Africa in Business: Platinum, China and 'monster mines'

STORY: Here's what's been making the business headlines in sub-Saharan Africa this week.

1. Impala Platinum on Thursday (August 29) reported headline earnings for the year to June 30 were down 87% as the industry struggles with a price slump.

:: Rustenberg, South Africa

:: File

The Johannesburg-based company said halted projects in South Africa and Zimbabwe were unlikely to be revived due to the growing market for electric vehicles - which don't need platinum-group catalysts in their engines.

2. An index fund tracking Namibian government bonds is poised for its biggest annual gain on record - nearly 12% in U.S. dollar terms - following the discovery of increased reserves of crude oil, and ahead of a presidential election due at the end of the year.

:: Windhoek, Namibia

:: File

The Exchange Traded Fund has seen a significant jump since Portugal's Galp found in April that the Mopane field could hold at least 10 billion barrels of oil.

Since then there has been interest from at least 12 other oil majors.

3. Africa's top gold producer Ghana will, in November, commission its first large-scale greenfield mine in more than a decade, the head of its mining sector regulator has said.

:: Obuasi, Ghana

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The Cardinal Namdini mine will be followed by another so-called "monster mine" in mid-2025, Martin Ayisi said, in a country that has seen a gold exploration slump over the past decade.

4. South Africa's state logistics group Transnet on Friday (August 30) agreed a five billion rand, or over $283 million, loan from the New Development Bank set up by the BRICS group of emerging economies.

:: Bronkhorstspruit, South Africa

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Transnet is saddled with about 130 billion rand in debt and has struggled to provide adequate freight rail and port services after years of under-investment.

5. And finally, Chinese lenders approved loans worth $4.61 billion to Africa last year, an independent study has shown, the first annual increase since 2016.

:: Beijing, China

:: File

The new data comes as Beijing prepares to host African leaders next week for the Forum on China-Africa Cooperation, which takes place every three years.