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Govt, AMSA reach accord on steel price basket

By: Kim Cloete     23rd August 2016 Steel producer, ArcelorMittal South Africa (AMSA) and government have agreed to remove import parity pricing with immediate affect in a bid to boost South Africa’s steel industry. The local price for flat steel products will be based on an import-weighted basket. 

Govt, AMSA reach accord on steel price basket

South Africa not surrendering its steel industry, says Davies

By: Kim Cloete     23rd August 2016 South Africa’s steel industry is facing some serious challenges, brought on by a global steel glut of 44-million tons a year, but it is vital for the country to do everything possible to maintain a sustainable, competitive steel industry as it is of strategic importance to the country, says Trade... 

South Africa not surrendering its steel industry, says Davies
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Cracker ‘fundamentals intact’ despite cost rise to worst-case $11bn

By: Terence Creamer     23rd August 2016 Sasol joint CEO Stephen Cornell insists that the “fundamentals” of the Lake Charles Chemical Project (LCCP), in the US state of Louisiana, remain intact despite confirmation that the project’s costs have increased to the ‘worst case’ projection of $11-billion, from an initial forecast of... 

Cracker ‘fundamentals intact’ despite cost rise to worst-case $11bn
Photo by Duane Daws
Sasol joint CEO Stephen Cornell

Denel continues to deliver improving results

By: Keith Campbell     23rd August 2016 South African State-owned defence industrial group Denel on Tuesday unveiled significantly improved annual results. Revenues in the financial year 2015/2016 jumped by 41% to R8.228-billion. Net profit increased by R125-million in comparison to the previous financial year, to R395-million.... 

Denel continues to deliver improving results
Photo by Duane Daws/Creamer Media
Zwelakhe Ntshepe

‘Transformational’ deal to change Aveng Grinaker-LTA’s look-and-feel, not tick BEE boxes 

By: Terence Creamer     23rd August 2016 South African construction and engineering group Aveng expects to conclude an empowerment transaction within months to further transform its Aveng Grinaker-LTA business, which is on the cusp of moving into the black for the first time since 2011. CEO Kobus Verster believes the transaction to be... 

Aveng CEO Kobus Verster on the thinking behind a planned 'transformational' deal involving Aveng Grinaker-LTA. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 23.8.2016

Basil Read intensifies focus on integrated housing development to strengthen order book

By: Megan van Wyngaardt     23rd August 2016 Construction company Basil Read will be focusing in particular on the integrated housing development sector to drive future growth and strengthen its order book, as this “is a real opportunity for South Africa”. Speaking to Engineering News Online on Tuesday, CEO Neville Nicolau highlighted that... 

Imperial FY profits steady as restructured group enters new era

By: Natasha Odendaal     23rd August 2016 JSE-listed Imperial Holdings has held its profits steady and generated record revenue in the year to June 30, in an environment under pressure, while preparing to kick off the new financial year with a restructured group to ride out the sombre economic environment. The group is hoping to break... 

Liberty eyes year-end listing on JSE for property portfolio

By: Creamer Media Reporter      23rd August 2016 Financial services company Liberty Holdings plans to list part of its property portfolio as a real estate investment trust (Reit) to be called Liberty Two Degrees, with an expected net asset value of R10-billion, on the Johannesburg bourse by the end of the year. The listing of Liberty’s property... 

Ingula’s second unit in operation

By: Megan van Wyngaardt     23rd August 2016 The second unit at State-owned electricity provider Eskom’s Ingula pumped storage scheme has entered into commercial operation. The second unit has been contributing 333 MW to the national power grid since May, while in a testing phase. 

Sugar tax ‘unfair and regressive’ – BevSA

By: Anine Kilian     23rd August 2016 The Beverages Association of South Africa (BevSA) believes that the proposed 20% tax on sugar sweetened beverages (SSBs) could trigger between 62 000 and 72 000 job losses, hurting the South African economy and exacerbating the broader fiscal and societal costs associated with unemployment.... 

Sugar tax ‘unfair and regressive’ – BevSA

Transpaco headline earnings up 38%

By: Anine Kilian     23rd August 2016 Despite challenging economic conditions, JSE-listed packaging manufacturer Transpaco saw double-digit growth for the year ended June 30, with headline earnings up 38% to R108.4-million. Headline earnings a share grew 36% to 330 c, up from 243.3 c during the same period last year. 

TNPA to launch marine training centre in Cape Town

By: Megan van Wyngaardt     23rd August 2016 As part of government’s Operation Phakisa programme aimed at fast-tracking economic growth in the oceans economy, the Transnet National Ports Authority (TNPA) is creating a marine training centre at the port of Cape Town for skills development and job creation. The new facility will be located at... 

Kganyago: SARB ‘open’ to blockchain technology

By: News24Wire      23rd August 2016 South African Reserve Bank (SARB) Governor Lesetja Kganyago has expressed openness to blockchain technologies which underlie cryptocurrencies like bitcoin. Blockchain technology acts as a digital distributed ledger to confirm batches of transactions for the likes of bitcoin and other... 

UK court says SABMiller shareholders can be split into two classes

By: Reuters     23rd August 2016 SABMiller shareholders can be treated as two separate groups when they vote on the brewer's £79-billion ($103-billion) takeover by Anheuser Busch InBev, a court in London ruled on Tuesday, granting a request from SAB aimed at making the vote as fair as possible. The marriage of the world's... 

Chinese and Austrian firms to upgrade major highway in Zimbabwe

By: Reuters     23rd August 2016 Zimbabwe signed an agreement on Monday with Chinese and Austrian firms to upgrade a busy highway, a deal that will be one of the country's biggest road projects since independence 36 years ago. China Harbour Engineering Company Ltd (CHEC), a subsidiary of China Communications Construction Co Ltd,... 

Tanzania's President Magufuli orders officials to speed up LNG project

By: Reuters     23rd August 2016 Tanzanian President John Magufuli ordered officials on Monday to speed up long-delayed work on a planned liquefied natural gas (LNG) plant, saying implementation of the project had taken too long. BG Group, recently acquired by Royal Dutch Shell, alongside Statoil, Exxon Mobil and Ophir Energy,... 

VW, suppliers settle dispute after marathon talks

By: Reuters     23rd August 2016 Volkswagen and two of its parts suppliers on Tuesday resolved a contract dispute that had hit output at more than half of the carmaker's German plants and threatened to undermine its recovery from a diesel emissions scandal. After more than 20 hours of negotiations that went on through the night,... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth 

By: Martin Creamer     23rd August 2016 Fresh from developing seven superb gold projects in Africa, mining project company DRA is excited about new gold project opportunities opening up in South Africa, where its sees much potential in gold tailings retreatment and also in underground gold deposits that are still rated in the... 

DRA global executive process Glenn Bezuidenhout outlines gold project potential to Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd.

Oil price drop helps rand get over early week blues

By: News24Wire      23rd August 2016 While the rand’s early week blues are over, it is still a matter of wait-and-see until Friday, when the US Federal Reserve will announce an interest rate decision. That is according to RMB analyst John Cairns on Tuesday, as the rand strengthened 0.2% to R13.47 by 08:30, an improved performance... 

Sasol takes steps to contain Louisiana project costs below revised $11bn estimate

By: Creamer Media Reporter      23rd August 2016 Energy and chemicals group Sasol is implementing several changes at its Lake Charles Chemicals Project (LCCP), in Louisiana, in the US, to ensure that the project has “a good probability” of being completed within the revised $11-billion capital cost guidance. The group in March initiated a... 

Sasol takes steps to contain Louisiana project costs below revised $11bn estimate

South African women in senior corporate positions down four percentage points

By: Anine Kilian     22nd August 2016 The number of women in South Africa in senior positions in the country’s corporate space is down four percentage points year-on-year, from 27% last year to only 23% this year, according to the latest Grant Thornton report that surveys women in business. The report, titled ‘Women in business:... 

ECSA concludes frameworks revision

By: Anine Kilian     22nd August 2016 The Engineering Council of South Africa (ECSA) has concluded its nationwide consultative process on the revisions to its governance instruments, including the recognition of the Voluntary Association (VA) framework, the Continuing Professional Development (CPD) policy, and commitment and... 

Basil Read feels the pinch in subdued construction environment

By: Megan van Wyngaardt     22nd August 2016 With the local construction sector remaining subdued in the six months to June 30, JSE-listed construction company Basil Read has seen a drop in profit after tax to R34.4-million, down from R41.6-million in the comparative period of 2015. However, despite the difficult trading environment,... 

Eskom under fire as Ingula costs said to balloon to R36bn 

By: News24Wire      22nd August 2016 Eskom’s board is facing calls to appear before Parliament with documents relating to the Ingula pumped storage scheme, which has allegedly seen costs spiral from R8.9-billion to R36-billion. On July 27, President Jacob Zuma unveiled the first of four turbines at Ingula, which is on the border of... 

Sanral provides R30m funding to Stellenbosch programme

By: Megan van Wyngaardt     22nd August 2016 The South African National Roads Agency Limited (Sanral) on Monday endowed Stellenbosch University with R30-million for its Sanral Chair in Pavement Engineering research fund. Established in 2001, the Sanral research chair is an academic programme committed to the development of human capital and... 

New unit to be set up to oversee rail local-content push

By: Terence Creamer     22nd August 2016 The Department of Public Enterprises and National Treasury will consolidate procurement for locomotives into a single institution, under Transnet, to ensure “efficiency and compliance with the localisation requirements”. The decision to set up the unit was made at the recent Cabinet lekgotla,... 

New unit to be set up to oversee rail local-content push

Construction of Gibela train manufacturing complex progresses

By: Megan van Wyngaardt     22nd August 2016 Two of the seven construction packages for Gibela’s R1-billion train manufacturing complex at Dunnottar, in Gauteng, are under way. The project, being undertaken by Gibela, Trencon Construction and Black Jills Engineers, will be completed by November 2017. The complex has a geographical footprint... 

Sasol’s Shondoni mine nearing completion

By: Megan van Wyngaardt     22nd August 2016 Construction of energy and chemical company Sasol’s R15.3-billion Shondoni mine, near Secunda, is approaching completion, with operations at three coal production sections expected to start this month through the new incline conveyor. The mine, which is set to replace the ageing Middelbult mine,... 

Cabinet sets up ‘Broadband War Room’ amid policy, spectrum uncertainty 

By: Terence Creamer     22nd August 2016 Amid extended delays in the finalisation of South Africa’s information and communications technology (ICT) policy and a legal dispute over the auctioning of broadband spectrum, Cabinet has announced the formation of a ‘Broadband War Room’ to address the uncertainty. Minister in The Presidency for... 

Minister in The Presidency for Performance Monitoring and Evaluation Jeff Radebe on the creation of a ‘Broadband War Room'. Camera Work & Editing: Nicholas Boyd. Recorded: 22.8.2016.

Africa offers many oil, gas opportunities – PwC

By: Anine Kilian     22nd August 2016 Now is an opportune time for governments in Africa wanting to attract oil and gas investors to reform their regulatory, fiscal and licensing systems, says PwC Africa oil & gas advisory leader Chris Bredenhann. Speaking at the launch of PwC’s ‘Africa Oil & Gas Review 2016’ in Rosebank, on Monday,... 

Africa offers many oil, gas opportunities – PwC

VW says six German plants hit by supplier dispute

By: Reuters     22nd August 2016 Volkswagen said it faced production delays at more than half its German plants because of a row with two suppliers that analysts estimate may cost the carmaker tens of millions of euros. About 28,000 workers at six of Volkswagen's (VW) ten German factories were affected after the carmarker halted... 

BMW launches remote-control parking in South Africa 

By: Irma Venter     22nd August 2016 Is that parking spot just too tight to allow you to get into and out of your car? Never fear, remote-control parking is here. BMW South Africa (SA) has launched its remote control parking system that allows 7 Series owners to manoeuvre in or out of a garage or forward-parking space – no parallel... 

Remote-control parking in the BMW 7 Series

CompComm approves AMSA’s R1.5bn settlement proposal

By: Samantha Herbst     22nd August 2016 The Competition Commission has approved steel producer ArcelorMittal South Africa’s (AMSA’s) proposal to pay R1.5-billion to the commission for its involvement in long steel and scrap metal cartels. This will be the largest competition-related fine ever paid by a single South African entity and... 

CompComm approves AMSA’s R1.5bn settlement proposal
Competition Commissioner Tembinkosi Bonakele

Joburg promises free WiFi for 'all residents'

By: News24Wire      22nd August 2016 Plans are afoot to have all four-million citizens in Johannesburg connected to free WiFi within five years. Zolani Matabese, Head of Broadband for the City of Johannesburg, told Fin24 that 1 000 hot-spots for access to the internet would be installed around the municipality by year-end. 

War of words as Telkom strike drags on

By: News24Wire      22nd August 2016 Local telecommunications company Telkom [JSE:TKG] and the Communication Workers Union (CWU) are locked in a bitter battle over continuing strike action. Hundreds of Telkom staff have launched strike action against the company over a pay dispute. The CWU, which is behind the strike, says Telkom... 

South Africa won’t change IPP course ‘midstream’ 

By: Terence Creamer     22nd August 2016 Cabinet appears to have put paid to Eskom efforts to halt the country’s highly regarded independent power producer (IPP) programme, with Minister in The Presidency for Performance Monitoring and Evaluation Jeff Radebe indicating on Monday that there was no intention to “change course midstream”.... 

Minister in The Presidency for Performance Monitoring and Evaluation Jeff Radebe on South Africa's commitment to the IPP programme. Camera Work & Editing: Nicholas Boyd. Recorded: 22.8.2016

Wind, solar can supply bulk of South Africa’s power at least cost, CSIR model shows 

By: Terence Creamer     22nd August 2016 The dramatic fall in the cost of supplying power from wind and solar photovoltaic (PV) plants has moved the global electricity supply industry beyond a critical “tipping point”, which leading energy scientist Dr Tobias Bischof-Niemz says is irreversibly altering the operating model, with... 

Wind, solar can supply bulk of South Africa’s power at least cost, CSIR model shows
Photo by Duane Daws
Dr Tobias Bischof-Niemz

Gold mining not spending enough to sustain industry into future – Holland

By: Martin Creamer     22nd August 2016 The gold mining industry is not spending enough to sustain the industry into the future. Slowed primary gold supply growth is making a case for the belief that the industry may be close to hitting a peak in production amid slower exploration spend and a virtual halt to new projects. 

Gold mining not spending enough to sustain industry into future – Holland
Photo by Duane Daws
Gold Fields CEO Nick Holland

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‘Transformational’ deal to change Aveng Grinaker-LTA’s look-and-feel, not tick BEE boxes

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