Latest articles on Sherilee Bridge

Eskom tariff decision quietly postponed

The National Energy Regulator of South Africa has quietly postponed its final decision on Eskom's application for a 53% tariff hike to June 18. By Thursday the regulator had not yet posted notice of the change in its decision date on its website, despite the conclusion of this week's public hearings into the proposed tariff increases.

Mitsubishi mulls Pebble Bed investment

Japanese engineering and heavy machinery maker Mitsubishi Heavy Industries is reportedly considering a ¥10-billion (R746,5-million) investment in South Africa's Pebble Bed Modular Reactor (PBMR). The investment would buy the Japanese company a stake of about 10% in PBMR.

Sasol shareholders okay R25,9bn BEE deal

Petrochemicals giant Sasol on Friday said its shareholders had approved its planned R25,9-billion black economic empowerment (BEE) transaction. The world's largest producer of oil from coal announced its intention to conclude a broad-based BEE ownership transaction in respect of 10% of its issued share capital in September last year.

Replacing petrol pumps to take ‘several months’

The South African Petroleum Industry Association said the replacement of older petrol pumps, which are unable to reflect a price of more than R9,99, would take several months. Roughly 18 500 petrol pumps, or about 30% of all South Africa's pumps, need to be replaced. These pumps do not have digital readings.

Uranium deal to net Harmony R1,9bn

Harmony Gold Mining will receive a foreign-capital injection equivalent to R1,9-billion once all the conditions precedent in the $420-million transaction with the Pamodzi Resources Fund have been fulfilled, Harmony CEO Graham Briggs said on Thursday. A new uranium player, Rand Uranium, will be established.

SACP threatens mass action over Eskom price hikes

The South African Communist Party (SACP) on Friday threatened to "take to the streets" in protest against South African power utility Eskom's proposed electricity hikes. "We will announce in due course a rolling mass-action programme to stop this neo-liberal attack on the quality of life of South Africans," the SACP said in a statement.

Standard Bank loses $1,2bn Zambian oil-import deal

Zambia has ended negotiations with Standard Bank, Africa's largest bank by assets, to finance a $1,2-billion (R9,7-billion) oil-import deal after the two parties failed to reach agreement. Talks between the Zambian government and Stanbic Bank Zambia, a unit of Standard Bank, were initially expected to be concluded by mid-January.

Gold, oil continue to climb on dollar slump

Gold added $24,95, or 2,49%, to trade at $1 025,05 by 1.30pm on Monday -- this after rising more than 3% to a record $1 032,60 a troy ounce in overnight trade. Oil prices have also rallied in response to the dollar's weakness overnight with Nymex crude setting a fresh all-time high of $111,80.

SA mines to get 5% more power to stem job losses

The South African government has moved to stem the haemorrhaging of jobs in the mining industry by allowing mines to increase their power consumption to 95% of normal usage. Minister of Energy and Minerals Buyelwa Sonjica was cited in various media reports on Thursday as saying that mines would be allowed to up their power use by 5%.

Govt’s power plan for mines expected on Friday

The South African government will on Friday announce whether power supply can be increased to mines while maintaining the stability of the system. The review of consumption comes in the wake of last week's surprise announcement that the sector would lose thousands of jobs due to the power crisis.

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