Challenges continue in the mining sector with prices continuing to fall and input costs continuing to rise. The focus is on cutting costs and reducing stocks for the remainder of the year and we will all play our part in providing value and quality during this difficult time.
Important election ahead for DRC on 20th December with more than 24 presidential hopefuls so far although this is subject to Constitutional Court approval.
The future of Zambia’s KCM and Mopani Copper Mines remains uncertain with Vedanta yet to commit and the successful bidder unannounced for Mopani. Jubilee Metals has in the meantime formed a JV with Mopani for the Slag Project in Mufulira, targeting 13 Mt of historical slag with estimated copper and cobalt deposits.
Sibanye-Stillwater South Africa, Announces Restructuring of PGM Shafts, Impacting 4,095 Workers with potential job losses.
Petra Diamond Sales Decline Amid Ongoing Challenges in the Diamond Market with a projected 49% decline in its 2nd Tender Sale for 2024 FY. The wider industry is also set to be impacted as they navigate the challenging market dynamics.
Zimbabwe Expands List of Regulated Products as per its Consignment Based Conformity Assessment Programme (CBCA). This means that all regulated products exported to Zimbabwe will now require a Bureau Veritas Certificate of Conformity (COC) for customs clearance. Goods without the COC may face a 12% penalty of CIF or could be rejected or destroyed at the Importers/Exporters Cost. This will be effective from 01 January 2024.
Foodstuff & Beverages *0901 *0902 *1501 – 1516 *2209 Mineral products *2501 Metals *8202-8207 *8301-8303 *8311 Machinery *8414-8415 *8418 *8419 *8450 *8471 Electrical *8503 *8505 *8515 *8518 *8519 *8521 *8522 *8524 *8525 *8527 *8529-8531 *8534 *8535 *8537 *8538 *8543 *8548 *8549 Transportation *8705 *8707 *8711 *8714 Miscellaneous *9405
Transnet Seeks Government Bailout for Capital Investment Needs to the tune of R130 billion debt write off plus another R85 billion for improvements over the next five years. Talks are in process with World Bank and New Development Bank for assistance.
Port Conditions throughout South Africa continue with high winds exacerbating the situation. High volumes of containers are moving through Durban terminals. Current waiting times for Pier Berthing, Pier 1 – 7 days, Pier 2 Up to 14 days, Durban Point 10 days.
Cross border road delays are being experienced from Mozambique to Zimbabwe and other hinterland countries at the Machipanda border crossing. Apparently caused by delays in clearing cargo on the Zimbabwe side which peaked last weekend to around 15 km long. Transit parks have been set up to avoid congestion on National Road 6.
Confirmed Price Reductions for Petrol and Diesel on Wednesday with petrol prices dropping by R1.78/ Ltr, diesel by 82c to 85c/ Ltr, paraffin by R1.30/ Ltr, and LPGAS is rising by R1.49 per kilogram on Wednesday. These adjustments are tied to global oil price decreases from increased production by non-OPEC producers and the lifting of US sanctions on Venezuela. The Israel-Hamas conflict hasn’t significantly impacted fuel prices. In Gauteng, 95 unleaded petrol will be R23.90/Ltr, and diesel will be R24.17/Ltr, up from R21.22 at the start of the year.
Ramaphosa declares December 15 a public holiday to celebrate Boks victory in Paris at the weekend and this will move forward our annual closing date to 14th instead of the 15th December.
UK Citizen Embarks on Record-Breaking Run from Cape to Cairo to Encourage South African Voting. Keith Boyd, a dual UK citizen, is running from Cape Town to Cairo in around 280 days to encourage South African youth to vote in the 2024 elections. Through his nonprofit, Rainbow Leaders, he’s giving talks at schools to stress the importance of voting for economic growth and change because this is what true democracy means. Boyd started his 40km-per-day run in July, covering about 11,200km with a support team. His journey focuses on community engagement and addressing youth disengagement from democracy. Boyd aims to set a new world record by reaching Egypt in April 2024 and raise donations for youth engagement programs.
Do not be wise in words – be wise in deeds.