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The company, given the first resources boom and the second one currently being enjoyed, should be awash with cash. Instead, the company is heavily indebted to the tune of between US$70 million and US$160 million which it attempted to expunge unsuccessfully through a rights issue in 2015.
The company has been limping along financially for years. In 2019 it was reported that its liabilities exceeded assets by US$19 million. This development made it doubtful that the company could carry on as a going concern after having been placed under judicial management.
The recent interim financial results presented by the company offer some consolation to investors who have been suffering for long.…
In the US, cheap and accessible shale gas is rapidly displacing coal. And in China, concerns about poor air quality and related health issues have caused demand for coal to fall three years in a row, from 2014 to 2016. So is coal demand about to decline globally? Is coal headed for the ash heap of history? Such a development is unlikely.”
The relegation of coal to the dustbin of energy sources, the Boston Consulting Group (BCG) does not believe is likely. They are not the only ones who hold this view.
McKinsey & Company, another highly regarded consulting company, does not believe coal will not have a role in the energy mix of the world going forward. They are not as blunt in expressing their views as their counterparts at the BCG however. McKinsey & Company featured an article on their website proclaiming that the adoption and development of…
Zimbabwe has one of the most diverse mining sectors I have ever come across. The country’s soil is rich in elements such as platinum, coal, iron ore, gold, diamonds and most recently the prospect of oil and gas.
Despite its complex economic challenges, mining, along with agriculture, has been a key pillar supporting the country’s GDP. The sector is responsible for around 60% of Zimbabwe’s export earnings and remains as one of the main sources for the much welcome foreign currency inflow.
FurtherAfrica spoke to the Hon. Winston Chitando, Zimbabwe’s Minister of Mines and Mining Development for an open conversation about Zimbabwe’s mining sector, its challenges, new prospects and raising opportunities. Min. Chitando has a remarkable record in his country’s mining industry spanning well over 3 decades. Previous to his appointment as Zimbabwe’s Minister of Mines and Mining Development, he has held several different positions in major companies such as …
Eskom, South Africa’s state-owned power utility, and currently facing enormous workload in generating reliable power for the most diverse economy in Africa has been served with a compliance notice by the nation’s environment ministry, high levels of air pollution being the cause.
According to information from Bloomberg, Eskom’s biggest operational power plants are struggling to remain active as the pollution levels are not yet repaired accordingly.
The heavily relied on power utility has failed to fully repair pollution-abatement equipment at its 4 116-megawatt Kendal power plant that began malfunctioning in early 2018 and was damaged further in a strike later that year.
The ministry issued the notice in December saying the plant would need to shut down two of its six generating units, 1 and 5 if the action wasn’t taken to bring them back into compliance.
Hence, according to the notice, it demanded maintenance plans for the rest.
Ahead of this week’s African Union meeting (Feb 9-10), more than 25 organisations, networks and community resistance groups from Africa and around the world have called on African governments to prevent the proliferation of coal, oil and gas in Africa and to ensure efforts to address fossil fuels match those which have helped reduce the danger from nuclear weapons, Power Shift statement reveals.
According to the statement, the communique signed by the group criticized the deliberate proliferation of coal, oil, and gas in Africa, contrary to scientific evidence and highlighted the contradiction between planned fossil fuel expansion and globally agreed climate targets.
They also condemned the way some African governments were avoiding scrutiny from civil society groups and even violently targeting environmental activists and human rights defenders in some places.
Representatives from the different NGO groups who attended an Africa Energy Leaders Summit on Climate Change, Energy, and Energy Finance …