From Creamer Media in Johannesburg, this is the Real Economy Report.
The United Manganese of Kalahari mine, or UMK, has become a real South African success story after it unveiled its newly built offices and warehouse. This was the last infrastructure required for UMK to become a fully operational mine. Natasha Odendaal has the story.
The R1.2-billion UMK mine, a joint-venture between Russia-based Renova Manganese Investment and consortium Majestic Silver Trading, has become the world’s third-largest producing manganese mine after completing the operations infrastructure last year.
The group ramped up ore production from 1.5-million tonnes in 2010, to over to over 2.7-million tonnes last year, and the company believed that it could ultimately reach 4-million tonnes a year.
Chairperson Lazarus Mbethe and Renova COO for African operations Konstantin Sadovnik tell us more.
UMK chairperson Lazarus Mbethe
Renova COO for African operations Konstantin Sadovnik
Shannon de Ryhove:
Other news making headlines this week: Denel hopes its R21-billion order book will reduce its reliance on State funding; China’s economic shift isn’t necessarily bad news for all commodities; and a R400-million environmentally-friendly store is opened in Gauteng.
State-owned defence industrial group Denel hopes that its R21-billion order book for the next six to eight years will enable it to become self-sustainable over the longer term and to avoid further financial dependence on the fiscus.
Denel CEO Riaz Saloojee
New research by Barclays indicates that not all commodities will lose out should China succeed in changing its growth model from one based on resources-intensive infrastructure investment towards one supported by higher levels of domestic consumption.
Barclays commodities research MD Kevin Norrish
South African retailer Massmart opened a R400-million environmentally-friendly Makro store in Alberton, in the south of Johannesburg, as part of its new-generation stores, incorporating technologies such as energy efficient refrigeration and climate-control systems to improve the stores’ overall resource efficiency.
Makro store development manager Alan Walker
That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy.