Wednesday, October 1, 2008.
From Creamer Media in Johannesburg, I'm Shona Kohler.
Making headlines today:
South Africa's largest steel producer, ArcelorMittal South Africa, has notified its customers of a price cut on long- and flat-steel products, effective from November 1.
This follows an average 5% cut announced in August, and effective from October.
The news of the November cuts comes as initial talks resume between the company and the Department of Trade and Industry over a possible ‘developmental pricing model'.
South Africa's first clean-technology investment fund, Evolution One, has been launched in Johannesburg, with plans to make its first investments in Southern Africa during the remainder of this year.
Over a period of three to five years, the fund expects to make between ten and 15 investments in the SADC region, with a focus on cleaner energy and the environment.
Having already raised R400-million from international investors, the fund is now targeting a second round of international and local investors, and plans to have raised some R1-billion by the middle of next year.
Diversified miner Xstrata has abandoned its bid for platinum company Lonmin, but has reserved the right to acquire shares in the company within normal regulatory frameworks.
Xstrata CEO Mick Davis said that current uncertainty in financial markets had introduced significant risks to the financing package available to Xstrata.
As a result, the company concluded that it would not proceed with an offer for Lonmin within the deadline set.
Also making headlines:
Government change clouds Eskom power projects
Altech sees more growth as its interim profit jumps 59%
Mozambique is to revive a R1-billion steel project
Australia clears BHP's Rio Tinto bid
Zambia is willing to renegotiate new mining taxes
And, New project developers are advised to seek bank assistance early.
In political news:
Manuel plays down the chance of an ANC split
Prosecutors file an appeal in the Zuma graft case
And, Nobel laureates urge pressure on Sudan and Myanmar.
That's a roundup of news making headlines today. For more on these and other stories, visit engineeringnews.co.za, miningweekly.com and polity.org.za