The New Development Bank (NDB), set up by the Brics group of emerging economies, aims to make about $5-billion in loans this year, its vice president, Zhou Qiangwu, said on Tuesday. "During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou told Reuters on the sidelines of [...]

The copper mining project that Johannesburg Stock Exchange-listed Harmony Gold is developing in Australia has been grated special ‘prescribed project’ status in recognition of its social and economic significance. Harmony, which acquired Eva in December 2022, is currently updating a feasibility study to underpin its proposed development, which is located on the traditional lands of [...]

President Cyril Ramaphosa averred on Monday that the suggestion that South Africa’s position on the Israeli-Palestinian conflict could lead to a deterioration of its relations with the US is unfounded.   South Africa brought a case to the International Court of Justice, where it argued that the actions of the Israeli military in Gaza violated international law [...]

Zambia and Zimbabwe are retendering a $5-billion project to build a hydropower plant they previously awarded to General Electric Co. and Power Construction Corp. of China, and expect to select new bidders by September next year, an official said. The Zambezi River Authority — a joint venture between the countries that maintains the Kariba Dam [...]

Telecommunications giant MTN Group unpacked a resilient set of 2023 financial results, despite elevated inflation in several key markets averaging a blended 16.7%, forex volatility and ongoing political tensions in some markets, and a sharp devaluation of the naira in Nigeria. During the year ended December 31, 2023, MTN Group’s earnings before interest, tax, depreciation [...]

Pan-African industry association the African Private Capital Association (Avca) has reported, amid the release of its latest 'Venture Capital in Africa Report', that 2023 was a year of significant sociopolitical and economic upheaval, which led to a “global funding winter” that saw investors prioritise safer assets rather than venture capital investments. Avca notes that the global [...]

Namibia’s first gigawatt scale green hydrogen project – the $10-billion  Hyphen development scheme – this week received a major boost from Germany. The boost came in the form of the German government presenting a letter of intent to Enertrag, confirming the suitability of the project to be designated as a strategic foreign project.

UK-based engineering tech startup Salinity Solutions has secured a $1.27-million initial investment from battery-grade lithium chemicals producer Sociedad Quimica y Minera de Chile’s (SQM’s) corporate venture capital arm SQM Lithium Ventures to fund the next stage of its growth. SQM Lithium Ventures, in return, will take ownership of a minority stake in the company, with [...]

Information and communication technology group Telkom has sold its masts and towers infrastructure subsidiary Swiftnet for R6.75-billion to consortium Towerco Bidco. The newly incorporated entity Towerco Bidco comprises of equity investors led and managed by Actis, which holds 70% of the purchaser’s shares, with the balance of 30% held by Royal Bafokeng Holdings.

Transnet CEO Michelle Phillips has acknowledged the initial negative reaction to a proposed tariff methodology published for comment by the interim Infrastructure Manager (IM) alongside the country’s inaugural draft Network Statement, which will be used to govern access to the railway network for all train operators, including Transnet Freight Rail and private operators. However, speaking [...]

Broad-Based Black Economic Empowerment Commissioner Tshediso Matona has said it is necessary to “dispel the myth” that black industrialist multimillionaires or billionaires should not exist because of the large and growing gap between the wealthy and the indigent. Speaking as part of a panel at the Black Industrialists and Exporters Conference, in Sandton, on March 20, [...]

Labour union the National Union of Mineworkers (NUM) has expressed its opposition to the changes in the Electricity Regulation Act (ERA). “This is a way to destroy Eskom and hand it over to the private companies the same way South African Airways and Transnet were destroyed,” the union avers in a statement.