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May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a sizeable reduction in the local petrol price is expected, says governor Gill Marcus.
May 24 2012 15:29
The Reserve Bank will maintain current interest rates, says governor Gill Marcus.
May 24 2012 12:00
Britain fell deeper into recession than initially thought in the first quarter of 2012, upping chances that the central bank could inject more stimulus into the economy.
Johannesburg - Rio Tinto Group, the world's third-biggest mining company, scrapped a plan to build an aluminium smelter in South Africa after electricity shortages and a plan to raise tariffs, news service Bloomberg.com reported on Thursday.
According to two people familiar with the plan, Rio sent a termination letter to power utility Eskom, informing it that the proposed project has been called off.
Rio acquired the $2.6bn, 588 000 metric-ton-a-year Coega project on South Africa's east coast after the London-based company purchased Canadian aluminum producer Alcan in 2007. Rio said in October last year Coega's development was on hold until at least 2015 because of political uncertainty and a lack of electricity.
Eskom, which supplies about 95% of South Africa's power, says it will triple prices as it faces a shortfall in funding a R385bn expansion project.
- Fin24.com