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Equinox Gold sells Elk Gold property
Published: 22 May 19
TSX-V-listed Equinox Gold has sold its Elk Gold property, in British Columbia, to private explorer Bayshore Minerals for $10-million. The company will receive $1-milion in cash on closing of the sale and $9-million in a first ranking secured promissory note payable in yearly installments of $3-million, starting two years from closing of the sale.
SACPCMP calls on construction industry to avoid being timid
Published: 22 May 19
The South African Council for the Project and Construction Management Professions (SACPCMP) has called on the South African construction industry to avoid being timid. In an address at Construction Industry Conversations forum, held last week, SACPCMP registrar Butcher Matutle encouraged the industry to “rise from the quagmire of despondency and do battle for our space and sphere of influence”.
TNPA to review hull cleaning permits
Published: 22 May 19
The Transnet National Ports Authority (TNPA) intends to introduce in-water hull cleaning at South African ports in an effort to stringently manage biofouling, where marine organisms attach themselves to the hull of a ship and niche areas, potentially spreading alien and invasive species across borders. This is aimed at better managing biodiversity, improving fuel efficiency and reducing carbon emissions.
Young consumers, self-buying to boost platinum jewellery demand
Published: 22 May 19
Young consumers, men’s jewellery and female self-purchasing will build on platinum’s entrenched standing in bridal jewellery to drive future demand, Platinum Guild International (PGI) reports. The guild’s yearly ‘Platinum Jewellery Business Review’ surveys over 1 000 manufacturers and retailers, as well as 1 000 consumers, to provide an in-depth analysis of platinum jewellery’s performance, highlighting trends that will shape the industry in each of the four key platinum jewellery markets of Japan, China, the US and India.
Vanggatfontein to ramp up to full output two weeks ahead of schedule
Published: 22 May 19
JSE-listed Wescoal on Wednesday said it had resumed coal mining, handling and processing activities at the Vanggatfontein mine as of May 20 and that the mine was expected to ramp-up to full production in early June – two weeks ahead of schedule. In late April, the coal producer was forced to halt coal supplies from the mine to Eskom after the mining contractor dismissed its 274 employees at the mine over unlawful industrial action.
BP bosses get public grilling on climate from largest investors
Published: 22 May 19
BP lined the road leading to its annual shareholder gathering in Scotland’s oil capital with hoardings touting investments in renewable energy. Inside the meeting, there was a fierce debate on whether the energy major was telling the truth. On Tuesday, investors large and small grilled BP’s chairperson Helge Lund and CEO Bob Dudley for over two hours on the company’s plans to tackle climate change and its preparation for the energy transitions. It became so intense at times that a security team had to remove protesters screaming “this is a crime scene.”
Eskom keeps investors in the dark as debt speculation mounts
Published: 22 May 19
As speculation swirls about plans to deal with Eskom Holdings’ crippling debt load, one group of stakeholders hasn’t been consulted – owners of the company’s R243-billion of bonds. South Africa’s State-owned power utility is groaning under almost R500-billion of bond and loan debt, according to data compiled by Bloomberg, and isn’t selling enough electricity to cover its operating and borrowing costs. While it’s already been given a three-year, R69-billion bailout by the government, the company had to ask for emergency funding last month to remain solvent.
LSE says, hello, Africa! Come list with us
Published: 22 May 19
It’s not often that the LSE comes to Africa looking for listings. Traditionally companies based on the continent have to make a strong case to have their stock traded on one the world’s biggest bourses. But this week, officials are on roadshow in a bid to boost the LSE’s 115 African listings. The exchange is banking on partnerships with African exchanges, including those in Nigeria and Kenya, for dual listings, according to Director of Emerging Markets and International Markets Ibukun Adebayo.
MTN close to paying off 330bn naira fine in Nigeria – NCC
Published: 22 May 19
African telecommunications giant MTN has paid 275-billion naira ($898.99-million) toward a 330-billion naira fine imposed on it for not disconnecting unregistered SIM cards, Nigeria's communications agency said on Tuesday. The final 55-billion naira payment from MTN, Africa's largest telecommunications firm, to the Nigerian government is due at the end of the month, the Nigerian Communications Commission said in a statement.
Alcoa considering tourism for Anglesea site
Published: 22 May 19
Aluminium major Alcoa and a UK-based educational and environmental charity, The Eden Project, have teamed up to investigate the possibility of turning Alcoa’s former Anglesea mine site, in Victoria, into a tourist attraction. The two companies were planning to transform an area within the former coal mine into a destination for immersive education and experiences which celebrate the local ecology and tell a story of sustainability.
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