Current News - Middle East & Africa [more headlines]


Coal of Africa Ltd - Chapudi Acquisition Transaction ...
Fri, 11 May 2012 15:55:00 +0100
ANNOUNCEMENT 11 May 2012 Chapudi acquisition transaction closed Further to the announcement of 10 May 2012 regarding the completion of the acquisition of the Chapudi Coal Assets , Coal of Africa Limited ...


Qatar Sovereign Fund On Buying Spree: Royal ...
Fri, 11 May 2012 14:54:35 +0100
The Qatar Investment Authority (QIA) is on an investment spree, bulking up its holdings in several major companies including Royal Dutch Shell Plc (NYSE: RDS.A), Eni SpA (NYSE: E), and Xstrata PLC (London: XTA), and the sovereign fund has already taken a holding Total SA (NYSE: TOT) and is pursuing avenues to invest in Glencore International Plc (London: GLEN), sources reported Friday.


Mixed Bag from ArcelorMittal - Analyst Blog ...
Fri, 11 May 2012 13:00:50 +0100
Steel giant ArcelorMittal ( MT ... EBITDA was $35 million, down 72.4% year over year. Mining: Iron ore production increased 12.1% year over year to 1,271 million tonnes in the reported quarter due to higher production from Liberia.


Coal of Africa Ltd - Completion of Acquisition
Thu, 10 May 2012 08:05:00 +0100
ANNOUNCEMENT 10 May 2012 Acquisition of Rio Tinto and Kwezi's South African coal assets completed "Transaction strengthens Coal of Africa's position as one of the most substantial holders of prospecting ...


ArcelorMittal South Africa Warns Second Quarter ...
Thu, 10 May 2012 06:23:14 +0100
ArcelorMittal South Africa Ltd. (ACL.JO) Thursday reported a rise in net profit for the first quarter of the year, but warned the second quarter will be lower due to weak domestic steel demand and lower prices forecast for its products. Earnings for the ...


African Minerals CEO steps down after 3 yrs
Wed, 02 May 2012 07:38:00 +0100
African Minerals surprised the market on Tuesday when it said CEO Alan Watling intended to retire after just three years at the helm, following completion of an early stage in its key Sierra Leone iron-ore project.News of Watling's planned retirement hit shares in the miner, the largest of West Africa's emerging iron-ore producers, as analysts fretted over the consequences of his departure before the mine hits its production rate of 20 million tons per year of iron ore, expected by the year-end.


Arch Coal Falls Short of Estimates - Analyst ...
Tue, 01 May 2012 19:43:06 +0100
Arch Coal Inc. ( ACI ) reported pro forma loss of 4 cents per share in first quarter 2012, in contrast to earnings of 36 cents in the year-ago comparable period. The reported figure


Rich List reveals record fortunes for Britain's ...
Sun, 29 Apr 2012 06:07:55 +0100
Steel magnate Lakshmi Mittal retains top spot, with Alisher Usmanov and Roman Abramovich in second and third Britain's wealthiest people saw their fortunes rise to record levels last year, according to the annual Sunday Times Rich List (paywall) , at a time when most Britons' earnings and savings were squeezed by inflation and low interest rates. The combined wealth of Britain's 1,000 richest ...


Anglo American Sells Scaw South Africa for $440
Wed, 25 Apr 2012 16:35:52 +0100
The mining company Anglo American sold the South African branch of Scaw Metals for 440 million dollars to a consortium of investment in a long-awaited agreement, bringing the total raised by selling non-core assets for $ 3.7 billion within two years.The sale of Scaw South Africa, a steel company that produces specialized components for mining, railroads and other industries, was the latest step of an effort by Anglo to focus on its core business of mining.The sale to a group led by state-owned South African Industrial Development Corporation (IDC) and other investors, virtually the completing plan outlined in 2009.Anglo had sold the international branch of Scaw Metals for OneSteel in December 2010, for 932 million dollars.


Evraz Makes Solid Start To 2012
Mon, 16 Apr 2012 08:20:00 +0100
Mining giant EVRAZ said that consolidated crude steel production increased by five per cent from the fourth quarter of 2011 to the first quarter of 2012 as growth in Russia, North America and South Africa ...


Abu Dhabi building material costs on the rise ...
Sun, 15 Apr 2012 05:41:18 +0100
However, the prices of a number of commodity group declined. These include the average prices of construction labour, which decreased nine per cent, steel 8.2 per cent, PVC pipes 6.9 per cent, wires for small buildings 6.2 per cent and wires for apartments ...


African Minerals cuts iron ore target - What ...
Wed, 11 Apr 2012 05:46:00 +0100
The firm is developing the Tonkolili iron ore mine in Sierra Leone, which contains one of Africa's largest deposits of iron ore. The production forecast from African Minerals for 2012 had been 15 million tonnes, but the firm today cut that target to ...


Anglo Platinum Proposals Accepted in Zimbabwe
Mon, 09 Apr 2012 03:58:45 +0100
Anglo American Platinum Ltd. (AMS) will sell 51 percent of its Zimbabwean operation to black Zimbabweans or a government fund for black businessmen, the state-controlled Sunday Mail said, citing Zimbabwes indigenization minister, Saviour Kasukuwere.Anglo American Platinum, the worlds biggest miner of the precious metal, submitted an indigenization plan to the Zimbabwe government that was acceptable, Kasukuwere was quoted as saying in the Harare-based newspaper.


ArcelorMittal CEO pay almost doubles - Moneyweb.co.za
Wed, 04 Apr 2012 03:47:00 +0100
The company, whose shares are down 20 percent this year, is facing a fine of 10 percent of its 2008 sales for colluding on prices in the flat-steel market with Evraz Highveld Steel & Vanadium Ltd. ArcelorMittal is also embroiled in a legal dispute over ...


ArcelorMittal SA faces R3bn collusion fine - ...
Mon, 02 Apr 2012 13:20:32 +0100
"Evidence before the Commission indicates that the steel producers engaged in concerted practices or had understandings that Highveld would follow ArcelorMittals lead on the pricing mechanism and changes in pricing, including discounts and transport ...