http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.02Change: -0.02
R/$ = 10.64Change: -0.02
Au 1290.75 $/ozChange: 0.83
Pt 1426.00 $/ozChange: 1.50
 
 
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  
 
 
Feb 22, 2012

R700m injection for Denel

Back
Aviation|Denel|Public Enterprises|Richtersveld Mining Company|Water|Mining|Diamonds|Alexander Bay|Northern Cape|Malusi Gigaba|Pravin Gordhan|Riaz Saloojee|Water
Aviation|Denel|Water|Mining|Diamonds||Water
aviation|denel|public-enterprises|richtersveld-mining-company|water-company|mining|diamonds|alexander-bay|northern-cape|malusi-gigaba|pravin-gordhan|riaz-saloojee|water



State-owned arms company Denel will receive a much-needed R700 million injection for its ailing aerostructure wing, Finance Minister Pravin Gordhan announced on Wednesday.

The recapitalisation of Denel Saab Aerostructures (DSA) would take effect in the new financial year (2012/13), he said.

DSA is a designer and manufacturer of complex metallic and composite plane parts for the military and commercial aviation sector.

In a press briefing late last year, Public Enterprises Minister Malusi Gigaba said DSA was the major contributor to Denel's losses, incurring a R237-million loss in 2010/11.

Gigaba tasked newly-appointed group CEO Riaz Saloojee in November with concluding the process of turning around DSA.

Gordhan also announced the allocation of R350-million to mining parastatal Alexkor, which mines diamonds on land and under water in the Alexander Bay area of the Northern Cape.

According to the 2012 Estimates of National Expenditure, tabled by Gordhan on Wednesday, the R350-million "is earmarked for transfer to Alexkor to settle any outstanding unfunded obligations under the Alexkor/Richtersveld community deed of settlement, including the tax obligation of R69.9-million".

Following a 2007 settlement with the Richtersveld community, the company's land mining rights were transferred to the Richtersveld Mining Company (RMC) in March 2011.

RMC and Alexkor formed a joint venture in which Alexkor holds a 51% stake.

The document says pumping capital into both Denel and Alexkor will dramatically push up the Public Enterprises department's spending in the coming financial year.

The department was expected to spend R1.25-billion in 2012/2013, compared to R353.3-million in 2011/2012.

This would drop back down to about R200-million leading up to 2015.

Edited by: Sapa
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Deputy President Cyril Ramaphosa
South Africa’s economic transformation and inclusive growth will not result from a single intervention but rather a range of mutually supporting initiatives, Deputy President Cyril Ramaphosa said on Thursday, adding that in many cases this did not require new...
Financial services group Nedbank – the largest occupier of green buildings in the country – has officially opened another Green Building Council of South Africa (BGCSA) 4-Star Green Star-rated building, this time, in Roodepoort. Nedbank Lakeview, which served as...
The Independent Communications Authority of South Africa (Icasa) has outlined the conditions for the assignment of capacity on the digital television channels on Multiplex 3 and any excess capacity on Multiplex 1. The latest regulations overseeing the long-awaited...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move...
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.
 
 
 
 
 
This Week's Magazine
Updated 3 hours ago South African State-owned defence industrial group Denel has announced its fourth consecutive year of profits. The group's results for the financial year 2013/2014 were recently announced at its head office in Centurion, south of Pretoria. Revenues grew by 17%, net...
Updated 3 hours ago There is little opportunity for JSE-listed infrastructure company Group Five to grow shareholder value in the domestic market, says CEO Mike Upton. He says value can still be found in the private sector, in the renewable and industrial power sector, as well as in...
Updated 3 hours ago The National Association of Automobile Manufacturers of South Africa (Naamsa) has announced the event dates of the 2015 Johannesburg International Motor Show (JIMS). The event will take place from October 14 to October 25, 2015, at the Johannesburg Expo Centre, Nasrec.
Updated 3 hours ago UK engineering support services provider Babcock is set to deliver the largest order of global truck manufacturer DAF’s truck tractors in Southern Africa to bulk carrier road-based logistics company Ngululu Bulk Carriers (NBC), with 133 trucks to be delivered in...
Updated 3 hours ago Digital radio communications in the African local government space can open up the world, but have many challenges to overcome, notes integration and migration of legacy radio communications infrastructure with digital mobile radio company Emcom Wireless head of...
 
 
 
 
 
 
 
 
 
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