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Articles in category: Resources
The South African government is keen to foster closer ties with Canada’s mining industry and to attract Canadian expertise, two top government officials told audience members at the Canada-Southern Africa Chamber of Business on November 26. The country is also committed to continue enhancing its mining legislation, to tackle inefficiencies, and to improve domestic levels of beneficiation.
South African Deputy President Kgalema Motlanthe is on a State visit to Canada and underscored the mammoth progress made and the immense difficulties faced by South Africa since the inception of democracy in 1994. “South Africa is a country of contrasts,” he ...(Read Full Article)
Thermal coal prices would rise in the medium term as current prices forced many producers to export at a loss and because booming electricity demand in Asia would drive up the market, mining major Glencore Xstrata said yesterday.
Thermal coal prices have dropped around 40 percent in the past three years as healthy exports from major producers such as South Africa, Australia, Colombia and the US have clashed with modest demand following the global financial crisis.
South Africa, the world’s largest source of primary platinum, does not exert the influence it once did over the platinum market as alternative supplies become more available, and the country needs to address cost reductions for its production as a matter of urgency.
Speaking at a recent mining conference, Stephen Forrest, a director and chairman of SFA Oxford, warned of growing metal supply from recycling and countries with excess inventory.(Read Full Article)
THE most pressing focus in Kumba Iron Ore is to restore the flagship Sishen mine to full, sustainable production as quickly as possible after the company issued quarterly output data and export sales expectations that shocked the market.
Kumba, which is 70% owned by Anglo American, reported in mid-October that production at Sishen had fallen by a third in the September quarter compared with the same period last year.(Read Full Article)
Buoyed by the success of the third round of its independent power producer (IPP) programme, which saw prices for clean-energy projects tumble, the government may now invite a fourth round of bidders, says Department of Energy director-general Nelisiwe Magubane.
Bids for projects in the third window cost far less than the department had expected, she told Business Day on the sidelines of a BD Dialogue on renewable energy, hosted by Nedbank Capital in Sandton on Thursday. Ms Magubane said the department expected prices to drop even further, once IPP projects from the first round begin to generate electricity in February.(Read Full Article)
JSE-listed speciality chemicals group AECI’s explosives division AEL Mining Services will look to grow and consolidate its South African market share, while reducing its local cost base and advancing its international expansion strategy. At an investor day on Wednesday, AEL CEO Schalk Venter said the bulk emulsion explosives business had deliberately and substantially grown its share of the surface opencast mining market in the country, as it continued its strategic alignment with South Africa’s narrow reef sector.(Read Full Article)
Johannesburg - The mining industry is currently the most transformed of all the country's major industries, the Chamber of Mines of SA said on Tuesday. “Whatever our shortcomings, and we know we have a way to go, we believe the industry is currently (more) extensively transformed than any of South Africa's major industries,” CMSA outgoing president Mike Cutifani said.
“Our achievements on procurement from previously disadvantaged South Africans range from 39 to 67 percent on capital goods and services - against a target of 20 to 50 percent.”(Read Full Article)
The DA calls on Mineral Resources Minister, Susan Shabangu, to initiate an investigation into the Idwala colliery without delay, following reports today that the Gupta-owned mining company is operating without a water licence and breaking environmental laws. She should also explain why her department has not stopped the company from mining illegally.
The DA will also request that the Public Protector, Adv Thuli Madonsela, investigate whether the reason for the failure to act on the illegal operations is linked to political interference.
.(Read Full Article)
PetroSA, South Africa’s state oil company, is looking for an acquisition target as it pursues a goal of supplying a quarter of the fuel needs in the continent’s largest economy by 2020, from about 5 percent now.
“We’ve got an aspiration to enter into the downstream market by way of an acquisition,” chief executive Nosizwe Nokwe-Macamo told reporters in Johannesburg today at a strategic update presentation by the company.
The state-owned company is considering buying a controlling stake in Engen Petroleum Ltd., the nation’s biggest fuel retailer, from Malaysian state oil producer Petroliam Nasional Bhd., people ...(Read Full Article)
President Jacob Zuma on Tuesday turned the first sod at the launch of the construction phase of the R20-billion Venetia underground project in Limpopo province. He did so together with Anglo American plc chairperson Sir John Parker and Anglo American CEO Mark Cutifani. Also officiating at the launch was Mineral Resources Minister Susan Shabangu.
Zuma told the large launch gathering and international media contingent that the project was significant because it demonstrated confidence in South Africa as an investment destination of choice by both foreign and South African companies.(Read Full Article)
Companies would be granted a one-year transitional period to align with and prepare for the implementation of the revised broad-based black economic empowerment (BBBEE) Codes of Good Practice following its gazetting on Friday. This seemed to be the only good news to emerge out of the newly gazetted codes, global audit, tax and advisory firm Mazars national BBBEE leader Tony Balshaw noted on Monday.(Read Full Article)
South Africa's cabinet on Thursday proposed new regulations to govern exploration for shale gas, an important step in opening up an industry that could provide new energy supplies for Africa's largest economy.
South Africa last year lifted a moratorium on shale gas exploration in its Karoo region, where fracking might tap what is believed to be some of the world's biggest reserves of the energy source. The government signaled on Thursday it was keen to start exploiting the resource(Read Full Article)
Resistence to the Securities and Exchange Commission ruling that requires publicly traded companies to disclose the origins of conflict minerals contained in their products is breaking down rapidly, say compliance experts.
“If you were to ask me how many supply chain managers were questioning the urgency of this issue, I would have given you a different answer,” says Sonal Sinha is the associate vice president of industry solutions at MetricStream, Inc, a developer of enterprisewide governance, risk, and compliance (GRC) software and cloud-based services. “But today, that number is much smaller. Nearly every manager and auditor is aware of the ...(Read Full Article)
Stumbling commodity prices have forced mining companies to take a hard look at their operational efficiencies and to re-evaluate the margins of certain projects. In Australia, the falling gold price has resulted in massive impairments, with gold miners Newcrest and Evolution Mining reporting impairment charges of A$5.56-billion and A$384.3-million respectively during the year ended June.(Read Full Article)
When a company is subjected to BEE pressures that are out of the ordinary, what's it to do? Carol Paton re-examines the way that Gold Fields handled its South Deep predicament. In the murky world of black economic empowerment, the Gold Fields transaction over its South Deep mine stands out for its contradictory distinctions. It is one of the sector's most broadly based and yet one the most contentious.
Although finalised over two years ago, late last year it became an object of public controversy. There were media allegations, replete with innuendos dutifully aired on Carte Blanche, into ...(Read Full Article)
The current crisis in the South African mining sector is opening up significant opportunities for emerging black junior miners in the coal space, Wescoal nonexecutive chairperson Robinson Ramaite said on Wednesday.
“From a junior miners perspective, what this crisis comes with is a lot of opportunity, because certain assets that would otherwise not have been available, are now available, mainly from foreign-held companies and mainly arising from the listing boom in Australia, Canada and the London Aim.
It is understood that some black juniors together with State power utility Eskom are in potentially transformative talks with majors on taking over ...(Read Full Article)
The Organisation of Petroleum Exporting Countries reports that oil accounts for 50% of the south-west African country’s gross domestic product (GDP) and 90% of its exports. Angola’s first oilfield (Benfica, in the Kwanza basin) started producing in 1955.(Read Full Article)
Address by the Anglo American chief executive and South African Chamber of Mines President, Mark Cutifani, at the closing gala dinner of the second annual Mining Lekgotla, Johannesburg (29/08/2013). It is a little over a year since we were witness to the terrible events of Marikana. In a period of less than 2 weeks, 44 individuals lost their lives. One can only hope the Farlam enquiry will shed a bit more light on the one thing we do know – that it was a great tragedy for all South Africans.(Read Full Article)
There is unprecedented interest in oil and gas exploration off South Africa’s coast, with 20 companies – including heavyweights such as Shell, Anadarko, ExxonMobil and Total – involved in exploration, Petroleum Agency SA said yesterday. Will Barker, managing director of Sunbird Energy, an Australian oil and gas firm, told a meeting of the Cape Chamber of Commerce that the company was investing in South Africa because gas would play an increasingly important role in the country’s energy mix.(Read Full Article)
PetroSA unveiled South Africa’s first geoscience collaboration, visualisation and technology facility on Friday. It will keep the national oil company updated in real time on progress in drilling operations. The technology updates the drilling progress every 20 seconds, telling the company’s multi-disciplinary team of professionals sitting at its Cape Town head office about the rate of penetration and revealing any discoveries the minute they are found. With its advanced surface reading capability, the technology shows which areas in the exploration block are more likely to have oil and gas deposits.
South Africa needs to invest as much as 90 billion rand ($9 billion) in new coal mines to supply power plants that are at risk of running short of the fuel as soon as 2015, an industry study found. While some of the growing demand from power stations can be satisfied by extending current coal projects, “the majority will need to be met from new mines,” the Green House, a Cape Town-based consultant, said in its Coal Roadmap report obtained by Bloomberg. Disagreement between mining companies and state utility Eskom Holdings SOC Ltd. over returns on investment has delayed new ...(Read Full Article)
From Africa to Australia, opportunities to develop small iron mines are fast disappearing, as cash dries up and miners are unable to compete with the crushingly low production costs of the sector's heavyweights. In Australia alone, a half a dozen or more projects pegged by prospectors in better times sit stranded in the outback with no timetable for development. Most are running short on money and have stripped payrolls and equipment spending to a bare minimum, awaiting a turnaround that forecasters predict is a long way off at best. “This is not the time to be developing a new ...(Read Full Article)
PetroSA, South Africa’s state-owned oil company, said it planning to build a liquefied natural-gas terminal off the nation’s south coast that may cost as much as $510 million.(Read Full Article)
KBR today announced that it has been awarded a contract by Sasol, duly represented by Sasol Technology (Pty) Ltd, for the provision of engineering, procurement and construction management services (EPCm) for the gaseous oxygen compressor at the Oxygen East Plant at the Sasol Synfuels Complex in Secunda, South Africa. The EPCm services to be provided by KBR entail all the management services required in order to restore the integrity of the gaseous oxygen compressor. This contract will be executed.......(Read Full Article)