A large proportion of the South African mining industry will grind to a halt today as the country enters a 21-day lockdown to limit the spread of the COVID-19 (coronavirus) pandemic. Mineral Resources and Energy Minister Gwede Mantashe announced yesterday that mining operations are to be ‘scaled down...
Fitch Ratings has cut its outlook for South Africa’s debt assessment to negative after the government announced it would hand an additional R56 billion bailout sum to debt-laden public utility Eskom. The credit ratings agency reduced the outlook from stable to negative and maintained the junk...
South African Airways (SAA) has appointed its head of operations as CEO in the interim and asked for 4 billion rand from the government in order to stay afloat for the rest of the financial year. The struggling airline, which has not turned a profit since...
The world’s biggest platinum mining companies will meet with South Africa’s labour unions this month to negotiate a three-year wage deal, in one of the first tests of Cyril Ramaphosa’s new presidency. Ramaphosa’s African National Congress (ANC) clinched South Africa’s general election last week by its...
South Africa’s central bank has revealed that foreign direct investment (FDI) into the country more than doubled in 2018, boosting President Cyril Ramaphosa’s hopes of attracting US$100 billion of investment over five years. FDI inflows rose to a five-year high of R70.7 billion ($4.88 billion) in...
South Africa’s economy grew by 0.8% last year according to latest figures from Statistics South Africa, which also revealed GDP growth of 1.4% in the fourth quarter of 2018, compared to 2.6% in Q3. The latest figures from Statistics South Africa (Stats SA) portray an economy that...
South Africa's business confidence rose for a second consecutive month in October, thanks to improving import volumes, vehicle sales and retail sales. The South African Chamber of Commerce and Industry's (SACCI) monthly business confidence index rose from 93.3 in September to 95.8 in October, with six...
South Africa’s state-run utility Eskom has revealed it is planning its first major battery storage project as President Cyril Ramaphosa looks to incorporate more renewable sources into the national energy supply and reduce the nation’s reliance on coal. Prince Moyo, general manager for power delivery engineering...
South Africa has published a revised version of the new charter for the mining sector, which will attempt to reverse the recent decline in the industry and attract fresh investment. The unveiling of the third version of the charter brings to an end a seven-month engagement...
UK Prime Minister Theresa May has pledged to provide £4 billion in investment towards African economies during a post-Brexit trade deal seeking visit to the continent. Speaking in Cape town during the first leg of her tour, May said the investments will target long-term economic growth...