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Sula to pursue DRC cobalt opportunities as it changes name to African Battery Metals
Published: 19 Jan 18
Multicommodity exploration and development company Sula Iron & Gold, which has changed its name to African Battery Metals (ABM), will now focus on developing its cobalt exploration licences in the Democratic Republic of Congo (DRC). Trading in the company’s shares under the new name started on Wednesday.
Domestic IPOs by African issuers increase for a second year
Published: 19 Jan 18
While 2017 registered fewer domestic listings in Africa, the capital raised in domestic listings by African issuers increased by 19.5% year-on-year to $1.4-billion, the second consecutive year of growth. The latest research by global law firm Baker McKenzie shows that there were seven domestic initial public offerings (IPOs) in Africa in 2017, compared with 15 in 2016.
Signing of power purchase agreements with IPPs imminent – SAWEA Signing of power purchase agreements with IPPs imminent – SAWEA
Published: 19 Jan 18
The South African Wind Energy Association (SAWEA) expects the conclusion of 26 outstanding power purchase agreements (PPAs) with independent power producers (IPPs) to occur during the first quarter of this year. It said on Friday that the majority of the processes required to conclude the PPAs have been fulfilled by the Department of Energy’s (DoE’s) Independent Power Producers office and the preferred bidders during mid-December.
Construction of new Transnet plough tug under way
Published: 19 Jan 18
The construction of Transnet National Ports Authority’s (TNPA’s) new plough tug has kicked off in Port Elizabeth. The yet-to-be-named vessel, which is expected to be handed over to TNPA Dredging Services by October this year, will be used as a bed leveller, smoothing out high spots created by marine traffic in high-volume berth areas.
Water crisis: De Lille's powers limited, tariffs to be introduced Water crisis: De Lille's powers limited, tariffs to be introduced
Published: 19 Jan 18
The City of Cape Town voted on Friday to both limit mayor Patricia De Lille's powers to handle the drought crisis, and to introduce punitive tariff measures for residents. A special council sitting on Friday was due to address the introduction of punitive tariffs for residents falling within certain usage limits.
PPC reschedules DRC cement plant debt
Published: 19 Jan 18
Construction materials provider PPC has further improved its liquidity position by finalising a capital repayment moratorium with funders of the group’s Democratic Republic of Congo (DRC) operation, limiting PPC’s capital requirements to only interest payments from January this year to January 2020. PPC owns 69% of PPC Barnet DRC, while its local partner, Barnet Group holds 21% and the International Finance Corporation (IFC) 10%.
Weatherly posts double-digit production growth in December quarter
Published: 19 Jan 18
Aim-listed Weatherly International produced 4 739 t copper cathode from its Tschudi mine during the December quarter – 11.5% above nameplate capacity and 15% higher than the preceding quarter. This brought production for the first half of the company’s financial year to 8 843 t or 4% ahead of nameplate capacity.
City of Cape Town withdraws drought levy proposal City of Cape Town withdraws drought levy proposal
Published: 19 Jan 18
The City of Cape Town has scrapped the proposed introduction of a drought levy, after the proposal was withdrawn at a special sitting on Friday. Council members debated the proposal following strong public backlash to the idea since it was mooted on Sunday, January 14.
Sawis warns wine grape crop may be smallest since 2005 Sawis warns wine grape crop may be smallest since 2005
Published: 19 Jan 18
Continuing drought and low water supplies in the Western Cape may lead to South Africa’s smallest wine grape harvest since 2005, when 1.15-million tonnes were harvested owing to drought and diseases in some production areas. Industry body South African Wine Industry Information and Systems (Sawis) on Friday said the latest estimates show an even smaller harvest than what was estimated at the end of November.
City of Cape Town transport head Melissa Whitehead suspended
Published: 19 Jan 18
A senior transport head in the City of Cape Town has been suspended as a result of the alleged covering up of irregularities in which embattled Mayor Patricia de Lille is implicated. Council members met for a special sitting on Friday to discuss, among other things, allegations of fraud and tender irregularities levelled against Melissa Whitehead and De Lille, as well as the water crisis. During a closed session, the council voted to place Whitehead on precautionary suspension pending an investigation into her conduct, News24 has learnt. De Lille remains in her job for now.
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