MONDAY, 4.30PM:
THE Reserve Bank on Monday announced that provisional gross gold and foreign exchange reserves amounted to R28,5-billion as at 31 December 1997, compared to R26,5-billion the previous month.
Foreign credit lines in use at the end of December 1997 amounted to R9,8-billion — a R100-million decline.
BUSINESS BRIEFS
ANGOLAN OIL STRIKE
FRENCH oil company Total said on Monday it has discovered a “very promising” new oilfield off Cabinda in Angola. Tests have extracted some 7 300 barrels a day from the new find, in bloc 17, which has been named Landana. The company made a major discovery in bloc 14 in April, of a new field, Kuito. Total has a 20% stake in bloc 14, which is operated by American oil company Chevron, with a 31% share. The remaining 49% is divided between Angolan national oil company Sonangol and Agip of Italy with 20%apiece, and Petrogal of Portugal with 9%. Last month rival French oil company Elf Aquitaine said it had made a major new discovery in the Dalia field in bloc 17.
NEW NUM LEADER
GWEDE MANTASHE was on Saturday elected to act as general secretary of the National Union of Minewerkers until the union’s national congress in March, the union said on Monday. Mantashe’s election by the NUM’s national executive committee follows the move of Kgalema Motlanthe to the position of secretary general of the African National Congress at its congress in December.
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