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Eskom bailout is ‘credit negative’ for South Africa: Moody’s

Ratings agency Moody’s has warned that South Africa’s planned R59 billion bailout for Eskom is ‘credit negative’. In a notice published on Wednesday (24 July), the ratings agency said government’s room to manoeuvre was ‘extremely constrained’. “Additional support to Eskom in the special appropriation bill will adversely

Tanzania grants Chinese firms licences to build gold refineries

Tanzania said on Wednesday that it had awarded licences for the construction of a mineral smeltery and two gold refineries to Chinese firms, as part of government efforts to generate more revenues from the nation’s mining industry. Mining Minister Doto Biteko said the Chinese companies would also

Gold price and oil price both rally

Gold’s push higher continues Range trading appears to have given way to steady gains for gold, with higher lows and higher highs seen since last Wednesday. Further gains target $1450, with the overnight pullback finding support at $1420. A move back below $1415 suggests some near-term

Barrick outlines ‘extensive exploration’ plans in Africa

His comments come as Barrick is about to gain full control of Acacia Mining’s (LSE: ACA) African assets after Acacia, hobbled by disputes with the government of Tanzania, agreed to a revised takeover offer on Friday. Bristow pointed to “extensive exploration work” in Côte d’Ivoire as Barrick

Multipurpose dredging solution gains traction

The dredger can be applied in various mining applications including slimes and sediment removal in process water ponds, recovering valuable materials in tailings ponds and for general tailings ponds maintenance. Watermaster can also be applied in diamond and gold mining where gravel can be directly

From bust to boom: Africa attracts exploration spend

The past 18 months have seen a particularly strong uptick in exploration globally. There have been a number of boom and bust cycles in the past decade globally – the latest bust cycle lasting for longer than most expected. Africa, which has traditionally been strong

Pan African exceeds full-year production guidance

Africa-focused metals producer Pan African Resources has exceeded its full-year production guidance of 170 000 oz, with output up 7.5% year-on-year to 172 442 oz. This has seen Pan African emerging as a “safe, low-cost and long-life gold producer”, CEO Cobus Loots said on Friday. The higher gold production

A Fight for the Right to Breathe Begins in South Africa

South African environmental justice advocates are suing the government to force it to clean up the air in the country’s Mpumalanga Highveld region. In the mid-1990s, South Africa’s post-apartheid government overhauled the nation’s constitution. Among the reforms, the country’s leaders adopted a bold, sweeping protection