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Progressive moves

By: Terence Creamer     11th August 2017 The decision of the Industrial Development Corporation (IDC) to publish the identities of its new clients, including those officially identified as politically exposed people (PEPs), should be applauded. Such disclosure affects all of the State-owned development finance institution’s funding... 

IDC reports strong rise in support for black industrialists as disbursements fall  

By: Terence Creamer     31st July 2017 South Africa’s Industrial Development Corporation (IDC) has announced that its funding approvals have increased to a record R15.3-billion in 2017, but also confirmed that it would not meet a five-year target, set in 2015, of R100-billion in approvals by 2020. Presenting the financials in... 

Restructuring of Scaw into three standalone entities at an advanced stage 

By: Terence Creamer     31st July 2017 South Africa’s State-owned Industrial Development Corporation (IDC) announced on Monday that the restructuring of its steel subsidiary Scaw Metals into three standalone entities was at an advanced stage, as were plans to secure strategic equity partners (SEPs) for each of the units. Speaking at... 

Names of all IDC clients, including politically exposed people, now being made public 

By: Terence Creamer     31st July 2017 The Industrial Development Corporation (IDC) has officially started to publish, on its website, the identities of all of its clients, including those officially identified as politically exposed people (PEPs). This disclosure affects all of the State-owned development finance institution’s... 

Pallinghurst scores as Jupiter dishes out $25m more

By: Martin Creamer     5th June 2017 Pallinghurst mining company Jupiter Mines on Monday announced that it would make a further $25-million distribution to its shareholders in September. The Johannesburg Stock Exchange-listed Pallinghurst, which is an 18.43% shareholder in Jupiter, expects to receive a further distribution of... 

Pallinghurst share price leaps on value unlock outline

By: Martin Creamer     19th May 2017 The share price of mining investment fund Pallinghurst leapt in Johannesburg after the company outlined its plans to swop its investment fund shawl for a diversified miner’s mantle, unlock value through full absorption of its coloured gemstone associate and target a possible listing of the... 

BAW, IDC invest R250m to expand Gauteng minibus taxi plant

By: Irma Venter     19th May 2017 Beijing Automotive Works (BAW) and the Industrial Development Corporation (IDC) will invest R250-million to expand and upgrade its minibus taxi plant, in Springs, Gauteng. The facility currently assembles the Sasuka 16-seater taxi from semi knocked-down kits, for the South and Southern African... 

New cost-slashing platinum technology gaining impressive momentum

By: Martin Creamer     18th May 2017 The new cost-slashing, time-saving, capital-unlocking, mine-broadening and cobalt-saving platinum technology, driven by diversified mining company Pallinghurst and South Africa’s State-owned Industrial Development Corporation (IDC), is gaining impressive international momentum as an initiative... 

BAW invests R250m to upgrade Springs taxi plant 

By: Irma Venter     8th May 2017 Beijing Automotive Works (BAW) and the Industrial Development Corporation (IDC) will invest R250-million to expand and upgrade its minibus taxi plant, in Springs, Gauteng. The facility currently assembles the Sasuka 16-seater taxi from semi knocked-down kits, for the South and Southern African... 

IDC aims to grow approvals beyond R14.5bn in 2017, despite impairment worry

By: Terence Creamer     31st August 2016 The Industrial Development Corporation (IDC) has committed to continue increasing its level of finance approvals and disbursements, despite a surge in impairments to over R3-billion. Funding approvals increased to a record R14.5-billion during 2016 from R11.5-billion a year earlier, while... 

Qhena confident solar project commitment will be ‘honoured’

By: Terence Creamer     30th August 2016 Industrial Development Corporation (IDC) CEO Geoffrey Qhena expressed confidence on Tuesday that projects that had been adjudicated under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) would proceed, despite the recent resistance shown by Eskom to signing a power... 

Construction of BAIC, IDC Coega auto plant to be completed in Q1 2018

By: Irma Venter     30th August 2016 Chinese vehicle manufacturer Beijing Automotive Group (BAIC) and South Africa’s Industrial Development Corporation (IDC) on Tuesday announced the establishment of a new vehicle plant, to be located in the Coega Industrial Development Zone (IDZ), near Port Elizabeth. It will be the first new car... 

IDC seeks strategic partner for struggling Scaw unit

By: Terence Creamer     30th August 2016 The Industrial Development Corporation (IDC) has initiated a process to find a strategic equity partner for its struggling steel subsidiary Scaw Metals, which reported a loss of over R1-billion for 2016. Speaking at the IDC’s financial results at the Coega Industrial Development Zone, in the... 

DA urges IDC to give Guptas 'a wide berth'

By: News24Wire      25th May 2016 The Industrial Development Corporation (IDC) should “follow the lead of the commercial banks and give the president’s pals (the Guptas) a wide berth in future”, the Democratic Alliance (DA) said on Wednesday. DA MP Michael Cardo was officially responding to Economic Development Minister Ebrahim... 

IDC met with Atul Gupta, but never at Saxonwold – CEO

By: News24Wire      24th May 2016 Industrial Development Corporation (IDC) officials met with Atul Gupta and members of his business ahead of providing financial assistance to Oakbay Resources & Energy, it was revealed on Tuesday. IDC CEO Geoffrey Qhena confirmed the meetings took place in a written reply provided by Economic... 

South Africa dare not miss Fourth Industrial Revolution 

By: African News Agency      20th January 2016 The Fourth Industrial Revolution is a fast train coming through town. South Africa can choose to jump on board or not, or – in the words of Nicky Newton-King, CE of the JSE – co-create the future, or let it happen around us. Newton-King was part of a panel of leading South African businesspeople... 

IDC sticks to R100bn, five-year loans target despite 2015 pull-back 

By: Terence Creamer     14th September 2015 The State-owned Industrial Development Corporation (IDC), which reported a fall in loan approvals and disbursements in 2015, has retained its five-year target of injecting R100-billion of development finance into the South African economy by 2020, despite weak market conditions. During 2015, the... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats

By: Martin Creamer     23rd July 2015 Platinum marketing money previously devoted largely to discounts and commissions is now being used to boost platinum jewellery, investment and fuel cell promotion, says Anglo American Platinum (Amplats) CEO Chris Griffith. Bridal platinum jewellery demand is growing in China, platinum demand... 

Electricity supply problems, decentralised power trend opportunity for platinum

By: Martin Creamer     17th April 2015 South Africa’s electricity problems are offering platinum mining companies a major opportunity to stimulate the offtake of platinum. State power utility Eskom’s loadshedding programme and the global trend towards decentralised power generation are elevating power-generating fuel cell technology –... 

Power problems offering platinum huge demand opportunity  

By: Martin Creamer     2nd April 2015 The electricity crisis is offering South Africa’s demand-hungry platinum mining companies a major opportunity to stimulate the offtake of platinum. State power utility Eskom’s loadshedding programme is elevating power-generating fuel cell technology - with platinum at its heart - to a new... 

Amid a ‘dire’ entrepreneurial climate, Zulu sets big small business GDP target 

By: Terence Creamer     10th November 2014 The entrepreneurial climate in South Africa “is dire”, Small Business Development Minister Lindiwe Zulu lamented on Monday, noting that fewer than 14% of South Africans were planning to start a business in the coming three years. However, she also unveiled a target for raising the gross domestic... 

Steel mill project, South Africa

By: Sheila Barradas     24th October 2014 The detailed feasibility study on a two-phase steel project should be completed in the first quarter of 2015. 

IDC says proposed Limpopo steel mill to target regional growth markets

By: Terence Creamer     3rd October 2014 The detailed feasibility study into a $4.5-billion, two-phase steel project planned for development by the Hebei Iron and Steel Group, of China, and South Africa’s Industrial Development Corporation (IDC) should be completed in the first quarter of 2015, IDC CEO Geoffrey Qhena reported at the... 

CoAL outlines $400m import-substituting Limpopo coal project 

By: Martin Creamer     30th September 2014 Triple-listed coal junior Coal of Africa Limited (CoAL) CEO David Brown on Tuesday outlined a self-funded $400-million import-substituting hard coking coal project that is scheduled to begin production at Makhado, in Limpopo province, in 2018. Presenting a narrowed cash loss of $21-million in the... 

IDC turns focus to creation of black industrialists, as it weighs 20-year impact

By: Terence Creamer     2nd May 2014 South African development finance institution the Industrial Development Corporation (IDC) reports that it approved funding of more than R128-billion (R204-billion in 2013 prices) over the past 20 years, a period that coincided with the country’s democratic era. The financial commitments... 

New compact needed to consolidate gains of last 20 years

By: Terence Creamer     25th April 2014 In Ernest Hemingway’s novel The Sun Also Rises, the question “How did you go bankrupt?” is posed. The response: “Two ways. Gradually, then suddenly.” For South Africa, the ‘gradually, then suddenly’ analogy could just as well be applied to the liberation struggle. For years, progress was glacial... 

New compact needed to consolidate gains of last 20 years

First antenna for MeerKAT radio telescope launched 

By: Creamer Media Reporter      24th April 2014 The first antenna for the MeerKAT radio telescope array was launched at the end of March. This dish antenna is the first of 64 that will make up MeerKAT, which is a precursor to the international Square Kilometre Array or SKA radio telescope. 

IDC turns focus to creation of black industrialists, as it weighs 20-year impact  

By: Terence Creamer     16th April 2014 South African development finance institution the Industrial Development Corporation (IDC) reports that it approved funding of more than R128-billion (R204-billion in 2013 prices) over the past 20 years, a period that coincided with the country’s democratic era. The financial commitments... 

Broadband policy gets leg up as council established

By: Natasha Odendaal     4th March 2014 The advisory council responsible for driving the implementation of South Africa’s newly tabled broadband plan has been selected. The Department of Communications on Tuesday launched the National Broadband Advisory Council (NBAC) for the roll-out of the National Broadband Policy, Strategy and... 

Strong university-industry links key to tapping knowledge-economy spin-offs

By: Schalk Burger     18th October 2013 For South African companies to compete with international companies, it is imperative that they have access to new ideas and that the country institutionalises the generation of new ideas. Universities can function as research and innovation cores for networks of technology institutions,... 

Strong university-industry links key to tapping knowledge-economy spin-offs

By: Schalk Burger     18th October 2013 For South African companies to compete with international companies, it is imperative that they have access to new ideas and that the country institutionalises the generation of new ideas. Universities can function as research and innovation cores for networks of technology institutions,... 

IDC says risk appetite remains despite rising impairments and gearing

By: Martin Creamer     20th September 2013 South Africa’s State-owned Industrial Development Corporation (IDC), which plans to issue bonds up to R12-billion in the next 18 months, on Monday announced stepped-up R2.7-billion funding to boost youth entrepreneurship. The State-owned corporation, which disbursed a record R16-billion into the... 

Gauteng still the leading recipient of IDC support

By: Sashnee Moodley     13th September 2013 The majority of national investment from the State-owned Industrial Development Corporation (IDC) was allotted to Gauteng, between the 2003/04 and 2012/13 financial years, with the Free State the least province invested in.  

IDC to issue bonds up to R12bn, dangling R2.7bn youth carrot

By: Martin Creamer     9th September 2013 South Africa’s State-owned Industrial Development Corporation (IDC), which plans to issue bonds up to R12-billion in the next 18 months, on Monday announced stepped-up R2.7-billion funding to boost youth entrepreneurship. The State-owned corporation, which disbursed a record R16-billion into the... 

Qhena encourages greater innovation in industry 

By: Sashnee Moodley     28th August 2013 Gauteng attracted the biggest proportion of investment from the State-owned development finance institution (DFI), the Industrial Development Corporation (IDC), between 2003/4 and 2012/13, while the Free State received the least investment, IDC CEO Geoffrey Qhena revealed on Wednesday. Speaking... 

IDC's green-industries portfolio grows to R10.4bn 

By: Terence Creamer     25th June 2013 The Industrial Development Corporation’s (IDC’s) green industries strategic business unit (SBU), which was established in April 2011, currently has a committed portfolio valued at R10.4-billion, much of which relates to its support for South Africa’s renewable-energy project pipeline. To date,... 

Social partners agree to reserve jobs for youth as part of accord

By: Terence Creamer     18th April 2013 Government, business and labour have agreed to setting aside specific jobs for young South Africans in particular industry sectors as part of a broader six-pronged Youth Employment Accord, which was officially unveiled at the Hector Peterson Memorial, in Soweto on Thursday. South Africa’s level... 

Sefa plans to lend over R737m to 15 000 small businesses

By: SANews, SA government news service     17th April 2013 The Small Enterprise Finance Agency (Sefa) plans to disburse over R737-million to more than 15 000 small firms – most of these micro enterprises – by the end of the 2013/14 financial year, Sefa chief executive Thakani Makhuvha said today. Briefing the National Assembly’s portfolio committee on... 

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