Less gold produced but reserves worth more

SOUTH Africa’s gross foreign reserves, which include gold and foreign exchange, rose in April as a result of a higher gold price. The Reserve Bank’s holdings of gross reserves rose by $102-million to $46.69-billion, the data showed, up from $46.59-billion in March.

CARZAR.CO.ZA secured $1.5-million in funding from Nasdaq Stockholm-listed Vostok New Ventures in a move that will boost its expansion plans. CarZar is an online carbuying service for the secondhand car-trade industry.

THE mining industry is picking up significantly, building on the gains made in February. Mining production increased 15.5% year on year in March on an improvement in commodity prices and an uptick in demand.

THE weakness in the rand following the credit downgrade opened up opportunities for the poultry industry by clamping down on imports and potentially lifting exports, said Sovereign Foods CEO Chris Coombes.

AFRICA’S biggest gold miner, AngloGold Ashanti, reported a 16% drop in firstquarter profit following a decline in South African production. Adjusted earnings before taxes and other deductions came in at $314-million, from $378-million a year before.

MANUFACTURING production slumped in the first quarter of the year, Stats SA data showed. Seasonally adjusted manufacturing production decreased by 0.9% compared with the fourth quarter of last year.

TRACTOR sales edged down by two units to 398 in April from a year ago after surging 18.7% to 515 units in March. For all of 2016, sales fell 11.3% to 5 855 units, according to the South African Agricultural Machinery Association.

PLATINUM producer Lonmin said community protesters demanding 1 000 jobs were disrupting output, damaging property and intimidating employees around its Marikana and other operations in South Africa.