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Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
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