathan’s political troubles are increasing pressure on the central bank of Africa’s second-largest economy to devalue its currency, risking higher prices on all goods from food to oil.
Back in March 2012, Tullow announced that it had discovered some oil in the Turkana region in Kenya. The commercial viability of the oil is yet to be determined. The Ngamia find is expected to support investment in Kenya over the short-term, and if the oil find does indeed prove to be commercially viable, investment could rise strongly in the medium- to long-term.
Zambia, the third-biggest emerald producer, will decide this week if it will allow stones mined in the country to be auctioned abroad, said Mines, Energy and Water Development Minister Christopher Yaluma. The government would base its decision on the success of an auction under way in the capital, Lusaka, by Gemfields’s local unit, he said in an interview yesterday at the sale.
Accurate short term prediction of iron ore pricing is said to more an art than a science, yet many financial institutions and mining companies are making decision on projects with 10 year development time and 30 year life with this price volatility front of mind.
South Africa remains the most targeted country for investment in Sub-Saharan Africa. The value of merger and acquisition investments in Sub-Saharan Africa increased by 18% in 2012, even though globally mergers and acquisitions deals decreased by 7%.
Majority of the M & A were in the materials, energy and power sectors. The Royal Bank of Canada and Golddman Sachs made the two largest investments. South Africa was the most active nation in the equity capital markets in 2012.
Platinum production in Zimbabwe fell 2.79% last year, according to the latest mining figures released by the Zimbabwe Chamber of Mines. As a result, the revenue generated fell from $538.27m in 2011, to $464.51m last year, representing a 13.7% drop.
In a year characterised by wildcat strikes in SA, which is the world’s largest platinum producer, analysts attribute Zimbabwean platinum mines’ failure to cash in to low international platinum prices and higher mining royalties.