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Eskom to receive R20bn injection, but no other SoC bailouts

By: Terence Creamer     Updated 1 hour 34 minutes ago Finance Minister Nhlanhla Nene confirmed a further direct allocation to power utility Eskom of at least R20-billion. But he also stressed on Wednesday that the injection would have no impact on the Budget deficit as the capital would be raised through the sale of “non-strategic State assets”.... 

Eskom to receive R20bn injection, but no other SoC bailouts

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line

By: Terence Creamer     Updated 1 hour 37 minutes ago Fiscal consolidation could no longer be postponed, Finance Minister Nhlanhla Nene told lawmakers on Wednesday, while also announcing a R25-billion lowering of the expenditure ceiling and flagging plans to raise an additional R27-billion through higher taxes in the coming two years. Delivering a... 

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line
Photo by Bloomberg
Finance Minister Nhlanhla Nene

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal

By: Martin Creamer     Updated 5 hours ago Platinum mining company Northam on Wednesday concluded a fully funded ten-year R6.6-billion black economic-empowerment (BEE) equity transaction underpinned by a R4.6-billion capital raising, which has the potential to position the JSE-listed company as a fully integrated, fully empowered South... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

China overseas direct investment seen rising 10% a year

By: Reuters     Updated 6 hours ago China's overseas direct investment is projected to rise at least 10% annually for the next five years, a trend that will soon make the country a net capital exporter, a senior commerce ministry official said on Wednesday. "It's only a matter of time," said Zhang Xiangchen, an assistant minister... 

Baosteel taps ex-junior miner CEO for Australia iron ore project

By: Reuters     Updated 6 hours ago China's Baosteel has snared the former boss of Iron Ore Holdings (IOH) to lead the development of its West Pilbara Iron Ore project in Australia, in a blow to IOH's new owner, BC Iron Ltd. BC Iron said on Wednesday former IOH MD Alwyn Vorster had resigned from the board of BC Iron as he had... 

Shaw River signs offtake deal with Noble

By: Esmarie Swanepoel     Updated 6 hours ago ASX-listed Shaw River Manganese on Wednesday announced that it had secured an offtake agreement with Noble Resources International for up to 30 000 t of manganese from its flagship Otjozondu project, in Namibia. The sales contract was structured for fixed pricing, at different product... 

Sibanye maintains FY output guidance

By: Creamer Media Reporter      Updated 6 hours ago Gold miner Sibanye Gold has maintained its output guidance for 2014 at 1.61-million ounces. The company, which would release an operating update for the third quarter on October 28, on Tuesday said total cash costs for the year to end December 31 would be about $850/oz, while all-in sustaining... 

MCA pushes for greater policy reform

By: Esmarie Swanepoel     Updated 7 hours ago While complementing the Tony Abbott-led government on its policy reforms aimed at reducing the red tape burden on Australian businesses, the Minerals Council of Australia (MCA) on Wednesday called for an even greater reform. On the Spring Repeal Day, the Abbott government introduced legislation... 

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