Mining
NUM wage talks start at Kumba
The National Union of Mineworkers (NUM) would start the first round of wage talks with Kumba Iron Ore today after submitting its demands to the Anglo American subsidiary, the union said yesterday. “We look forward to positive and mature negotiations to deal with real demands of members and build on the employee share ownership plan (Esop) gains we have already claimed in Kumba which benefited our members,” chief NUM negotiator at Kumba Lucas Phiri said. More than 6 000 Kumba staff holding shares in the 10-year-old Envision Esop were paid out R2.7 billion in 2011. NUM is the majority union at the Sishen, Kolomela and Thabazimbi mines. – Dineo Faku
FINANCE
SA to back SADC choice for AfDB
South Africa would not nominate a candidate for president of the African Development Bank (AfDB), the finance ministry said yesterday. It added: “In May 2015, members of the AfDB will elect a new president. This is a critical time to select an individual who can build on the gains made through Africa’s rise over the past decade. South Africa has taken a decision not to nominate a candidate for this position.” The process of selecting a candidate within the Southern African Development Community (SADC) was under way, and South Africa would act in accordance with the collective decision of the region. – Sapa
ENERGY
GE to kit Angola out in $1bn deal
General Electric (GE) would supply railway and energy equipment to Angola in a $1 billion (R11bn) deal financed by US-run Export-Import Bank (Ex-Im Bank), officials said yesterday. The agreement would cover $650 million worth of energy equipment with the remainder spent on railway machinery. A spokesman for Angolan President José Eduardo dos Santos confirmed the deal, struck with Ex-Im Bank chairman Fred Hochberg this week. Hochberg said this week that Ex-Im Bank wanted to increase activity in Angola. Until now this has mainly been a $600m facility for state airline TAAG to buy Boeing aircraft. – Reuters