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FYI nearing completion of pilot plant
Published: 21 May 19
The share price of junior FYI Resources was bumped by more than 5% on Tuesday on news that the company high purity alumina (HPA) plant, in Western Australia, was nearing first production. “The pilot plant is another key element for our disciplined HPA strategy that will ensure the Cadoux kaolin project is de-risked towards production,” MD Roland Hill said.
WPG administrators weigh more offers
Published: 21 May 19
The administrators of embattled WPG Resources have adjourned a second meeting of the company’s creditors to consider two additional takeover offers. WPG went into administration in 2018 following a default on a A$20-million debt facility.
Oil climbs as Opec signal on output curbs overshadows trade risk
Published: 21 May 19
Oil rose for a second day on signs Opec and its allies will extend production cuts beyond June, while a steadily deteriorating US-China trade relationship kept prices from pushing higher. Futures in New York extended their gains after closing up 0.5% on Monday. Saudi Energy Minister Khalid Al-Falih urged the Opec+ coalition to “stay the course” on output limits after a meeting in Jeddah over the weekend. Yemeni rebels backed by Iran said they’d attacked an airport in southern Saudi Arabia, further stoking tensions in the Middle East, while China warned it could retaliate against the US after Washington blacklisted Huawei Technologies Co.
Zimbabwe to subsidise public transport as inflation jumps
Published: 21 May 19
Zimbabwe will subsidise public transport and cut fuel duties by more than half as it tries to ease the impact of rampant inflation on its poorest citizens, according to Finance Secretary George Guvamatanga. The support will cost about $8-million a month, Guvamatanga said by phone on Monday. “A quantified, budgeted and targeted subsidy is a good subsidy,” he said. The cut in duties is expected to counteract an expected rise in fuel prices, he said.
Ramaphosa unveils first step in Cabinet cleanup
Published: 21 May 19
President Cyril Ramaphosa took his first step toward revamping his Cabinet after May 8 elections, removing Environment Minister Nomvula Mokonyane, who’d been accused of taking bribes during a judicial probe. Ramaphosa has made the fight against graft a top priority since taking office 15 months ago, replacing Jacob Zuma, whose nine-year tenure was marred by a litany of scandals. While he removed several Zuma appointees with tainted reputations from their cabinet posts, others remained as he sought to cement his control over the deeply divided ruling African National Congress – a problem he’s partly addressed by securing a five-year mandate from voters.
Former SAAF chief lieutenant general Dennis Earp dies
Published: 21 May 19
Former chief of South African Air Force (SAAF) lieutenant general Dennis Earp – a veteran of the Korean war – has passed away at the age of 88. "It is with great sadness that the South African Air Force (SAAF) has to announce the passing on of retired Lieutenant General Dennis Earp on midnight on Sunday 19 May 2019," said a statement issued by SAAF late Monday.
Fresnillo warns of 'more challenging' 2019
Published: 21 May 19
Fresnillo said on Tuesday the current year would be more challenging than 2018 as a number of industry variables were "working against" the precious metals miner. The company, which posted a 15% drop in first-quarter silver production last month, said it was "disappointed" not to meet its long-term silver output target and that it was taking action to address this "in a number of ways".
ARM Cement's Kenyan assets sold for $50m – statement
Published: 21 May 19
The assets of Kenya's ARM Cement have been sold to the National Cement Company for $50-million, its administrator said on Tuesday. ARM Cement was put under administration last August by some of its creditors over a $190-million debt and its shares were suspended from the Nairobi bourse. It has debts with a range of creditors, including local commercial banks.
De Beers records lower sales amid macroeconomic uncertainty
Published: 21 May 19
The value of De Beers’ rough diamond sales for the fourth cycle of this year fell year-on-year “against a backdrop of macroeconomic uncertainty”, CEO Bruce Cleaver said on Tuesday. Sales decreased to $415-million, compared with $554-million in the fourth sales cycle of 2018.
Brazil iron-ore exports in rise in first half of May amid higher prices
Published: 21 May 19
Brazil's iron-ore exports rose sharply in the first half of May, data showed on Monday, recovering from a more than seven-year low in April, as higher prices encouraged sellers to close more deals internationally. Until May 17, Brazil exported 16.2-million tonnes, according to data from the Foreign Trade Secretariat (Secex), which is part of the Ministry of the Economy. In the whole of April, Brazil exported 18.3-million tonnes, as the impact of miner Vale's Brumadinho dam collapse weighed.
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