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Bloomberg

Eskom’s quickest fix is giving it cash now, swapping debt later

15th July 2019 Ask Nedbank Group CEO Mike Brown how to save South Africa’s beleaguered State-owned power utility and his approach is simple: first give it cash and then consider a debt-to-equity swap later. Eskom Holdings is paying so much in interest on its debt – at the same time that its income is falling –... 

Rio could fast-track key Australia copper find before US asset

15th July 2019 Rio Tinto Group’s much-followed copper discovery in remote Western Australia could leapfrog a key US project to be fast-tracked into production by the world’s No. 2 miner, according to a senior executive. Work is progressing to assess the size and quality of the Winu exploration project in the... 

Codelco names insider to replace departing CEO

15th July 2019 Chile’s State-owned copper producer Codelco named Octavio Araneda as CEO, following the departure of Nelson Pizarro. Pizarro handed in his resignation on Friday during a board meeting at the company’s headquarters in Santiago, Codelco said in a statement. Araneda, who was most recently... 

Aerial survey for Arctic oil scrapped amid risks to polar bears

12th July 2019 A company abandoned plans to conduct an aerial survey of potential oil in the Arctic National Wildlife Refuge following stern warnings from US government scientists the work could harm polar bears. The risk to polar bears “is high enough that it cannot be discounted", Interior’s Fish and... 

BHP is latest giant miner to plan exit from thermal coal

11th July 2019 BHP Group is moving ahead with plans to exit thermal coal, according to people familiar with the matter, the latest move by the world’s biggest miners to retreat from the dirtiest fuel. BHP is looking at options to divest the business that includes assets in Australia and Colombia, said the... 

Rand strengthens as Eskom proposal soothes traders’ nerves

11th July 2019 The rand rose to the strongest level since February after Eskom Holdings biggest bondholder was said to have a rescue plan for the state-owned company. The currency, which was already being buoyed by a global rally, added as much as 0.9%, bringing the dollar-rand pair close to crossing below its... 

Gold gets Fed boost after Powell flags rate cut amid global risk

11th July 2019 Gold rose for a third day after the Federal Reserve indicated that it’s preparing to cut interest rates for the first time in a decade as the global economy slows. Bullion’s trading above $1 400/oz again as investors took note of the Fed’s dovishness, damping doubts over monetary policy easing... 

Giant copper project unblocked as Peru awards Tia Maria licence

10th July 2019 Latin America’s second-largest copper producer got the green light to build a giant mine that’s key to plans to become one of the world’s top three producers of the metal. The Peruvian government awarded Southern Copper the license to start building its $1.4-billion Tia Maria project, which has... 

Eskom has yet another headache – an $813m a year carbon tax bill

10th July 2019 South Africa’s troubled state-owned power utility has yet another thing to worry about – a big carbon tax bill expected to kick in from 2023. Eskom Holdings, which has been forced to turn to the government for bailouts to meet its obligations, mostly burns coal to generate power and is one of the... 

Acacia says it's worth far more than Barrick offered

9th July 2019 Acacia Mining said it’s worth a lot more than the takeover offer proposed by Barrick Gold, showing the African gold miner is digging in its heels in a long dispute with its top shareholder. The company released a report by a consultant that put its “preferred value” at 271p a share. That’s 38%... 

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