President Cyril Ramaphosa signed a law that will give savers early access to part of their retirement funds. The president’s assent of the Revenue Laws Amendment Act establishes a so-called two-pot pension system that gives members access to their retirement funds without having to resign or cash out entire pension funds. “The act requires pension [...]

Aliko Dangote, Africa’s richest man, is calling off plans to invest in a new steel plant in Nigeria after the government accused him of seeking to become a monopoly with his new refinery in the West African nation. “Our own board has decided that we should not have the steel plant. If we do, we [...]

A credit ratings company being established to meet the unique needs of Africa’s sovereign borrowers is set to be ready by next year, an African Union official said Saturday. The institution won’t be owned by the regional bloc, Albert Muchanga, its commissioner for development, trade, tourism, industry and minerals, told reporters in Ghana’s capital, Accra. [...]

With 49% of the world’s population having voted in elections this year, experts gathered by Standard Bank have unpacked whether this has an effect on capital markets and investor sentiment Elections represent critical junctures where the “confidence game” between financial markets and political actors often plays out in stark ways, particularly considering that this year [...]

The African Development Bank Group (AfDB) has approved an R18.85-billion, or $1-billion, corporate loan to South Africa's State-owned freight transport and logistics group Transnet for its recovery and growth plans. The 25-year loan is fully guaranteed by the government of South Africa. It will facilitate the first phase of the group's R152-8-billion, or $8.1-billion, five-year capital investment plan to improve its existing [...]

The basic earnings and earnings per share of platinum group metals (PGM) mining company Anglo American Platinum for the first six months of this year are anticipated to be between 15% and 25% lower the half-year earnings of 2023. Basic earnings are likely to be between R5.8-billion and R6.6-billion and earnings per share between 2 [...]

South Africa’s automative market is going to struggle to transition to battery electric vehicles (BEVs), specifically because of the country’s “peculiar” automotive market structure, which Toyota Wessels Institute for Manufacturing Studies manufacturing ambassador Professor Justin Barnes has said needs to be corrected. “We actually have a huge problem in South Africa in relation to how our [...]

The South African Nuclear Energy Corporation (Necsa) has welcomed the decision by the National Nuclear Regulator (NNR) to authorise the extension of the operational life of the first reactor (known as Unit 1) at the Koeberg nuclear power plant (NPP) by 20 years. Such an extension in a reactor’s life is known, globally, as Long [...]

Having reset its cost base, delivered new life-of-mine plans with a smooth capital profile, the focus of Petra Diamonds is very much around refinancing its $250-million loan notes. “We plan to get that done before the end of this calendar year,” Petra Diamonds CEO Richard Duffy outlined to Mining Weekly in a Zoom interview. (Also [...]

The EU's goals to produce and import green hydrogen fuel are unrealistic and unlikely to be met despite billions of euros in funding, the European Court of Auditors (ECA) said on Wednesday. The European Commission has set out targets to produce up to 10 million tonnes of renewable hydrogen by 2030 and import a further [...]

The Railway Safety Regulator (RSR) will host the inaugural National Rail Industry Awards on October 24, at the Houghton Hotel, in Johannesburg, and has opened nominations for the awards, which will close on August 31. The event will celebrate outstanding achievements and individuals who have made tremendous contributions in the rail industry, it said.

Under current market conditions, many platinum mines will close prematurely due to a lack of financial resources – and even without financial constraint, closure of depleting mines will result in platinum availability being considerably below the level that has prevailed for the past quarter century, Minerals Council South Africa VP Paul Dunne informed last week’s [...]