Ghana cancels $1.2bn bauxite deal, eyes global partnership
Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said.
The termination marks a strategic pivot by Ghana, which holds an estimated 900-million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure.
Rocksure's lease covered the Nyinahin Hills in central Ghana, home to about 376-million tons of bauxite, the feedstock for aluminium.
It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively.
The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Citizen
5 hours ago
- The Citizen
5 most expensive Chinese cars in South Africa in 2025
As they've highlighted in their A-Z of Chinese Brands in SA feature in the June 2025 issue of CAR magazine, among the several Chinese automakers currently trading in South Africa, there are several more heading our way, with each vying for a piece of market share across several segments. Now, while myriad Chinese vehicles were introduced to our shores as more attainable offerings (Chery's Tiggo 4 Pro, for example) a number of cars from the Far East are placed – and priced – within the premium segment. We take a look at the five most expensive Chinese cars that you can buy in South Africa as of July. 5. BYD Sealion 7 Premium – R1 099 900 Introduced alongside the Shark 6 plug-in hybrid bakkie in April, the Sealion 7 forms part of BYD's (Build Your Dreams) Ocean series. In Premium level of specification, the Shenzhen brand's premium emissions-free SUV sports a 230kW/380Nm rear-wheel drivetrain. BYD claims a driving range of up to 567km. 4. Maxus T90 EV double cab – R1 100 000 The only bakkie to make this list, the Maxus T90 EV – which also appeared as an 'honourable mention' in our list comprising South Africa's five most expensive bakkies in 2025 – is the first battery-electric bakkie available in South Africa. The Shanghai automaker's emissions-free double cab is endowed with 150kW and 310Nm of torque, and offers an operating range of around 330km from a single, full charge. 3. BYD Seal Performance AWD- R1 199 900 Perhaps BYD's most dynamic offering in its local portfolio, the Seal is the only sedan on this list. Sporting a 390kW/670Nm dual electric-motor setup and all-wheel drive, the pinnacle variant in the Seal lineup completes the 0-100km/h dash in just 3.8s, the firm claims. The Performance model's driving range is quoted as 520km. However, if operating range is at the top of your list, a 230kW/360Nm single-motor, rear-wheel-drive model – the Premium Extended Range, which is priced from R999 900 – is also available, and offers 570km from a single, full charge. 2. GWM Tank 500 2.0T HEV Ultra Luxury 4WD – R1 228 950 The GWM Tank 500 is the only car here that features an internal combustion engine (ICE). However, it does come with electric assistance. Sharing a drivetrain with the Baoding brand's flagship P500 model, which we evaluated for a road test in the November 2024 issue of CAR magazine, the Tank 500's ICE is paired with an electric motor for a combined system output of 255kW and 648Nm of torque. 1. BYD Sealion 7 Performance AWD – R1 299 900 The second Sealion 7 and third BYD to make this list, the range-topping Sealion 7 is the most expensive Chinese car you can currently buy in South Africa. Spearheading the Sealion 7 lineup, the Performance derivative's all-electric, all-paw drivetrain produces 390kW and 690Nm, allowing it to launch from a standstill to 100km/h in a claimed 4.5s. BYD claims an operating range of 542km. Click here to browse thousands of new and used vehicles here with CARmag! The post 5 Most Expensive Chinese Cars in South Africa in 2025 appeared first on CAR Magazine.
TimesLIVE
5 hours ago
- TimesLIVE
What are the main issues facing new Renault CEO Provost?
Incoming Renault CEO Francois Provost will take the helm of the French carmaker at a time when it is beginning to show cracks in its recent success, revising down its full-year profit forecast earlier this month due to weaker sales volumes. Below are some of the challenges ahead for Provost when he takes over on Thursday. Tougher competition While Renault has been largely protected from US tariffs because it does not sell in the US, it has been indirectly hit by increased commercial pressure as European competitors looking for new markets outside the US step up efforts to sell in the French firm's home region. The company reported zero growth in second quarter sales volumes, and warned of weak sales performance in June. It is also facing rising competition from Chinese entrants, both in electric vehicles and hybrids. Analysts at Barclays say Renault may have seen slower price-mix momentum in the first half of the year. The company is scheduled to report full results for the first half on Thursday. Dependency on Europe and cars With sluggish growth in Europe where Renault sells more than 70% of its cars, it needs to expand in emerging markets. It has already outlined plans to invest €3bn to launch eight new models under the Renault brand for non-European markets by 2027. It will also target developing less cyclical businesses beyond cars, such as EV charging and financial services, as part of a midterm strategy which former CEO Luca de Meo had aimed to unveil later this year. Too small, less independent Conscious that its small size does not allow it to fund the development of electrified and autonomous vehicles, Renault has set up numerous partnerships, including with China's Geely in Korea and in combustion and hybrid engines around the world, and with Volvo Group in electric vans. However, this strategy has raised concerns among unions that the company could lose its in-house know-how and its independence. Renault, ranking only 15th in volumes globally, is frequently the subject of rumours of a tie-up with larger peer Stellantis. Partnerships with Geely also have some worried about potential leverage by China, though Renault's main shareholder, the French state, says the tie-ups do not compromise the company's ability to remain independent. A high pace of launches Under de Meo, Renault launched one of the biggest product renewals in its history, with a record 10 launches and two facelifts last year. It is planning another seven launches and two facelifts in 2025, including of the Renault 4 and the Dacia Bigster, and eight more in 2026, according to sources familiar with the matter. Key to increasing market share, new launches also require significant investment in marketing and industrial fine-tuning to deliver cars on time, at the right quality. Van woes A leader in Europe's high profit commercial vehicles market, Renault's van sales plunged by 29% in the first half due to a softer economy, and an overhaul of its models and product offering. Getting back to investment grade One of Renault's top priorities is to get its credit rating back to investment grade to attract new investors, while also boosting its market cap, currently only at €10bn versus Stellantis' €23. Renault's debt is rated Ba1 by Moody's and BB+ by S&P Global, one notch below investment grade. Nissan Since starting to rebalance its partnership with Nissan in early 2023, Renault has done three share sales, and reduced its stake in its Japanese partner to 35.7% (17.05% held directly and 18.66% via a trust). It will need to find the right time to sell more, made more challenging by Nissan's financial and operational difficulties. It will also play a role in Nissan's overhaul, particularly if the Japanese company decides to sign a strategic partnership with another manufacturer. Renault opposed recent plans for a tie-up with Honda because it considered the financial terms were not generous enough.
The Citizen
6 hours ago
- The Citizen
China pedals ahead with innovation
Shared bikes, cashless apps and order in public spaces show how China has turned smart ideas into everyday efficiency. When China invented toilet paper more than 1 000 years ago, while the rest of the world was still using primitive hygiene methods, nobody imagined it would remain a leader even in modern innovations. There was disorder when Beijing launched the concept of shared bicycles to enhance public transportation and improve accessibility for the people and Western media crowed about the problems. But there is now order in the system management with effective control, robust security and proper oversight by the owning companies and Chinese authorities. Strict policing has significantly reduced crime throughout China. Although there was some parking chaos, theft and abandoned bicycles, the system began to work as it facilitated easy travel in the busy Beijing streets. China's shared bikes are being hailed as one of the four big inventions to come out of the country in modern times, aside from the highspeed railway, online shopping and mobile payments. ALSO READ: SA and China agree to collaborate on AI and innovation Shared bicycles are a popular mode of transportation for the 'last mile' of Chinese people's commute. You unlock the bicycles by opening an app and scanning the QR code. After you park the bike at the parking spot, it will automatically charge your Alipay or WeChat Pay account. In general, the starting price is 1.5 yuan (about R3.70) including 15 minutes of riding, then 1 yuan every 15 minutes thereafter. The shared bikes are run by private companies such as Mobike, Hellobike, and Meituan Bike, but the government is also involved in governance. The Chinese government controls the number of bicycles and participates in the recycling of used bicycles, aiming to strengthen the management of the industry. Last week, I visited China with fellow journalists from South Africa, India, Nepal and Sri Lanka. We were warmly welcomed by our colleagues at Global People magazine. ALSO READ: India overtakes China in smartphone exports to the United States During our brief visit to Peking University in Beijing, Edwin Tshivhidzo, a colleague from SANews, tested one of the bicycles. He certainly brought a lot of humour and entertainment from the media. You can stay safe from law enforcement issues while using the bicycles in China as long as you adhere to the equipment usage rules and follow the road rules. In fact, the police are supportive of cyclists in China, a country with such a minimal crime rate that it leaves a South African like me quite envious. During our travels through Beijing on our assigned two buses, I noticed several young people engrossed in their cellphones while simultaneously riding bicycles or motorbikes. ALSO READ: China to offer childcare subsidies in bid to boost birth rate They were likely using WeChat, a popular app in China. WeChat serves as a multipurpose platform, combining the features from various American social media apps such as Facebook, X, WhatsApp and Instagram, while also incorporating online banking functionalities. During the 10 days spent in China, we encountered no more than half a dozen police officers in all the places we visited, including the capital city of Beijing, as well as Lhasa and Nyingchi in the Xizang autonomous region. In Beijing, we saw a few uniformed officers directing traffic, while Lhasa and Nyingchi were peaceful and did not require a significant law enforcement presence – only security guards primarily monitoring entrances to buildings. I must confess, before I went to Tibet, I was expecting thin monks who lived in suffering in isolated mountain sites. Instead, they were a jubilant bunch enjoying an urban environment that China created for them – a story for another day. NOW READ: Liberation movements fighting for survival and new injustices
