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PIC lifts stake in Group Five to above 20%

     17th July 2017 Construction company Group Five on Monday reported that the State-owned Public Investment Corporation (PIC) had increased its stake in the company to 20.135%. Group Five shareholders are due to meet on July 24 to vote in new board members. 

Business holds small-business funding line, despite serious postreshuffle trust deficit 

By: Mia Breytenbach     30th June 2017 It is now well documented how President Jacob Zuma’s March 31 Cabinet reshuffle, which saw South Africa’s highly regarded Pravin Gordhan removed as Finance Minister, seriously undermined trust between government and its social partners, including business. The controversial move also placed the... 

Business holds small-business funding line, despite serious postreshuffle trust deficit

By: Mia Breytenbach     30th June 2017 It is now well documented how President Jacob Zuma’s March 31 Cabinet reshuffle, which saw South Africa’s highly-regarded Pravin Gordhan removed as Finance Minister, seriously undermined trust between government and its social partners, including business. The controversial move also placed the... 

Much progress in mineworker housing delivery but more needs to be done 

By: Ilan Solomons     23rd June 2017 Many migrant employees do not want to permanently settle in mining towns, but prefer to maintain their homes in the rural areas and return to them, says the Chamber of Mines (CoM) of South Africa, citing its research and experience in the industry. “Providing permanent urban dwellings, as well as... 

PIC says in support of Vodacom’s Safaricom acquisition

By: Natasha Odendaal     2nd June 2017 JSE-listed telecommunications giant Vodacom on Friday secured the green light from 15.63% shareholder, the Public Investment Corporation (PIC), to acquire an indirect 34.94% interest in Safaricom. State investment arm, the PIC, provided Vodacom with a letter of support for the proposed... 

Ministers ask Public Protector to investigate Treasury and banking sector

By: News24Wire      31st May 2017 The Office of the Public Protector on Tuesday confirmed that several ministers have written a letter requesting that she investigate the conduct, alleged collusion and corruption at National Treasury and other financial institutions. Public Protector Busisiwe Mkhwebane’s spokesperson Oupa Segalwe... 

GEPF assures its funds are not used to bail out troubled SAA

By: Natasha Odendaal     25th May 2017 The Government Employees Pension Fund (GEPF) on Thursday assured that it was not funding the recapitalisation of ailing national airliner South African Airways (SAA), nor had it been approached to contribute. Speculation emerged last week that the GEPF’s assets will be used, through its fund... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity is demanding answers about whether the Government Employees Pension Fund (GEPF) is considering recapitalising “sinking ship” South African Airways (SAA) through the Public Investment Corporation (PIC), as the union’s members have a direct interest in the proper management... 

Southern Palace outlines vision for radically transformed M&R infrastructure unit 

By: Mia Breytenbach     19th May 2017 The newly black-owned construction company conceived from a R314-million sale agreement between engineering and construction group Murray & Roberts (M&R) and black-empowered Southern Palace Group aims to build on its 115-year heritage to become a “leading, Tier 1, infrastructure player in South... 

Southern Palace outlines vision for radically transformed M&R infrastructure unit 

By: Mia Breytenbach     19th May 2017 The newly black-owned construction company, conceived from a R314-million sale agreement between engineering and construction group Murray & Roberts (M&R) and black-empowered Southern Palace Group, aims to build on its 115-year heritage to become a “leading, tier one, infrastructure player in... 

Violent protestors demand 1 500 new jobs from struggling Lonmin 

By: Martin Creamer     11th May 2017 Platinum company Lonmin on Thursday expressed deep concern about ongoing violence, damage to property and intimidation of employees by the near-mine Bapo Ba Mogale community, which is demanding 1 000 jobs for its members and 500 cadet positions for its unemployed youth.   The London- and... 

Land Bank sets aside R1bn to support black farming investments in 2017  

By: Terence Creamer     20th April 2017 South Africa’s Land Bank has set a target of disbursing “at least” R1-billion in 2017/18 to support investments by black entrepreneurs in the agricultural sector and to begin transforming a loan book that is still overwhelmingly composed of funding to established commercial farmers. Should the... 

Sibanye wins US thumbs up for Stillwater acquisition

By: Martin Creamer     18th April 2017 Precious metals mining company Sibanye has received unconditional approval from the Committee on Foreign Investment into the United States on the proposed acquisition of platinum group metals mining company Stillwater, which mines and processes the metals in Montana. Johannesburg- and New... 

Nothing off table as Lonmin pursues value in low platinum price environment

By: Martin Creamer     7th April 2017 The tough new circumstance confronting platinum mining companies demands business unusual to cope with the low price environment. “Right now, sustainability is more important than anything,” says Lonmin CEO Ben Magara, who has also assumed direct hands-on COO control of all the operations in... 

Renewable Energy Independent Power Producer Procurement Programme – third window, South Africa

By: Sheila Barradas     17th March 2017 An update on the Renewable Energy Independent Power Producer Procurement Programme – third window. 

Anglo's future thrown in question as billionaire grabs stake

By: Bloomberg     16th March 2017 In its 100-year history, Anglo American Plc has endured commodities booms and busts, South African apartheid and bitter boardroom disputes. Now the British mining giant is threatened by the ambitions of Anil Agarwal, an Indian scrap-metal trader turned billionaire mining tycoon. In a surprise... 

Magara seizes Lonmin COO opportunity as he grasps low-price nettle 

By: Martin Creamer     13th March 2017 It’s 7 am. Ben Magara walks in bang on time for our interview. He left home at 4.15 am to be in the gym at 5 am and the office at 6 am. He has a nice spring in his step as he tells me that he has grasped the COO opportunity in addition to his role as CEO of platinum mining company Lonmin,... 

Davies confident that black industrialists will succeed

By: Creamer Media Reporter      10th March 2017 The Department of Trade and Industry is confident that the 27 black industrialists that are the grant recipients of an aggregate R577-million under the Black Industrialists Incentive Scheme will be successful. Trade and Industry Minister Dr Rob Davies believes these companies will succeed in... 

High Court rules in favour of Earthlife Africa in South Africa’s first climate change case 

By: Kim Cloete     8th March 2017 The North Gauteng High Court has ruled in favour of environmental justice organisation, Earthlife Africa (ELA), on the basis that the climate change impacts of the proposed Thabametsi coal-fired power station, were not  properly considered. In South Africa’s first climate change court case, ELA... 

Judgment reserved in South Africa’s first climate change court case  

By: Kim Cloete     7th March 2017 The outcome of South Africa’s first climate change court case could set an important precedent. Judgment has been reserved, following compelling arguments in the Pretoria High Court by lawyers for Earthlife Africa, the Department of Environmental Affairs (DEA) and the developers of the 557.3 MW... 

Sacoil buys majority stake in Afric Oil

By: African News Agency      6th March 2017 Sacoil, the South African based independent African oil and gas company, said on Monday that it had acquired a 71% interest in Afric Oil Group, one of the largest independent fuel distributors in South Africa. Following completion, Sacoil’s portfolio will consist of operated production activities... 

Resgen aligns coal project contracts to secure funding

By: Martin Creamer     2nd March 2017 Engineering, procurement, construction and logistics contracts have been aligned to meet the debt funding requirements of the Boikarabelo coal mine project in Limpopo. Boikarabelo, which hosts coal resources of 995-million tonnes and the coal reserves of 267-million tonnes, with the first stage... 

Froneman shows off Sibanye in US as Stillwater deal advances

By: Martin Creamer     27th February 2017 Sibanye CEO Neal Froneman on Monday showed off the low-cost performance of this gold and platinum-mining company to a top-level audience in America at a time when the South African company’s proposed acquisition of Stillwater Mining Company of the US is edging forward. In an address to the BMO... 

Stillwater deal advances as Sibanye grasps $2.6bn bridge finance nettle

By: Martin Creamer     13th February 2017 Precious metals mining company Sibanye on Monday announced that it had successfully closed the syndication of the bridge facilities to support its acquisition of Stillwater Mining Company of the US. Sibanye said in a Johannesburg Stock Exchange news service announcement that the syndication... 

Ramaphosa concludes ‘productive’ visit to Davos

By: African News Agency      20th January 2017 South Africa Deputy President Cyril Ramaphosa has concluded his visit to the World Economic Forum (WEF) annual meeting in Davos-Klosters, Switzerland, where he delivered the message that South Africa was hard at work and remained open for business. A statement from his office on Friday said... 

Sibanye’s Stillwater platinum deal edges forward

By: Martin Creamer     19th January 2017 Precious metals mining company Sibanye’s proposed acquisition, Stillwater Mining of the United States of America, edged forward on Thursday with the notification that both companies had received early termination of the waiting period under the US’s Hart-Scott-Rodino legislation, which means that... 

Kathu concentrated solar power project, South Africa

By: Sheila Barradas     13th January 2017 Sener is expected to continue providing the engineering, procurement and construction services for the project this year, in conjunction with its joint venture partner Acciona. 

South Africa must wake up to fuel cell race or risk losing out  

By: Megan van Wyngaardt     9th December 2016 South Africa is in a global race in fuel cell development and should not consider itself “special”, as there are a number of other countries that could reap benefits from their fuel cell plans far sooner, an analyst warned on Friday. Speaking during a panel discussion on the impact of fuel cell... 

Sibanye to acquire US platinum miner for R30bn

By: Martin Creamer     9th December 2016 Precious metals mining company Sibanye Gold has entered into a definitive agreement to acquire all of the outstanding common stock of Stillwater Mining Company of the US for R30-billion ($2.2-billion). The $18-a-share offer represents a premium of 23% to Stillwater’s prior day closing share... 

Anglo confronts messy divorce in miner’s South Africa birthplace

By: Bloomberg     8th December 2016 In 1917, Ernest Oppenheimer met with South African general and soon-to-be Prime Minister Jan Smuts to seek his blessing for a new mining company called Anglo American. Smuts wanted one assurance, the company was there for the long haul. Anglo, along with its sister company De Beers, made... 

Platinum fuel cell passes competitive muster at Implats 

By: Martin Creamer     7th December 2016 Impala Platinum Refinery and its partners are in the last phase of financial close for the introduction of 8 MW of off-grid electricity from a platinum-catalysed fuel-cell system that will make use of natural gas from the Sasol grid. “We expect to get close and first flow of funds by March, with... 

Anglo faces platinum test in possible South Africa spinoff

By: Bloomberg     5th December 2016 Anglo American is facing a showdown with its biggest investor, South Africa’s State-owned Public Investment Corporation, which wants the miner’s prized platinum assets included in any divestment of its local operations. PIC, which owns about 14.5% of Anglo, is insisting platinum is included in... 

Ratings decision vindicates govt, labour and business efforts – CEOs 

By: News24Wire      28th November 2016 The decision by Fitch to retain South Africa’s sovereign credit rating at its current level – although with a rating outlook change – is a vindication of the efforts by government, labour and business over the past year to negotiate and undertake structural reforms to drive faster, more... 

Trillian to investigate alleged pre-knowledge of ‘Nenegate’

By: Anine Kilian     27th October 2016 Following a Sunday Times article published last week alleging that a member or members of advisory group Trillian had pre-knowledge that President Jacob Zuma would replace former Finance Minister Nhlanhla Nene with now Cooperative Governance and Traditional Affairs Minister Des van Rooyen, Tokyo... 

Boikarabelo first coal target slips as Resgen aims for March financial close

By: Esmarie Swanepoel     14th October 2016 Dual-listed Resource Generation (Resgen) has pushed back the expected date of first coal production from its Boikarabelo mine in South Africa’s Waterberg region, as talks with potential financiers to secure the best funding package continue. The emerging producer in August entered into a... 

Kathu concentrated solar power project, South Africa

By: Sheila Barradas     14th October 2016 Construction on the project has started. 

NGOs unhappy about new bids for baseload coal 

By: Kim Cloete     13th October 2016 Nongovernmental organisations (NGOs) have criticised the Department of Energy’s (DoE’s) decision to select preferred bidders under the first bid window for independent coal baseload power plants. The Life After Coal Network says the expansion of coal-fired power generation through the Coal... 

Big development-finance backing for R40bn coal IPP programme 

By: Terence Creamer     10th October 2016 Energy Minister Tina Joemat-Pettersson confirmed on Monday that the 557.3 MW Thabametsi and the 306 MW Khanyisa coal-fired power station projects have been selected as preferred bidders following the first bid window of South Africa’s Coal Baseload Independent Power Producer Procurement Programme... 

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