ANC Eastern Cape Election to Be Announced Monday Evening

LOCAL NEWS

• ANC’s Eastern Cape provincial conference election results to be announced on Monday afternoon/evening with Ramaophosa expected to close proceedings. This comes after the result was postponed from last night with delegates at loggerheads over the credentials of candidates.
  • Its worth noting that the election of Mbuyane would favour Ramaphosa’s campaign for a second term as ANC president, while a victory for Madikizela would favour the RET – SABC News
• Sibanye Stillwater has lost R4bn in gold sales in three months of union strike action over wages. Gold production fell -47% QoQ in Q1.
  • This impact is likely only due to show at the end of Q2, but could weigh on activity and will undoubtedly reflect in mining activity data. Unions have also not show a willingness to accept the latest wage offers with both sides at an impasse – MoneyWeb
• According to public data, during last week’s load shedding, Eskom made use of its diesel-burning open cycle gas turbines every day between Tuesday and Friday for 6 hours between 16h00 and 22h00 – using hundreds of millions of rands worth of diesel in the process.
  • Following increased diesel prices in May, it is estimated that Eskom would have used R3.4 billion in diesel at its own OCGTs and those run by independent power producers. - MoneyWeb