http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.34Change: -0.01
R/$ = 10.68Change: 0.03
Au 1294.20 $/ozChange: -0.39
Pt 1463.50 $/ozChange: 3.00
 
 
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 Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 20, 2010

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

Back
podsafm_20082010
Carletonville|Engineering|Gold|Johannesburg|Africa|Engineering News|Exploration|Flow|Mining Weekly|PROJECT|Projects|Africa|Americas|Australia|Canada|South Africa|Flow|Gross Domestic Product|Mining|Product|Vaal River|Florence Letoaba|Martin Creamer|Pravin Gordhan|Engineering News|The World Cup
Engineering|Gold||Africa|Exploration|Flow|PROJECT|Projects|Africa|||Flow|Mining|||||
carletonville|engineering|gold|johannesburg|africa-company|engineering-news|exploration|flow-company|mining-weekly-company|project|projects|africa|americas|australia-country|canada|south-africa|flow-industry-term|gross-domestic-product|mining|product|vaal-river|florence-letoaba|martin-creamer|pravin-gordhan|engineering-news-published-medium|the-world-cup
© 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 7 hours ago While the global economy continues to battle growth headwinds as it slowly emerges from a lingering post-recessionary phase, the greatest inhibitors to South African economic development are largely domestic and within government’s control, Finance Minister...
Updated 7 hours ago Building materials firm Infrasors said on Friday that FD Marius Potgieter, who had occupied the position since July 1, 2009, had tendered his resignation and would leave the company with immediate effect.  Construction supplies manufacturer Afrimat FD and Infrasors...
Updated 7 hours ago Telecommunications group Telkom on Friday announced that, following extensive facilitated consultations and deliberations, management and organised labour had reached consensus that the company’s current restructuring process would proceed.  “The parties have...
More
 
 
Recent Research Reports
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
Real Economy Insight: Steel 2014 (PDF Report)
This four-page brief covers key developments in the steel industry over the past 12 months. It provides an overview of the global and South African steel and stainless steel markets, South Africa’s major steel producers and events that have shaped these markets.
 
 
 
 
 
This Week's Magazine
South African construction company Group Five says work on the rehabilitation of the 800 km stretch of the Plumtree–Mutare highway, in Zimbabwe, should be completed by the end of this year. Giving evidence before the Parliamentary Porfolio Committee on Transport...
SINGLE EXPERIMENT An artist’s impression of OCO-2 in orbit
The Space Operations division of the South African National Space Agency (Sansa) revealed on July 17 that it had supported the successful launch of the US National Aeronautics and Space Administration’s Orbiting Carbon Observatory-2 (OCO-2) satellite on July 2. The...
RICE TAG The real costs of operating Rea Vaya have become clear
Phase 1A of Johannesburg’s Rea Vaya bus rapid transit (BRT) system should carry around 42 000 people a day, while it was been expected that Phase 1B, rolled out last year, would add another 60 000 daily passengers. However, the entire system is currently carrying...
A stormwater project in Bedforview, east of Johannesburg, has stalled for eight months after project managers in the Ekurhuleni municipality resigned and municipal managers were placed on special leave without designating replacements. Construction to reinforce the...
The design of the Beit Bridge border post is the biggest impediment to efficient freight movement between Zimbabwe and South Africa, says Cross-border Road Transport Agency CEO Sipho Khumalo. Beit Bridge is the busiest border post in Africa. A research study on the...
 
 
 
 
 
 
 
 
 
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