http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.85Change: -0.04
R/$ = 12.63Change: -0.12
Au 1086.35 $/ozChange: -9.14
Pt 987.00 $/ozChange: 2.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 20, 2010

20/08/2010 (On-The-Air)

Back
podsafm_20082010
 
 
 
Engineering|Gold|Africa|Exploration|Flow|Mining|PROJECT|Projects|Africa|Flow|Product
Engineering|Gold|Africa|Exploration|Flow|Mining|PROJECT|Projects|Africa|Flow|
engineering|gold|africa-company|exploration|flow-company|mining|project|projects|africa|flow-industry-term|product
© Reuse this



Every Friday morning, SAfm's AMLive's radio anchor Florence Letoaba speaks to Martin Creamer, publishing editor of Engineering News and Mining Weekly. Reported here is this Friday's At the Coalface transcript:

Letoaba: South Africa needs to target a sustained economic growth of 7% a year for 20 years to dent rampant unemployment. Is this possible?

Creamer: You know the Finance Minister Pravin Gordhan believes that time is opportune now for us to set a target like this, because we know that other countries are doing it. They set large targets and they achieve them. We also know that our unemployment level has breached the 25 % mark.

We now have between 4 million and 6 million South Africans sitting out there unemployed. We also have 4 million of those who are between 15 and 24 who have got matric and below that haven't got any prospects of jobs. That cannot continue.

We also know that with the World Cup, when we set our mind to something we can do it. It is only a matter of will. The Finance Minister says that it is now opportune and it's got to be a spectacular target and we have got to achieve it. We have got to go for a growth rate, a gross domestic product increase a year of 7 % growth rate for 20 years, not for one year and then stop.

We have got to go for 20 years in order to deal with this serious unemployment problem. Then also, of course, to get growth into the country, strong economic growth.

Letoaba: AngloGold Ashanti is studying the feasibility of going ahead with two large new gold mine projects. What are they likely to find there?

Creamer: It is interesting that gold is still being found quite close to where we are sitting here in Johannesburg. I mean, we know that Gold Fields has got the big South Deep project. We also know Harmony Gold is out at Doornkop and Elandsrand.

AngloGold Ashanti is looking at two new projects, which are described as very exciting. These are at the West Wits in Carletonville and also the Vaal River area where they have their mining activities already. They are studying projects in addition to what their current mining activities that will require about a billion dollar investment in each area.

They would give something like between 10 million and 20 million ounces of gold. They will also have a long life these mines of between 20 and 30 years. One of the things that is very interesting as they go deeper now they also demand higher grade and what they are finding there is higher grade gold.

We are talking about 20 grams a ton plus. This is a very good grade. So, very exciting prospects for AngloGold Ashanti. They are looking, of course, globally to increase their ounce production beyond the 4 million plus that it currently is, by another million.

They have got an embarrassment of riches when it comes to projects. These are two in South Africa and they are also looking at several in continental Africa, in Australia and the Americas that would give them another additional million ounces a year.

Letoaba: You spoke about him briefly, but South Africa's Finance Minister is willing to have a relook at failed junior miner incentives. Tell us about this.

Creamer: We have got to get the junior miners sector going. We know that government, business and labour met on the mining front and one of the things they said was that they must boost this junior sector and also boost more exploration.

We know that the government came out last year with a set of incentives. They gazetted them on June 1 and it was meant to help the junior miner to get into this space, but these have not been taken up, they have failed.

They have been too parsimonious, stingy if one could say that, and not reflecting the overall mining industry. They had a big build up and we thought we would get something equivalent to what happens in Canada with the flow-through scheme.

We can see that over 40 years in Canada those incentives have built a massive financial hub, a mining hub that assists Africa. We need to do something similar in South Africa and the new Finance Minister says he is willing to take new written proposals to see how we can boost this junior mining sector.

Letoaba: Thanks very much. Martin Creamer is publishing editor of Engineering News and Mining Weekly, he'll be back with us at the same time next week.

 

 

Edited by: Creamer Media Reporter
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other SAFM
More
 
 
Latest News
Updated 17 minutes ago Retail group Edcon has appointed Bernard Brookes as CEO and a member of the board, effective September 30, to succeed departing group head Jurgen Schreiber, who would remain on the board as vice-chairperson to ensure a smooth transition. Offering an extensive 35-year...
Updated 1 hour 51 minutes ago The Property Valuation Act – which would see an independent statutory body determining the purchase price of land sought by the State for expropriation – comes into effect on Saturday, August 1, President Jacob Zuma’s office said on Wednesday. “The Act aims to,...
Updated 1 hour 56 minutes ago PRASA's head of engineering services Daniel Mthimkhulu appeared in the Johannesburg Magistrate's court on Wednesday on a charge of fraud and uttering relating to his qualification, the National Prosecuting Authority in Gauteng said. Uttering is the crime of using a...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
Meyerton-based steel tank manufacturer Structa Technology is currently rolling out a water infrastructure build programme that supports local municipalities, water utilities, schools, hospitals and clinics.
Alternative funding models could be expected to begin coming to the fore in South Africa’s renewable-energy sector as the market becomes more competitive and domestic development finance institutions (DFIs) begin scaling back their direct involvement in projects....
DIMITRI MARKOULIDES An innovation champion must involve employees in innovation projects and keep them updated to enable them to support and drive innovation and create the future of the business
An innovation champion course that trains executives to manage innovation in their organisations aims to help companies grow revenue streams and tap new markets, says business change management consultancy BMGI South Africa innovation practice lead Dimitri...
Future digital workplaces will require employees to continuously learn new “literacies”, including new media, information and technical skills, to help their company thrive and spur personal growth. Information technology (IT) research firm Gartner, thus, suggests...
Only 25% of large construction projects surveyed in KPMG’s Global Construction Project Owner’s Survey, released in June, were concluded on time and within budget over the last three years. “Every project owner wants predictability when it comes to large projects, and...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96