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Job seekers waiting for casual work next to a road in Johannesburg

Unemployment rate worsens to 32.9%

Published: 14 May 24

South Africa’s official unemployment rate has widened by 0.8 of a percentage point to 32.9% in the first quarter of the year, compared with 32.1% in the fourth quarter of last year. The number of employed people in South Africa increased by 22 000 to 16.7-million, but the number of unemployed people increased by 330 000 to 8.2-million, Statistics South Africa (Stats SA) reports.

SolGold advances financing for Cascabel, secures $10m loan

Published: 14 May 24

LSE- and TSX-listed SolGold said on Tuesday that it was making significant strides in securing financing for its Cascabel project, in Ecuador, with capital providers expressing a keen interest in committing to a longer-term financing package. The company is in detailed discussions with capital providers for financing that will cover a significant portion of the estimated initial capital cost of the copper and gold project.

PGMs to face continued supply constraints, low prices – report

Published: 14 May 24

Precious metals consultancy Metals Focus’ new ‘Platinum Group Metals (PGM) Focus 2024’ report, which offers a comprehensive analysis of the PGM industry, indicates that the rest of the year will be defined by persistent supply constraints, coupled with robust demand, leading to another year of deficits across platinum, palladium and rhodium. “However, high inventories will [also] weigh on prices,” Metals Focus PGM director Wilma Swarts says.

Trade, Industry and Competition Minister Ebrahim Patel

dtic seeks to create a competitive medical technology industry with new master plan

Published: 14 May 24

Trade, Industry and Competition Minister Ebrahim Patel has launched the Medical Technology (MedTech) Master Plan, which is aimed at creating a proficient and competitive medical technology industry over the next three years that will supply domestic and international markets. “The medical technologies sector offers a unique and significant opportunity for growth in South Africa. The sector has emerged as an increasingly innovative sector, developing technologies that can service both our local market and abroad.

Future Metals secures EIS grant for Eileen Bore drilling

Published: 14 May 24

Exploration company Future Metals has been awarded A$180 000 under the Western Australian government’s exploration incentive scheme (EIS) to conduct drilling at the Eileen Bore prospect. Situated about 20 km from Future’s Panton project, in the East Kimberley region, Eileen Bore is an advanced exploration target. Historical drilling data has revealed a broad zone of copper, nickel and platinum group metals mineralisation.

Concerns heighten as Ramaphosa readies to sign NHI Bill into law

Published: 14 May 24

Business and political parties have expressed disappointment with President Cyril Ramphosa’s announcement that he will, on Wednesday, sign into law the controversial National Health Insurance (NHI) Bill. On Monday, Ramaphosa announced that he would publicly sign the Bill, which government hoped to use to achieve universal coverage for health services and, through this, overcome socioeconomic imbalances and past inequities.

Rubble being removed at the site of a building collapse in George

Pathology services seek to expedite identification as George building collapse death toll reaches 32

Published: 14 May 24

Forensic Pathology Services (FPS) and the South African Police Service are planning to expedite the identification of persons killed in a building collapse in George, in the Western Cape, with only six of the 32 deceased persons identified thus far. Eighty-one people were working on site on the partially built building when it collapsed on May 6.

MTN Q1 performance muted on ongoing macroenvironment challenges

Published: 14 May 24

JSE-listed MTN on Tuesday posted a dip in service revenue and earnings during the first quarter of the year, amid ongoing high inflation and local currency devaluations in some of its key markets. The group reported a 28.7% contraction in earnings before interest, taxes, depreciation and amortisation (Ebitda) from R24.27-billion in the first quarter of 2023 to R17.3-billion in the first quarter of 2024.

Copper climbs to highest in two years as bulls see deficit

Published: 14 May 24

Copper touched its highest level since 2022 after a powerful rally fueled by forecasts of a growing global supply deficit. The commodity’s gain since the start of January is approaching 20% with prices defying typical indicators of soft demand, especially in China. That’s partly because investors see tight mine supply creating a shortfall of the metal as soon as this year.

Hochschild hits commercial production at its first Brazil mine

Published: 14 May 24

Precious metals company Hochschild Mining has achieved commercial production at the Mara Rosa gold mine – its first operation in Brazil. During May, the Mara Rosa processing plant has operated at an average throughput of 90% of its nameplate capacity of 7 000 t/d and exceeded 80% average recoveries.