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Armadale sets out to earn a majority stake in US silver asset

Published: 24 Apr 24

Aim-listed investment company Armadale Capital, which holds mine investments in Africa, has entered into an agreement to earn a 50% interest in Africo American Incorporated (AAI), the holding company of the Canyon Silver lead/zinc/silver exploration asset, in Idaho, in the US. Armadale has an option to acquire an initial 25% interest in AAI through the purchase of new shares for $500 000 in cash before December 31.

Outa demands information on Sanral, Ceta tenders

Published: 24 Apr 24

Nonprofit watchdog the Organisation Undoing Tax Abuse (Outa) has accused the South African National Roads Agency Limited (Sanral) and the Construction Education and Training Authority (Ceta) of keeping contracts with questionable companies secret, which it says is in line with a government culture of blocking the public from accessing information. Outa has filed complaints against Sanral and Ceta over the entities’ refusal to provide Outa with information requested in terms of the Promotion of ...

First Quantum navigates Zambia power crisis through imports, renewable projects

Published: 24 Apr 24

In response to Zambia's recent declaration of a national emergency owing to a severe drought affecting power generation, copper miner First Quantum Minerals is taking measures to ensure the continuity of its operations. Power utility Zesco has introduced daily eight-hour loadshedding for its retail customers and initiated consultations with mining companies to reduce power supply to the sector by 150 MW from May 1 to December 31. First Quantum’s operations are expected to have power curtailed by about 80 MW over this period.

TNPA issues RfP for Cape Town port liquid bulk terminal

Published: 24 Apr 24

State-owned Transnet National Ports Authority (TNPA) has issued a request for proposals (RfP) for the appointment of a terminal operator to acquire, operate, maintain, refurbish or build and transfer a liquid bulk terminal over a 25-year concession period at the Port of Cape Town. “The liquid bulk precinct in the Port of Cape Town enables the efficient movement of liquefied cargo across South Africa and beyond, facilitating international trade and ensuring security of supply,” says TNPA Port of Cape Town acting port manager Ophelia Shabane.

Financing African hydrocarbon projects needs a segmented approach

Published: 24 Apr 24

In an era in which raising finance for major hydrocarbons projects was increasingly challenging, the developers of such projects in Africa should consider segmenting them and separately seeking finance for each segment. That advice was given by Africa Finance Corporation Senior Associate Shao Olumide. He was participating in a panel discussion at the 2024 African Refiners and Distributors Association conference, in Cape Town. Globally, investors were moving away from hydrocarbons projects, including fossil fuel refineries, he pointed out. But investors not willing to invest in a refinery itself might very well be prepared to invest in infrastructure ancillary to, but essential for, the operation of the refinery, such as roads, piers and other port or terminal infrastructure.

China copper gauge at zero offers stark warning to metal bulls

Published: 24 Apr 24

A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Premiums paid on imported refined copper extended a months-long decline to reach zero for the first time in Shanghai Metals Market data going back to 2017. The unusually low levels come just days after copper on the London Metal Exchange rallied to a two-year high near $10 000 a ton.

China coal prices have bottomed, will surpass 2023 highs, industry group says

Published: 24 Apr 24

China's domestic coal prices have bottomed out and will exceed 2023 highs this year, a major coal industry group said on Wednesday. "Overall stockpiles are not very high, so if market purchases increase, that will directly cause prices to rise," said Han Lei, General Manager at the research department of China Coal Transportation and Distribution Association (CCTD).

Image of Maltento's Dominic Malan and Dean Smorenburg

Fly farmer Maltento opens laboratory to expand insect research

Published: 24 Apr 24

Fly farmer Maltento has unveiled a new laboratory at its insect breeding facility in Cape Town. The laboratory has been built to expand Maltento’s research on insect biotechnology, and aims to position the company as a leader in the functional ingredient and sustainability space.

Blue Energy signs 20-year green power deal with wheel manufacturer

Published: 24 Apr 24

Local developer and operator of clean energy infrastructure, Blue Energy Africa, has signed a 20-year deal with Borbet South Africa (SA) for the procurement of power from renewable-energy sources. Founded in 1962 by Peter Wilhelm Borbet, the family-owned company has five locations in Germany, as well as one each in Austria and South Africa, with the latter in Gqeberha.

World’s biggest energy traders are returning to metals markets

Published: 24 Apr 24

Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets. Vitol Group, Gunvor Group and Mercuria Energy Group are among the traders building out their metals teams, as they look to deploy capital generated by record profits.