Jul 21, 2008
Daily podcast – July 21, 2008Back
Johannesburg|AfriSam Consortium|And|Ausenco|Bateman|Camec|Eskom|Nissan|Public Enterprises|Public Investment Corporation|Reliance Communications|Renault|Africa|Mozambique|South Africa|Zambia|Zimbabwe|ZAR|Cement Producer|Construction Contractor|Insurance Loss Adjusters|Alec Erwin|Mercedes Benz|Mofasi Lekota|Robert Mugabe|Trevor Manuel
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From Creamer Media in Johannesburg, I'm Shannon O'Donnell.
Making headlines today:
South Africa's National Treasury unveiled the much-anticipated details of its 60-billion rand capital injection into embattled State power utility Eskom on Friday, confirming earlier reports by Engineering News Online that the transfer would be ‘front loaded'.
Further, Finance Minister Trevor Manuel hinted to possible additional support beyond the initial loans, which was also in line with a statement made last Thursday by Public Enterprises Minister Alec Erwin.
"In addition to the deeply subordinated loan, government will consider providing guarantees to enable Eskom to access funding otherwise not available," National Treasury said in a statement.
AfriSam deputy chairperson Mofasi Lekota said that the AfriSam Consortium, which bought 85% of the cement producer for 16,4-billion rand last year, had spoken to a number of local and international financiers, but the PIC had been the most supportive.
Of the 6-billion rand that the State-owned investor was injecting into AfriSam, 4,3-billion rand would earn it a 20% stake in the company, while the rest was in the form of a loan, the terms of which Lekota said had not yet been finalised.
Repair work has begun at Equinox Minerals' Lumwana copper project, in Zambia, after a fire on July 7 damaged a 20-MVA transformer and adjacent 11-kV substation at the process plant facility.
The first concentrate was originally scheduled to be produced this month at Lumwana, but the company now expects that the engineering, procurement and construction contractor, a joint venture between Bateman and Ausenco, will only have the project ready for hand over in December, Equinox said on Friday.
Assessments had been conducted by independent experts, insurance loss adjusters and engineers from the Ausenco Bateman JV, to identify equipment that would require replacement, and the ordering of the necessary replacement items had begun.
Renault-Nissan alliance invests 1-billion rand in South Africa
In political news:
Robert Mugabe threatens to seize foreign firms over sanctions
Edited by: Shannon de Ryhove© Reuse this Comment Guidelines
Other Intellectual Property Law News
Updated 1 hour 12 minutes ago The DA's application to declare the e-tolling legislation unconstitutional and invalid was dismissed by the Western Cape High Court on Thursday. "The application is dismissed. The parties shall bear their own costs," Judge Owen Rogers said in court.
Updated 1 hour 45 minutes ago Controversial changes to South Africa’s mineral laws have been passed in the National Assembly, despite warnings that they could deter investors and damage the country’s mining and energy industries. The Mineral and Petroleum Resources Development Act Amendment...
Updated 1 hour 52 minutes ago Trade activity improved in February and was at stronger levels than in January and February 2013, the South African Chamber of Commerce and Industry (Sacci) said in its Trade Conditions Survey on Thursday. After dipping into negative territory in December 2013 (44)...
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