<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="608" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/4ENW2NP2ONNYZIY6XS75LSUUHE.avif" alt="" class="wp-image-584630"/><figcaption class="wp-element-caption">A drone view shows the families residing on Meyerskop farm, in Free State province, South Africa, February 6, 2025. REUTERS/Thando Hlophe</figcaption></figure>



FATENG TSE NTSHO, South Africa, (Reuters) &#8211; The township of Fateng Tse Ntsho houses some 7,000 Black South Africans, its huddle of corrugated metal roofs surrounded on all sides by vast tracts of mostly empty grassland owned by prosperous white farmers.



The contrast illustrates the gaping land inequalities that persist more than three decades after the end of white minority rule &#8211; and which an expropriation act President Cyril Ramaphosa signed last month partly seeks to redress.



That law, which allows the government to confiscate land &#8211; in rare cases without compensation &#8211; has reignited racial tensions that have dogged Africa&#8217;s southernmost tip ever since European settlers began arriving nearly four centuries ago.



For nervous owners, it is an assault on property rights, a view shared by U.S. President Donald Trump, who last week wrongly stated that land had already been seized under it when he threatened to cut aid to South Africa. On Saturday, the White House went so far as to offer white farmers resettlement in the United States and &#8220;humanitarian relief.&#8221;



But the expanses of white-owned land in Free State province, dotted with tiny Black settlements like Fateng, illustrate why proponents deem&nbsp;the act&nbsp;necessary.



Fateng&#8217;s local councillor, Malefetsani Mokoena, 51, spends his days mediating disputes between landowners and Black rural folk who live among them. Tall and wiry, he is usually decked out in the red uniform of his party, the Economic Freedom Fighters (EFF), which wants to nationalise the country&#8217;s gold and platinum mines and seize land from white farmers.



&#8220;Sometimes the white farmers don&#8217;t trust me,&#8221; he told Reuters in the township&#8217;s three-room brick municipal office. &#8220;But when we sit down and negotiate, we can work things out.&#8221;



One white farmer interviewed by Reuters, Danie Bruwer, confirmed that he and Mokoena were on good terms.



If a farmer has a sheep stolen, Mokoena finds the thief to get it back. A Black herder has his cows impounded for trespassing on white-owned land; Mokoena negotiates their release.



And, as with the 15 other farms in his caseload, if what Mokoena calls &#8220;farm dwellers&#8221; &#8211; squatters, legally speaking &#8211; face eviction or restrictions on their rights to graze animals, he finds them legal representation.



<h2 class="wp-block-heading" id="h-this-is-our-home">&#8216;THIS IS OUR HOME&#8217;</h2>



The mostly white-owned farms around here are among the nearly 26 million hectares &#8211; about three quarters of privately-owned land &#8211; still in the hands of whites, who make up 8% of the population. Only 4% of privately-held land is owned by Blacks who are nearly 80% of South Africa&#8217;s 60-million population.



On one white-owned farm, Meyerskop, 57-year-old herder Shadrack Maseko surveyed an expanse of hilly pasture stretching almost to the horizon. He complained of how it had been fenced off a decade ago by a new white owner to prevent cattle owned by Black South Africans grazing on it.



Maseko&#8217;s grandparents had come here in the early 1900s to seek work as farm hands, he told Reuters during a visit with the EFF councilor Mokoena.



The family had been there ever since, he said. His father, who died two years ago, was born here, as was Maseko.



&#8220;This is home,&#8221; he said, and then to illustrate the point: &#8220;Even some of our ancestors are buried here.&#8221;



The farm has changed hands between white farmers several times since Maseko&#8217;s family has lived there, and buyers had previously been happy for them to stay on and work, he said.



But in the past decade he and 14 other families living on Meyerskop have been in a dispute with the latest white owners over grazing rights for their 30-odd cows, details of which were corroborated by six other residents interviewed by Reuters.



In 2019, farm owners the Fonteintjie Trust and trustee Fourie Scheepers sought a court order to force them to sell most of their cows. It argued the animals were badly degrading the land, according to a copy of the application seen by Reuters.



Maseko said Scheepers had proposed another patch of land &#8211; a small area flanked by maize fields that Maseko indicated on a part of the farm &#8211; while the new owners moved their own cows to the old space. Maseko said the new patch was too small.



&#8220;No comment,&#8221; Scheepers replied via text message several times, when asked about the case.



<h2 class="wp-block-heading" id="h-start-of-a-journey">&#8216;START OF A JOURNEY&#8217;</h2>



For many Black people, disputes like these reflect a legacy of inequality left by the colonial and apartheid eras, when they were dispossessed of their lands and denied property rights.



In 1913, a Native Land Act gave most farmland to whites, mostly Afrikaners of Dutch descent, leaving just 13% to Blacks. Then in 1950 the Afrikaner National Party passed a law removing 3.5 million Black people from their ancestral lands.



Thirty years of ANC government has created a class of super-rich Black businessmen, but done little for the poor majority.



&#8220;The idea (behind the act) is that our freedom was not complete in 1994 because the promise of&#8230;economic emancipation was not fulfilled,&#8221; legal expert Tembeka Ngcukaitobi said.



He noted that the act requires 17 steps before land can be expropriated. But for Kellie Kriel, CEO of Afriforum, a pressure group that represents the interests of the white Afrikaner community, that is not enough of a safeguard.



&#8220;The act creates a valid fear that it opens the road to &#8230; land grabs,&#8221; he said, adding farmers worry that the act&#8217;s guidelines could be abused.



Some white farmers, like Danie Bruwer, are more sanguine.



&#8220;It&#8217;s an emotional thing for the farmers &#8230; but it&#8217;s not so bad. Zero compensation is a last resort,&#8221; he said on his 1,000-hectare farm about 30 km (20 miles) from Fateng.A bigger problem, he said, is that without better support for farmers &#8211; hit hard by climate change, rising costs, corruption and stock theft &#8211; the act may not achieve much.



For Ngcukaitobi, that is not the point.



&#8220;It&#8217;s the start &#8230; not the end of the journey,&#8221; he said. &#8220;A reminder that what (people) fought for, what they went to prison for, what they died for, was not in vain.&#8221;



(Additonal Reporting by Catherine Schenck in Johannesburg Reporting by Tim Cocks, Editing by William Maclean)

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The stark divide that South Africa’s land act seeks to bridge

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/IUCC463GH5NRJE7FUAD5QJ4DYE.avif" alt="" class="wp-image-584385"/><figcaption class="wp-element-caption">U.S. President Donald Trump speaks at the White House in Washington, U.S., February 5, 2025. REUTERS/Kent Nishimura/File Photo/File Photo </figcaption></figure>



JOHANNESBURG, Feb 9 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Donald Trump&#8217;s offer to rehouse white South Africans as refugees fleeing persecution may not spur quite the rush he anticipates, as even right-wing white lobby groups want to &#8220;tackle the injustices&#8221; of Black majority rule on home soil.



Trump on Friday signed an executive order to cut U.S. aid to South Africa, citing an expropriation act that President Cyril Ramaphosa signed last month aiming to redress land inequalities that stem from South Africa&#8217;s history of white supremacy.



The order provided for resettlement in the U.S. of &#8220;Afrikaners in South Africa who are victims of unjust racial discrimination&#8221; as refugees.



Afrikaners are mostly white descendants of early Dutch and French settlers, who own most of the country&#8217;s farmland.



&#8220;If you haven&#8217;t got any problems here, why would you want to go,&#8221; said Neville van der Merwe, a 78-year-old pensioner in Bothasig near Cape Town.



&#8220;There hasn&#8217;t been any really bad taking over our land, the people are carrying on like normal and you know, what are you going to do over there?&#8221;



The law seeks to address racial land ownership disparities &#8211; which has left three-quarters of privately owned land in the hands of the white minority &#8211; by making it easier for the state to expropriate land in the public interest.



Ramaphosa has defended the policy.



White people represent 7.2% of South Africa&#8217;s population of 63 million, statistics agency data shows. The data does not breakdown how many are Afrikaner.



South Africa&#8217;s British rulers handed most farmland to whites. In 1950, the Apartheid-era National Party seized 85% of the land, forcing 3.5 million Black people from their homes.



Ramaphosa&#8217;s African National Congress (ANC), the biggest party in the ruling coalition, says Trump is amplifying misinformation propagated by AfriForum, an Afrikaner-led group.



The group, which lobbied Trump&#8217;s previous administration on their cause, said it was not taking up the offer.



&#8220;Emigration only offers an opportunity for Afrikaners who are willing to risk potentially sacrificing their descendants&#8217; cultural identity as Afrikaners. The price for that is simply too high,&#8221; AfriForum CEO Kallie Kriel said on Saturday.



HOMELAND



Separately, the Solidarity Movement &#8211; which includes AfriForum and Solidarity trade union and said it represents about 600,000 Afrikaner families and 2 million individuals &#8211; expressed commitment to South Africa.



&#8220;We may disagree with the ANC, but we love our country. As in any community, there are individuals who wish to emigrate, but repatriation of Afrikaners as refugees is not a solution for us,&#8221; the Movement said.



Representatives of Orania, an Afrikaner-only enclave in the heart of the country, also rejected Trump&#8217;s offer.



&#8220;Afrikaners do not want to be refugees. We love and are committed to our homeland,&#8221; Orania said.



South Africa&#8217;s land policies since the end of apartheid have never involved forced seizure of white-owned land.



Still, some said they appreciated Trump&#8217;s offer.



&#8220;I think it&#8217;s a very nice gesture from Donald Trump to offer us asylum over there,&#8221; said Werner van Niekerk, 57, a carpenter in Bothasig, without saying whether he would be migrating to America.



Others saw the funny side.



&#8220;Some questions: is there a test to determine your Afrikanership? Must you hold AfriForum membership? &#8230; Will Elon help with some startup cash on the other side? &#8230; Are there bakkies (pick-up trucks) in the U.S.?&#8221;, author Pieter du Toit wrote on X, referring to South African-born billionaire and Trump aide Elon Musk.



(Reporting by Olivia Kumwenda-Mtambo and Catherine Schenck; Additional reporting by Nqobile Dludla in Johannesburg and Shafiek Tassiem in Cape TownEditing by Tim Cocks and Giles Elgood)

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‘No thanks’, white South Africans turn down Trump’s immigration offer

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3921" height="2614" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/X4YJKMGDZRK23IBRDQASTJVC4Q.avif" alt="" class="wp-image-583990"/><figcaption class="wp-element-caption">U.S. President Donald Trump holds a joint press conference with Japanese Prime Minister Shigeru Ishiba in the East Room at the White House in Washington, U.S., February 7, 2025. REUTERS/Kent Nishimura</figcaption></figure>



WASHINGTON, Feb 8 (Reuters) &#8211; President Donald Trump signed an executive order to cut U.S. financial assistance to South Africa, the White House said on Friday, citing disapproval of its land policy and of its genocide case at the International Court of Justice against Washington&#8217;s ally Israel.



The United States allocated nearly $440 million in assistance to South Africa in 2023, the most recent U.S. government data shows.



South Africa&#8217;s foreign ministry said on Saturday the executive order &#8220;lacks factual accuracy and fails to recognize South Africa&#8217;s profound and painful history of colonialism and apartheid.&#8221;



The White House said Washington will also formulate a plan to resettle white South African farmers and their families as refugees.



It said U.S. officials will take steps to prioritize humanitarian relief, including admission and resettlement through the United States Refugee Admissions Program for Afrikaners in South Africa, who are mostly white descendants of early Dutch and French settlers.



South Africa&#8217;s foreign ministry said: &#8220;It is ironic that the executive order makes provision for refugee status in the U.S. for a group in South Africa that remains amongst the most economically privileged, while vulnerable people in the U.S. from other parts of the world are being deported and denied asylum despite real hardship.&#8221;



Trump has said, without citing evidence, that &#8220;South Africa is confiscating land&#8221; and that &#8220;certain classes of people&#8221; were treated &#8220;very badly.&#8221;



South African-born billionaire Elon Musk, who is close to Trump, has said that white South Africans have been the victims of &#8220;racist ownership laws.&#8221;



South African President Cyril Ramaphosa &#8211; who signed into law a bill last month aimed at making it easier for the state to expropriate land in the public interest &#8211; has defended the policy. He has said the government had not confiscated any land and the policy was aimed at evening out racial disparities in land ownership in the Black-majority nation.



Ramaphosa said South Africa &#8220;will not be bullied.&#8221;



South Africa has a history of colonial conquest and dispossession which pushed the Black majority into crowded urban townships and rural reserves.



The country&#8217;s British imperial masters gave most farmland to whites. In 1950, the Afrikaner National Party passed a law taking 85% of territory for themselves and kicking 3.5 million Black people off their ancestral homelands.



In the 30 years that the African National Congress has been in power, some land restitution has happened under a &#8220;willing buyer, willing seller&#8221; model, but critics have denounced it as painfully slow and accuse white landowners of hoarding.



White landowners still possess three-quarters of South Africa&#8217;s freehold farmland. This contrasts with 4% owned by Black people, who make up 80% of the population compared with about 8% for whites, according to the latest 2017 land audit.



Washington has also complained about the case brought by South Africa at the International Court of Justice, where it accused Israel of genocide over Israel&#8217;s military assault on Gaza that has killed tens of thousands and caused a humanitarian crisis.



Israel denies the allegations, saying it acted in self-defense following a deadly Oct. 7, 2023, attack by Palestinian Hamas militants.



The White House cited that case as an example of South Africa taking positions against Washington and its allies.



The executive order signed by Trump will address human rights issues in South Africa, the White House said. Trump had threatened to cut off funding for the nation soon after taking office.



(Reporting by Kanishka Singh and Steve Holland in Washington. Additional reporting by Nqobile Dludla in Johannesburg. Editing by Rosalba O&#8217;Brien, William MallaRrd and Mark Potter)

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Trump signs order to cut funding for South Africa over land policy, ICJ case

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4629" height="3099" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/H3WEQN4JI5IRFH4OUNIVSMUKW4.avif" alt="" class="wp-image-583609"/><figcaption class="wp-element-caption">A logo is pictured outside a building of the United Nations AIDS agency (UNAIDS) in Geneva, Switzerland, April 6, 2021. Picture taken April 6, 2021. REUTERS/Denis Balibouse/File Photo</figcaption></figure>



GENEVA, Feb 7 (Reuters)&nbsp;&#8211;&nbsp;More than six million people could die from HIV and AIDS in the next four years if U.S. President Donald Trump&#8217;s administration pulls its global funding&nbsp;for programmes, the United Nations AIDS agency said on Friday.



Although a waiver was placed on HIV/AIDS programmes in&nbsp;last month&#8217;s&nbsp;U.S. foreign aid funding freeze, many concerns remained about the future of treatment programmes, the deputy executive director of UNAIDS told reporters in Geneva.



&#8220;There is a lot of confusion especially on the community level, how the waiver will be implemented. We&#8217;re seeing a lot of disruption of delivery of treatment services&#8221;, Christine Stegling said.



Trump put hundreds of millions of dollars&#8217; worth of foreign aid donations on hold for 90 days upon taking office on January 20. In the following days, the U.S. State Department issued a waiver on the President&#8217;s Emergency Plan for AIDS Relief (PEPFAR) &#8211; the world&#8217;s leading HIV initiative &#8211; for life-saving humanitarian assistance.



While welcoming the waiver, Stegling stressed the situation remains chaotic.



Amid a broader decline of funding, Stegling warned there would be a 400% increase in AIDS deaths if PEPFAR financial support is not re-authorized between 2025 and 2029.



&#8220;That&#8217;s 6.3 million people, 6.3 million AIDS-related deaths that will occur in future&#8230;Any penny, any cut, any pause, will matter for all of us&#8221; she said, urging U.N. member states to step in.



&#8220;In Ethiopia, we have 5,000 public health worker contracts that are funded by U.S. assistance. And all of these have been terminated,&#8221; Stegling said.



She highlighted that community clinics were facing the biggest interruption as they are &#8220;entirely dependent&#8221; on U.S. government funding.



She expressed concern that some people may not come forward for treatment, which could in turn increase new HIV infections.



U.S. donations account for the majority of global funding for the U.N. programme that operates in 70 countries, leading global efforts to end AIDS as a public health threat by 2030.



Trump&#8217;s administration says it is reviewing all foreign-aid programmes to see if they align with his &#8220;America First&#8221; policy.



(Reporting by Olivia Le Poidevin, Editing by Miranda Murray and Angus MacSwan)

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Six million people could die from HIV and AIDS if US funding stops, UN agency warns

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Feb 7 (Reuters) &#8211; Kenya&#8217;s shilling strengthened against the dollar on Friday, London Stock Exchange Group data showed.



At 0715 GMT, the shilling was quoted at 128.25/129.25, compared with Thursday&#8217;s closing rate of 129.00/130.00.



(Reporting by George Obulutsa; Editing by Elisha Bala-Gbogbo)

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Kenyan shilling firms versus dollar, LSEG data shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Feb 7 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South Africa&#8217;s net foreign reserves rose to $61.328 billion in January



South African inflation-linked bond auction



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand was little changed on Thursday as investors turned their attention to President Cyril Ramaphosa&#8217;s national address for insights on future economic and political policies.



On the stock market, the Top-40 index closed 0.9% higher.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks inched up on Friday ahead of key U.S. payrolls data as investors considered prospects that a broader trade war could be averted, while the yen hit its highest in nearly two months on rising odds of more rate hikes in Japan this year.



WALL STREET



The S&amp;P 500 and the Nasdaq ended higher while the Dow closed lower after a choppy trading session on Thursday, as investors sifted through earnings reports and awaited Amazon&#8217;s results after the bell and a key jobs report on Friday.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices rose on Friday, hovering near record-high levels and set for a sixth successive weekly gain, as trade war concerns fuelled safe-haven buying ahead of the key U.S. payrolls report.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Anglo faces second De Beers writedown



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Ramaphosa punts second wave of economic reform and big infrastructure plans



&#8211; No R1bn state bailout to save ArcelorMittal mills, but a rescue package is expected soon



(Compiled by Sfundo Parakozov)

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South African Markets – Factors to watch on February 7

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/HACNBSSITZP6VKINH5EEMDGPKI.avif" alt="" class="wp-image-583356"/><figcaption class="wp-element-caption">South African President Cyril Ramaphosa briefs the media on South Africa&#8217;s G20 presidency for 2025 at the parliament in Cape Town, South Africa, December 3, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



CAPE TOWN, Feb 6 (Reuters) &#8211; South African President Cyril Ramaphosa said on Thursday that his country &#8220;will not be bullied,&#8221; days after U.S. President Donald Trump said he would cut off funding to South Africa over a land reform act.



Trump said on Sunday, without citing evidence, that &#8220;South Africa is confiscating land and treating certain classes of people very badly,&#8221; alluding to a new law which aims to even racial disparities in land ownership.



Ramaphosa did not mention Trump by name, but spoke of growing geopolitical tensions in his annual state of the nation address.



&#8220;We are witnessing the rise of nationalism, protectionism, the pursuit of narrow interests and the decline of common cause,&#8221; he said.



&#8220;We will stand together as a united nation, and we will speak with one voice in defence of our national interests.&#8221;



South Africa was also criticised this week by U.S. Secretary of State Marco Rubio, who said he would not attend an upcoming G20 summit in Johannesburg because &#8220;South Africa is doing very bad things&#8221; such as &#8220;using G20 to promote solidarity, equality, and sustainability.&#8221;



South Africa took over the G20 presidency in December, becoming the first African country to do so, and Ramaphosa has said he would use the opportunity to advance the interests of Africa and the Global South.



South Africa is about seven months into a coalition government that was formed after the African National Congress lost its parliamentary majority in an election last year, forcing it to team up with its biggest rival, the Democratic Alliance.



Ramaphosa said the government would launch a second wave of reforms to try to lift economic growth above 3%, focusing on boosting struggling state companies like power utility Eskom and logistics group Transnet and investing in infrastructure.



The central bank&#8217;s most recent forecast is that Africa&#8217;s most industrialised economy will grow 1.8% this year.



(Reporting by Wendell Roelf and Tannur Anders; Additional reporting by Sfundo Parakozov and Bhargav Acharya;Writing by Nellie Peyton; Editing by Alexander Winning)

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South Africa ‘will not be bullied,’ Ramaphosa says after Trump attack

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/KEFKFP5ACNOV3K5X7PWY25YYDI.avif" alt="" class="wp-image-583260"/><figcaption class="wp-element-caption">Exxaro Resources CEO Dr. Nombasa Tsengwa speaks to Reuters, at the Investing in African Mining Indaba 2024 conference, in Cape Town, South Africa, February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



Feb 6 (Reuters) &#8211; The CEO of South African coal miner Exxaro Resources, Nombasa Tsengwa, has resigned with immediate effect, the company said on Thursday, two months after she was suspended pending a governance probe.



Long-time finance director Riaan Koppeschaar, who has been acting CEO since December, will continue in the role while the company looks for a permanent replacement, Exxaro said in a statement.



(Reporting by Nelson Banya)

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South Africa’s Exxaro Resources says CEO Tsengwa has resigned

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4975" height="3478" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIA5UV2YSBO23I6DVT5DI7HBSQ.avif" alt="" class="wp-image-583241"/><figcaption class="wp-element-caption">Vedanta Base Metals CEO Chris Griffith speaks to Reuters at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



CAPE TOWN, Feb 6 (Reuters) &#8211; Vedanta Resources is trying to raise around $1 billion in debt financing to fund development of its Konkola Copper Mines (KCM) in Zambia, Chris Griffith, head of the company&#8217;s base metals unit, said.



The Indian company, which owns 80% of KCM, said last year it planned to sell at least 30% of its holding in the copper mines.



But Griffith said selling a stake looked less likely.



&#8220;We are in a much higher likelihood that we can raise the funds from a range of financing options,&#8221; Griffith told Reuters on the sidelines of the Mining Indaba conference in Cape Town.



&#8220;We own 80% of the business and clearly we&#8217;d prefer to continue owning 80% of the business.&#8221;



Vedanta, owned by Indian billionaire Anil Agarwal, is weighing various debt fund raising options, Griffith said without specifying details.



It wants the $1 billion in funding to boost copper output at KCM to about 300,000 metric tons per year over the next five years.



Vedanta regained control of the assets in 2024 after a five-year tussle to recover the copper mines and smelter that the government of former Zambian president Edgar Lungu had seized. The former administration accused Vedanta of failing to invest to expand copper production.



The Zambian government owns the remaining 20% stake in KCM through state investment firm ZCCM-IH.



United Arab Emirates firm International Resources Holding last year withdrew an offer to buy Vedanta&#8217;s 51% stake in the copper mines, citing differences in valuation of the assets.



Since then, Vedanta&#8217;s debt position has improved after it refinanced its bonds and this might help the company to raise more cash internally alongside external debt options, Griffith said.



He said it had secured short-term financing to pay outstanding debts.



(Reporting by Felix Njini in Cape Town; editing by Barbara Lewis)

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Vedanta aims to raise $1 bln via debt to fund Zambian copper mines

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4795" height="3197" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/DT3MRWIAVBNLPG5NKLM5P7HA4Y.avif" alt="" class="wp-image-583221"/><figcaption class="wp-element-caption">Laurent Muschel, HERA Director General, and Jean Kaseya, Africa CDC Director General, stand near mpox vaccines as first batches arrive at N&#8217;Djili International Airport in Kinshasa, Democratic Republic of Congo September 5, 2024. REUTERS/Justin Makangara/File Photo</figcaption></figure>



LONDON, Feb 6 (Reuters) &#8211; Africa&#8217;s leading public health official will write to the U.S. Secretary of State on Thursday to highlight how the U.S. aid freeze is threatening the lives of people across the continent and efforts to contain disease outbreaks that could ultimately impact Americans.



Jean Kaseya, head of the Africa Centres for Disease Control and Prevention (CDC), will raise concerns with Marco Rubio about the impact on patients with diseases like HIV and the risk of an mpox pandemic also fuelled by conflict in eastern Congo, he told Reuters.



&#8220;When I got the information about the pause &#8230;I was alarmed,&#8221; Kaseya said. &#8220;How can we respond to all of the ongoing outbreaks if we don&#8217;t have funding?”



Kaseya wrote to African leaders over the weekend warning that without urgent intervention to plug the financial gaps caused by the U.S. freeze and other governments cutting aid budgets there could be an additional 2-4 million deaths from preventable diseases a year on the continent.



&#8220;This pause will not just affect Africa but also the U.S.,&#8221; he said, warning that disease outbreaks will spread further without fully-funded efforts to stop them.



Conflict was also threatening the health response in parts of Africa, Kaseya added, which he included in both letters.



Fighting in the eastern Democratic Republic of Congo has impacted the mpox response as well as measles and cholera outbreaks, he said. For example, millions of doses of mpox vaccines, including doses donated by Japan for children, are stuck in Kinshasa because of the security situation in Goma.



&#8220;The U.S. and others don&#8217;t have to forget the lessons of COVID. When you don&#8217;t open your eyes to something ongoing in Africa, we can have a mutation of the virus that will become a pandemic and affect all of us,&#8221; said Kaseya.



The U.S. aid pause and funding freeze means Africa CDC is short around $200 million for its efforts to fight mpox, he said, part of the $1.1 billion originally pledged.



For this and other efforts the aid freeze must be lifted quickly, he said, although he thanked Rubio for the waiver put in place for lifesaving aid and the President&#8217;s Emergency Plan for AIDS Relief (PEPFAR).



(Reporting by Jennifer Rigby; Editing by Ros Russell)

DT3MRWIAVBNLPG5NKLM5P7HA4Y

Africa’s top health official presses U.S. to resume aid

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3654" height="2092" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/34DG5BPJTVPCBBGSRYAMLZGNRA.avif" alt="" class="wp-image-583202"/><figcaption class="wp-element-caption">A general view shows the capital city of Kampala in Uganda, July 4, 2016. REUTERS/James Akena/File Photo</figcaption></figure>



KAMPALA, Feb 6 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s central bank held its key lending rate for the second meeting in a row on Thursday, saying near-term inflation appeared well-contained but that the outlook was more uncertain than normal given external risks.



The Central Bank Rate was kept at 9.75%.



Annual core inflation, which the Bank of Uganda aims to keep at about 5%, rose to 4.2% in January, up from 3.9% the previous month.



The bank forecasts core inflation of between 4% and 5% this year, though there are risks from geopolitics, extreme weather and a strong U.S. dollar, Bank of Uganda deputy governor Michael Atingi-Ego told a news conference.



&#8220;Uncertainties from global developments could cause inflation to rise faster and disrupt economic activity. This situation necessitates a cautious approach to monetary policy,&#8221; Atingi-Ego said.



He said the bank&#8217;s projections for economic growth remained unchanged from its December policy meeting, at between 6%-6.5% in the financial year to June 2025, and 7% for the following years, supported by a stable macro-economic environment and foreign direct investment (FDI) towards the extractive industries.



Uganda expects to start pumping crude oil commercially this year, which has helped bolster FDI.



Responding to questions from reporters about the impact of U.S. President Donald Trump&#8217;s trade policies, Atingi-Ego said tariffs on countries like China were likely to spur price rises in African countries.



&#8220;It will affect the global inflation, and Uganda of course is not in an island. We will end up importing some of that inflation,&#8221; he said. &#8220;That means we will have to see how to tighten monetary policy going forward.&#8221;



(Reporting by Elias Biryabarema; Writing by Hereward Holland; Editing by Alexander Winning, William Maclean)

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Uganda holds key rate, says near-term inflation looks well-contained

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3834" height="2402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/5OMVZV4VZBNBNI3UP6TQZXKT2M.avif" alt="" class="wp-image-583183"/><figcaption class="wp-element-caption">A general view shows people walking past the Central Bank of Kenya headquarters building along Haile Selassie avenue in Nairobi, Kenya October 9, 2017. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Feb 6 (Reuters) &#8211; Kenya&#8217;s central bank governor said on Thursday that bank officials did not see much effect on the exchange rate from U.S. President Donald Trump&#8217;s foreign aid freeze.



In late January, Trump placed a pause on most foreign development assistance pending assessments of efficiencies and consistency with his foreign policy.



Central Bank Governor Kamau Thugge cited strong remittance inflows among reasons why Kenya&#8217;s foreign exchange reserves were healthy at roughly $9 billion, or more than four months of import cover.



&#8220;We don&#8217;t see much impact on the exchange rate from the freeze on aid. We see our foreign exchange reserves remaining fairly strong, exchange rate stable,&#8221; he told a news conference.



On Wednesday, Finance Minister John Mbadi said Trump&#8217;s move to freeze aid could hit Kenya hard, as it lacks the fiscal space to replace the funding, adding that he hoped the United States would reconsider its decision.



Kenya&#8217;s shilling currency is broadly unchanged year-to-date against the dollar.



It closed 2024 up about 21% after a bond buyback eased concerns that the government could default.



On Wednesday, the central bank cut its main interest rate for the fourth meeting in a row, saying it wanted to do more to support lending and boost economic growth.



The Central Bank Rate was lowered by 50 basis points to 10.75%, in line with the forecast of a Reuters poll of four economists.



(Reporting by George Obulutsa; Editing by Alexander Winning, William Maclean)

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Kenya central bank sees minimal effect on shilling from Trump aid freeze

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg" alt="" class="wp-image-545991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Feb 6 (Reuters) &#8211; The Ugandan shilling was flat on Thursday ahead of a central bank rate decision, LSEG data showed.



At 0801 GMT commercial banks quoted the shilling at 3,675/3,685, the same level as Wednesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

UGANDA SHILING

Ugandan shilling flat ahead of central bank rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



Feb 6 (Reuters) &#8211; Global miner Anglo American on Wednesday posted a 6% fall in copper production last year to 773,000 metric tons, and reduced its output forecast for rough diamonds for 2025 and 2026 on lower demand.



The London-listed miner expects 2025 copper production of 690,000-750,000 tons and 760,000-820,000 tons in 2026. The metal is used for electric vehicles and renewable infrastructure.



Its 2024 rough diamond production dropped 22% to 24.7 million carats, the lower end of its guidance. Anglo cut its production forecast for 2025 to a range of 20 million to 23 million carats, from 30 million to 33 million previously, as demand remains low and inventories high.



The miner is restructuring its business to mainly focus on energy transition metal copper, as well as iron ore, after fending off a $49 billion takeover offer from BHP Group in May.



It is looking to sell or spin off its diamond unit De Beers. CEO Duncan Wanblad said on Monday the divestment would be &#8220;substantively complete&#8221; by the end of 2025.



Anglo will post its 2024 financial results on February 20.



(Reporting by Clara Denina; Editing by Kirsten Donovan)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo posts lower 2024 copper output, cuts diamond guidance

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="418" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYEEWJTJKRPK3GJPCKWFP3EK7E.avif" alt="" class="wp-image-573641"/><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File photo</figcaption></figure>



NAIROBI, Feb 6 (Reuters) &#8211; Kenya&#8217;s shilling strengthened slightly on Thursday, and traders said they expected it to gain further ground in the days ahead, helped by dollar inflows from investors buying government bonds.



At 0705 GMT, commercial banks quoted the shilling at 128.80/129.80 per dollar, compared with Wednesday&#8217;s closing rate of 129.00/130.00.



(Reporting by George Obulutsa; Editing by Alexander Winning)

LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling firms slightly, traders see more gains ahead

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="439" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand-Dec.avif" alt="" class="wp-image-568249"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Feb 6 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened early on Thursday as investors focussed on President Cyril Ramaphosa&#8217;s national address for clarity on the country&#8217;s economic and political policies.



At 0641 GMT, the rand traded at 18.5925 against the dollar, about 0.3% weaker than its previous close.



Ramaphosa will deliver around 1700 GMT the annual State of the Nation Address (SONA), the first under his coalition government, which will provide investors some clarity on economic reforms and the country&#8217;s approach to structural challenges.



Although SONA has traditionally not been a market-moving event, this address could be different, analysts said.



A highlight may be the economic reforms underway, which are key to removing the country from the Financial Action Task Force&#8217;s greylist and stabilising the fiscus.



U.S. President Donald Trump said on Sunday, without citing evidence, that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221;. He said he would cut funding until the matter was investigated.



ETM Analytics said in a research note that Ramaphosa will want to use the opportunity of SONA to paint the country&#8217;s future efforts in a better light.



&#8220;This SONA will, therefore, be the main event of the day and capture the bulk of the market&#8217;s attention through the afternoon and evening as it receives more and more coverage,&#8221; the note added.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1.5 basis points at 9.06%.



(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Sherry Jacob-Phillips)

rand Dec

South African rand weakens; traders focus on president’s address

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="494" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-820x494.jpg" alt="" class="wp-image-503084" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-820x494.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-300x181.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-149x90.jpg 149w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-768x463.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-1536x926.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016. REUTERS/David W Cerny/File Photo</figcaption></figure>



Feb 6 (Reuters) &#8211; ArcelorMittal South Africa said on Thursday it will delay the closure of its long-steel plant operations by a month, as the steelmaker engages in talks with the government to salvage the business.



The company had planned to start winding down the loss-making long-steel business by the end of last month, but has delayed it due &#8220;continuing discussions with the South African government&#8221; as well as higher-than-anticipated orders.



The outcome of the talks will be announced before the end of this month, the steelmaker said in a statement.



The company stated that a 380 million rand ($20.44 million) loan from the Industrial Development Corporation of South Africa, its second-largest shareholder after parent company ArcelorMittal, has facilitated the continued operations of its long-steel business.



ArcelorMittal South Africa also reported a headline loss of 5.1 billion rand for the year ended December 31, wider than the headline loss of 1.89 billion rand in 2023.



The company said the losses were mainly driven by the weak financial performance of its long steel business on the back of soft demand, high energy and logistics costs, as well as the influx of low-cost steel imports, particularly from China.



The closure of the long-steel operations, which produce fencing material, rail, rods and bars used in the construction, mining and manufacturing sectors, has been on the cards since November 2023. The shutdown could affect about 3,500 direct and indirect jobs.



($1 = 18.5867 rand)



(Reporting by Nelson Banya; Editing by Sherry Jacob-Phillips)

Reuters

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Africa’s top health official presses U.S. to resume aid

Uganda holds key rate, says near-term inflation looks well-contained

Kenya central bank sees minimal effect on shilling from Trump aid freeze

Ugandan shilling flat ahead of central bank rate decision

Anglo posts lower 2024 copper output, cuts diamond guidance

Kenyan shilling firms slightly, traders see more gains ahead

South African rand weakens; traders focus on president’s address

ArcelorMittal South Africa delays long-steel plant closure amid government talks

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Reuters

The stark divide that South Africa’s land act seeks to bridge

‘No thanks’, white South Africans turn down Trump’s immigration offer

Trump signs order to cut funding for South Africa over land policy, ICJ case

Six million people could die from HIV and AIDS if US funding stops, UN agency warns

Kenyan shilling firms versus dollar, LSEG data shows

South African Markets – Factors to watch on February 7

South Africa ‘will not be bullied,’ Ramaphosa says after Trump attack

South Africa’s Exxaro Resources says CEO Tsengwa has resigned

Vedanta aims to raise $1 bln via debt to fund Zambian copper mines

Africa’s top health official presses U.S. to resume aid

Uganda holds key rate, says near-term inflation looks well-contained

Kenya central bank sees minimal effect on shilling from Trump aid freeze

Ugandan shilling flat ahead of central bank rate decision

Anglo posts lower 2024 copper output, cuts diamond guidance

Kenyan shilling firms slightly, traders see more gains ahead

South African rand weakens; traders focus on president’s address

ArcelorMittal South Africa delays long-steel plant closure amid government talks

News Tips

Advertise With Us

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