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Diamond miner Alrosa’s first-quarter production slumps Diamond miner Alrosa’s first-quarter production slumps
Published: 20 Apr 18
Diamond miner Alrosa on Friday reported a 17% year-on-year decrease in its first-quarter production, as the shutdown of the Mir underground division weighed on its performance and lower-grade ores were processed from the Jubilee pipe. The miner produced 7.42-million carats in the quarter, compared with 8.93-million carats in the corresponding period of 2017, and 10.07-million carats in the preceding quarter.
Porsche unveils two new GTS models
Published: 20 Apr 18
The beauty of the new Porsche 718 Boxter GTS and the 718 Cayman GTS is that you can inch along with the Joburg morning traffic and travel over the occasional speed bump without any problem, or that you can switch to Sport Plus mode, which makes the German gentlemen clear their throats like cigar-smoking welterweight boxers – the classy kind; more of a Manny Pacquiao than a Floyd Mayweather. Sticking to the road like chewing gum to hot tar, you can corner and accelerate like there’s no AARTO, but beware the long, muscled arm of the law. They’ll hear you coming from miles away.
Mondi acquires two KwaZulu-Natal plantations
Published: 20 Apr 18
JSE-listed pulp and paper producer Mondi has acquired the Draycott and Greytown timber plantations, in KwaZulu-Natal, from World Hardwood. The Competition Tribunal on Thursday approved the transaction, after the Competition Commission determined that it was unlikely to substantially prevent or lessen competition in any market.
Sars introduces electronic reporting requirements for customs clients Sars introduces electronic reporting requirements for customs clients
Published: 20 Apr 18
The South African Revenue Service (Sars) said on Friday it would at the weekend introduce a new electronic cargo reporting system to track the movement of cargo into and out of the country. Sars said the paperless system would bring an end to one of its last remaining paper-based processes and provide customs officials with the capability to track goods from beginning to end.
Independent board urges M&R shareholders to reject Aton offer
Published: 20 Apr 18
An independent board established by Murray & Roberts (M&R) to assess the proposal by German family-owned business Aton to acquire all shares in M&R at R15 a share, has again recommended that M&R shareholders reject the offer. In an announcement on Friday, the M&R independent board reiterated that Aton’s approach was opportunistic and said it was timed to coincide with unprecedented weakness in M&R’s share price.
Kazakhstan seeks new alumina markets amid Rusal's troubles
Published: 20 Apr 18
Kazakhstan is looking to open up new markets for its alumina exports, concerned US sanctions on Russian aluminium giant Rusal could hit business and jobs. Eurasian Resources Group (ERG), a company part-owned by the Kazakh government, produces 1.5-million tonnes a year of alumina, which is used to make aluminium, selling two-thirds to Rusal.
India seeks consultants to frame regulations for gas trading hub
Published: 20 Apr 18
With the Indian government aiming to set up a natural gas trading hub in the country, sector regulator the Petroleum and Natural Gas Regulatory Board (PNGRB) is seeking to appoint a consultant to help determine a regulatory mechanism for such a trading exchange. “In  order to further boost the consumption of natural gas in the country, government is considering the establishment of a gas trading hub or a gas trading exchange where natural gas can be traded, and supplied through a market-based mechanism instead of multiple formula driven prices,” PNGRB said in a notice inviting consultants.
DTI opposed to temporary scrapping of EV duties, but open to EU tariff re-set DTI opposed to temporary scrapping of EV duties, but open to EU tariff re-set
Published: 20 Apr 18
The Department of Trade and Industry (DTI) has confirmed that it is opposed to reducing protection on the import of electric vehicles (EVs) as a way of increasing domestic demand, arguing that automotive firms should, instead, use the duty offsets available to them through production rebate credit certificates to increase EV imports. The department estimates that the original equipment manufacturers (OEMs) have accumulated R6-billion-worth of production rebate credit certificates.
Gupta-owned mines' rehabilitation fund case postponed
Published: 20 Apr 18
An urgent court application by the Gupta-owned Optimum and Koornfontein coal mines to reclaim rehabilitation funds worth over R1.7-billion, has been postponed. The money was seized by the National Prosecuting Authority's (NPA) Asset Forfeiture Unit. Trustees of the rehabilitation funds controlled by the mines approached the North Gauteng High Court on Thursday for the reconsideration of the seizure of the funds. The money is meant to be used to rehabilitate the mines once mining ...
Metrorail delays hit Cape Town commuters, as bus strike continues
Published: 20 Apr 18
Commuters in Cape Town already in the midst of a bus strike have to contend with a near breakdown of train services, after Metrorail announced massive delays across its network on Friday morning. The company said there were delays of more than 60 minutes on all lines heading into Cape Town, due to a signal failure between the Cape Town, Mutual/Pinelands/Observatory and the Ysterplaat lines. It advised commuters to make alternative travel arrangements. However, commuters are having to contend ...
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