Lesotho and South Africa will start the second phase of the Lesotho Highlands Water Project at the end of March, according to a statement from the landlocked kingdom’s Ministry of Foreign Affairs and International Relations.
Johannesburg sits atop the world’s most productive gold reef -- a staggering 40,000 tons of the precious metal has been mined from it during a history tracing back 130 years. That legacy of riches has left behind a toxic inheritance: radioactivity from uranium hauled up in the mining process.
Firestone Diamonds Ltd., which operates a mine for the gems in Lesotho, said it expects to see a recovery in prices for the stones as it arranged funding to develop a project in the southern African country.
The Canadian dollar reached a four- year low for a second day on speculation the nation’s central bank may signal at a meeting next week the need for lower interest rates amid faltering economic growth.
The cost to extend a project that brings water to South Africa’s industrial hub from Lesotho has risen about 15 percent to 9 billion rand ($1.02 billion) from a December 2010 estimate, a South African official said.
Lesotho’s Directorate on Corruption and Economic Offenses said it’s investigating an Israeli company, Nikuv International Projects Ltd., over allegations it paid bribes to win a 292 million loti ($30 million) contract to supply electronic passports.