South Africa’s long-embattled gold miners are looking to cut debt and boost dividends as the ascending gold price continues to break records in the midst of the global economic downturn this year. The gold price extended its record-breaking run to trade at US$2,069.21 per ounce yesterday,...
Canadian engineering and construction firm SNC-Lavalin has entered into an agreement to sell its South African resources business as part of a corporate restructuring. Montreal-based SNC will sell the business, which has around 1,800 employees and primarily services construction and site maintenance clients, to local management...
South Africa’s Minister of Mineral Resources and Energy Gwede Mantashe has been admitted to hospital after testing positive for COVID-19. “Today, minister Mantashe was admitted to hospital on the advice of their doctor for better medical attention and monitoring,” said Minister in the Presidency Jackson Mthembu...
Nigeria has made key changes to its gold mining regulation, including the legalising of artisanal mining and the creation of gold buying centres, as the government looks to cash in on the informal sector. President Muhammadu Buhari said last week that the state hopes to earn...
Creditors and unions have approved a business rescue plan (BRP) for South African Airways (SAA) that includes R26.7 billion in state funding and thousands of job losses. The struggling national airline will continue operating as a significantly smaller company after 86% of voters supported the BRP,...
South African retailer Massmart Holdings has started talks with unions to cut up to 1,800 jobs at the company’s struggling Game stores, after an ‘indifferent performance in the 2019 financial year’ followed by the impact of the COVID-19 pandemic this year. Game, a general merchandise chain,...
South Africa’s Sasol has today announced plans to cut jobs and end its West African oil operations as part of a major business revamp. The petrochemicals producer has been contemplating its rising debt levels, falling oil and chemical prices and lower global demand due to the...
The implementation of a nationwide lockdown to contain the spread of COVID-19 in South Africa caused total mining production to fold by 47.3% in April, compared to the same month in 2019. Official data released yesterday by Statistics South Africa revealed that mining output also contracted...
Miner Hummingbird Resources yesterday announced the acquisition of the Kouroussa Gold Project in Guinea from junior explorer Cassidy Gold Corp, expanding into a third West African country in the process. The Kouroussa Project is a near term development asset in Guinea’s prolific Siguiri Basin with a...
A number of world-leading renewable energy companies are waiting to invest in South Africa’s energy sector, but their investments are being held up by red tape and political considerations. The likes of Engie and Enel Green Power have expressed interest in the African country’s renewable energy...