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Ramaphosa key to dealing with ‘off-the-charts’ South Africa risk

Published: 13 Jun 24

President Cyril Ramaphosa is key to handling political risk that’s “off the charts” in the nation after a vote last month failed to hand any party a majority, Standard Bank’s chairperson said. The African National Congress (ANC), which has ruled the country since the end of apartheid in 1994, lost its parliamentary majority in May 29 elections, haemorrhaging support to former President Jacob Zuma’s new group. Political parties have less than a day to cobble together a power-sharing agreement before the nation’s parliament convenes Friday.

Copper 360 on home straight to produce quite a bit of cash, CEO reports

Published: 13 Jun 24

Copper mining and marketing company Copper 360 is on the home straight to produce quite a bit of cash by financial year end. That was the main takeaway from Mining Weekly’s post-results Zoom interview with the head of the only pure copper play listed on the Johannesburg Stock Exchange (JSE).

The 1 MW solar PV plant at the GWK maize mill

GWK's Christiana maize mill gets 1 MW solar PV system

Published: 13 Jun 24

Independent power producer Decentral Energy has commissioned a 1 MW solar PV system at food producer GWK's Farm Foods Christiana maize mill. The ground-mounted, grid-tied solar PV system, which was designed and constructed by engineering, procurement and construction contractor Energy Gurus, will significantly reduce GWK Farm Foods Christiana maize mill's reliance on traditional grid power and contribute to the company's sustainability and energy security goals.

NDCs, long-term strategies should include roadmap for fossil fuel producers – IISD

Published: 13 Jun 24

Analysis by policy think tank the International Institute for Sustainable Development (IISD) showed that seven of the 20 largest fossil fuel producing countries make no mention of fossil fuel production in their nationally determined contributions (NDCs) and six others stated an intention to continue or increase production. “In a world that has agreed to transition away from fossil fuels, producers that keep mining and drilling are vulnerable to market shocks. NDCs and long-term strategies can be used to guide an orderly transition and attract investment into alternative growth sectors,” IISD policy adviser Paola Yanguas Parra.

Cape Town releases more land for affordable housing under new housing strategy

Published: 13 Jun 24

With national government slashing Cape Town’s housing grants by R107-million this financial year, the city has been forced to change its housing strategy, says Mayor Geordin Hill-Lewis. Cape Town is now positioning itself as an enabler for much more private sector-led affordable housing delivery, including the release of discounted land for social housing, while also ramping up support for micro-developers in townships.

Global nickel prices have probably hit a floor, says Macquarie

Published: 13 Jun 24

Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits. "Our belief is that we've seen the bottom, we've seen the supply adjustments, we see the uncertainty in future supply, and that is giving us quite a lot of support where the prices are today," Macquarie analyst Jim Lennon told a conference organised by Shanghai Metals Market in Jakarta this week.

Pusher tug of the future, Netherlands

Published: 13 Jun 24

thyssenkrupp Veerhaven wants to make its fleet of pusher tugs climate-friendly with a new generation of pusher boats.

Gold Fields lowers full-year output guidance as Chile mine hit by severe weather

Published: 13 Jun 24

JSE- and NYSE-listed Gold Fields has revised its group-wide full-year production guidance downward, from between 2.33-million and 2.43-million ounces, to between 2.20-million and 2.30-million ounces, owing to a production revision at its Salares Norte project, in Chile, where production is uncertain owing to winter events. The production guidance for Salares Norte has been revised down from the previously indicated gold-equivalent ounces range of 220 000 oz to 240 000 oz, to 90 000 oz to 180 000 oz.

Mercedes-Benz SA considers cutting 700 jobs on back of struggling economy, ports

Published: 13 Jun 24

Mercedes-Benz South Africa (MBSA) says it will move from three shifts a day at its East London plant to two shifts, in a move that could potentially cut 700 jobs. MBSA assembles the C-Class for the local and export markets, with more than 90% of production exported. Production reached just over 88 000 units last year.

Bezant marks progress at Namibia project

Published: 13 Jun 24

Aim-listed Bezant Resources has completed the chain of contractor services that will make up the Hope and Gorob mining operation, chairperson Colid Bird outlines in an update on the copper/gold project in Namibia. Letters of preparedness have been received from the main contractors responsible for future mining, processing plant construction and concentrate haulage and letters of intent and offers for financing of an off-grid hybrid renewable power supply for the project.