02142016Sun
Last update: Sun, 14 Feb 2016 09pm

Middle East & Africa

Markets - Commodities - Middle East & Africa

Congo's copper output falls on low prices, gold rises KINSHASA: Copper production in Democratic Republic of Congo dropped for the first time in six years in 2015 and this year could be another tough one as low commodity prices bite, the Central African country's chamber of mines said on Wednesday.Output dropped 3.3 percent in Africa's top copper producer to 995,805 tonnes from 1.03 million tonnes in 2014, the first time production fell since the global economic downturn in 2009.The sharpest fall was in the fourth quarter when production slumped 12 percent year-on-year, in part due to the suspension of some production at miner and trader Glencore's Katanga Mining unit, the industry group said in its annual report.The mine, one of the largest in Congo, producing 113,674 tonnes of copper in the first nine months of 2015, is not expected to reopen until mid-2017.Mines Minister Martin Kabwelulu told a conference in Cape Town on Wednesday that 2015 copper production rose ...

Markets - Commodities - Middle East & Africa

Ghana's gold output seen marginally higher in 2016 CAPE TOWN: Gold output from Ghana is expected to be marginally higher this year than the provisional 3.7 million ounces last year as a new mine ramps up output, a senior minerals official said on Tuesday. A global commodity downturn last year helped push down gold production in Ghana, Africa's second largest producer after South Africa, from 4.4 million ounces in 2014, said Richard Afenu, director for policy planning, monitoring and evaluation at the minerals ...

Markets - Commodities - Middle East & Africa

Egypt's GASC says no need for new ergot guarantees before wheat tender ABU DHABI: Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Tuesday it did not need to give further guarantees on the maximum level of ergot fungus allowed in imports after statements made on Sunday. "Suppliers are free to offer or not if any future tenders are announced," Mamdouh Abdel Fattah, GASC's vice chairman, told Reuters. "The agriculture minister said on Sunday very clearly that shipments that pass tests abroad at ...

Markets - Commodities - Middle East & Africa

South Africa's Kumba Iron Ore's FY profit falls 66pc JOHANNESBURG: South Africa's Kumba Iron Ore's reported a 66 percent drop in annual profit, in line with its own forecast, as it battled slumping prices for the steel-making ingredient. Kumba, a unit of Anglo American, said headline earnings per share (EPS) totalled 11.8 rand in the year to end December compared with 34.3 rand a year earlier.Headline EPS is the main gauge of profit in South Africa and strips out certain one-off items.Iron ore prices ...

Markets - Commodities - Middle East & Africa

Ivorian cocoa arrivals seen at 1,104,000 T by Feb. 7 ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast had reached around 1,104,000 tonnes by Feb. 7 from the start of the season on Oct. 1, exporters estimated on Monday, down from 1,141,000 tonnes during the same period of the previous season. Exporters estimated around 41,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between Feb. 1 to Feb. 7 down from 48,000 tonnes during ...

Markets - Commodities - Middle East & Africa

Ivorian cocoa arrivals seen at 1,104,000 tonnes by Feb. 7 ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast had reached around 1,104,000 tonnes by Feb. 7 from the start of the season on Oct. 1, exporters estimated on Monday, down from 1,141,000 tonnes during the same period of the previous season. Exporters estimated around 41,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between Feb. 1 to Feb. 7 down from 48,000 tonnes during ...

Markets - Commodities - Middle East & Africa

Egypt seeks to reassure wheat market after two cancelled tenders CAIRO: Egypt sought to reassure wheat markets over its import requirements on Sunday after weeks of confusion over the allowed limits of a fungus rattled traders and prevented its state grain buyer from purchasing wheat in two successive tenders.Egypt, the world's largest importer of wheat, has sent confusing messages to exporters in recent weeks, with agriculture authorities demanding a zero tolerance level for ergot, a common grains fungus, that traders say is impossible to guarantee.In ...