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Wescoal lifts black ownership to 59% in ‘transformational milestone’

By: Anine Kilian     29th September 2016 JSE-listed Wescoal has entered into a subscription agreement that will raise its black ownership to about 59%. The company’s long-term coal supply agreement with State-owned Eskom requires it to increase its black economic empowerment (BEE) ownership to more than 51% by end December 2016. 

Eskom, IDC to collaborate on validating use of vegetable oils in utility transformers

By: Schalk Burger     29th September 2016 Power utility Eskom and the Industrial Development Corporation (IDC) on Thursday signed a memorandum of agreement at a technical workshop at the Eskom Academy of Learning, in Midrand, to complete feasibility studies to enable the adoption and use of natural esters, or vegetable oils, as... 

Futuregrowth lifts Land Bank lending freeze

By: Terence Creamer     26th September 2016 The Land Bank announced on Monday that Futuregrowth Asset Management had, with immediate effect, lifted a lending suspension controversially imposed on the bank, as well as five other State-owned companies (SoCs), on August 31. Besides the Land Bank, Futuregrowth also froze any new lending to the... 

DTI partially reopens manufacturing incentive after months of inactivity

By: Terence Creamer     19th September 2016 Trade and Industry Minister Dr Rob Davies has announced the partial reopening of the popular Manufacturing Competitiveness Enhancement Programme (MCEP), the Department of Trade an Industry’s (DTI’s) flagship cross-industry incentive scheme, which has been suspended since October 2015, owing to... 

Zambia starts development of 600 MW solar plant

By: African News Agency      16th September 2016 The Zambia Development Agency (ZDA) says it has started developing a 600 megawatt solar power station as part of measures to diversify power sources to deal with a crippling nationwide power crisis. Presently, the Zambia Electricity Supply Commission (Zesco) runs a daily load shedding regime of... 

Beijing Automotive Group and Industrial Development Corporation to build new vehicle plant 

     15th September 2016 Chinese vehicle manufacturer Beijing Automotive Group and South Africa’s Industrial Development Corporation has announced the establishment of a new vehicle plant, to be located in the Coega Industrial Development Zone, near Port Elizabeth. 

Moody's may downgrade five South African State-owned firms

By: Reuters     15th September 2016 Moody's may cut the ratings of five South African State-owned firms, including utility Eskom, it said on Wednesday, citing funding risks after some local institutional investors said they had stopped lending to some parastatals. Asset manager Futuregrowth, which manages client assets of about... 

BLUE CITY GOES RED

     9th September 2016 Only a few weeks after the African National Congress lost the Nelson Mandela Bay Metropolitan Municipality to the ‘Blue’ of the Democratic Alliance, the city’s new Mayor, Athol Trollip (third from left), participated in a very ‘Red’ occasion. While he did not make any statements, Trollip was... 

Meeting between Brown, Old Mutual and Futuregrowth postponed to Sept 13

By: Creamer Media Reporter      8th September 2016 The Department of Public Enterprises reported on Thursday that a meeting between Minister Lynne Brown and the CEOs of Old Mutual and Futuregrowth Asset Management, which had been scheduled for September 8, had been postponed until September 13. Brown, who is Shareholder Minister for Eskom and... 

Brown to meet Futuregrowth, Old Mutual after ‘unfortunate’ funding suspension

By: Terence Creamer     6th September 2016 Public Enterprises Minister Lynne Brown, who is Shareholder Minister for Eskom and Transnet, will meet with the CEOs of Old Mutual and Futuregrowth Asset Management on September 8, following Futuregrowth’s suspension of financing to six State-owned Companies (SoCs), owing to governance concerns.... 

IDC shocked at Futuregrowth’s decision to halt lending to some SOEs

By: Anine Kilian     2nd September 2016 The Industrial Development Corporation (IDC) has expressed surprise at asset management firm Futuregrowth Asset Management’s decision to suspend lending activities to certain State-owned enterprises (SOEs). The media earlier this week reported that Futuregrowth would halt lending to the IDC,... 

South African parastatals credible, reliable borrowers, says Brown

By: African News Agency      2nd September 2016 Public Enterprises Minister Lynne Brown on Thursday moved to assure investors that South Africa’s parastatals were on solid footing as she responded to news that a second money manager would suspend lending to the country’s state-owned companies. “I want to assure all lenders and investors that... 

BAIC vehicle manufacturing plant project, South Africa

By: Sheila Barradas     2nd September 2016 The official sod turning for the project was held on August 30. 

Eskom, Transnet say liquidity not immediately affected by Futuregrowth suspension 

By: Terence Creamer     1st September 2016 State-owned electricity utility Eskom and freight logistics group Transnet insisted on Thursday that their immediate liquidity was not threatened by the announcement by Futuregrowth Asset Management that it was suspending additional loans to six State-owned companies (SoCs), including Eskom and... 

Platinum supply cliff in sight – Implats

By: Martin Creamer     1st September 2016 Underinvestment in platinum mining is poised to result in serious constraints in platinum supply from South Africa in the future. The early 2020s are foreseen as the years when the current scant investment in growth projects will be severely felt and prices will surprise on the upside after what... 

IDC results show stresses facing South Africa's real economy 

     1st September 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the Industrial Development Corporation’s latest financial results and its future investment and disbursement plans. 

IDC aims to grow approvals beyond R14.5bn in 2017, despite impairment worry

By: Terence Creamer     31st August 2016 The Industrial Development Corporation (IDC) has committed to continue increasing its level of finance approvals and disbursements, despite a surge in impairments to over R3-billion. Funding approvals increased to a record R14.5-billion during 2016 from R11.5-billion a year earlier, while... 

Amid worries over IPP-programme credibility, Eskom says issues being resolved

By: Terence Creamer     31st August 2016 A South African solar industry body has warned that the credibility of the country’s much-vaunted Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) is being threatened by ongoing delays to the programme, as well as uncertainty over Eskom’s willingness to conclude power... 

Qhena confident solar project commitment will be ‘honoured’

By: Terence Creamer     30th August 2016 Industrial Development Corporation (IDC) CEO Geoffrey Qhena expressed confidence on Tuesday that projects that had been adjudicated under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) would proceed, despite the recent resistance shown by Eskom to signing a power... 

Construction of BAIC, IDC Coega auto plant to be completed in Q1 2018

By: Irma Venter     30th August 2016 Chinese vehicle manufacturer Beijing Automotive Group (BAIC) and South Africa’s Industrial Development Corporation (IDC) on Tuesday announced the establishment of a new vehicle plant, to be located in the Coega Industrial Development Zone (IDZ), near Port Elizabeth. It will be the first new car... 

IDC seeks strategic partner for struggling Scaw unit

By: Terence Creamer     30th August 2016 The Industrial Development Corporation (IDC) has initiated a process to find a strategic equity partner for its struggling steel subsidiary Scaw Metals, which reported a loss of over R1-billion for 2016. Speaking at the IDC’s financial results at the Coega Industrial Development Zone, in the... 

BAIC vehicle manufacturing plant project, South Africa

By: Sheila Barradas     26th August 2016 The Beijing Automotive Group Corporation (BAIC) plans to build a completely knocked-down vehicle manufacturing plant in the Eastern Cape Industrial Development Zone. 

Renewable Energy Independent Power Producer Procurement Programme – third window

By: Sheila Barradas     26th August 2016 An update on the third window of the Renewable Energy Independent Power Producer Procurement Programme. 

Broadband Infraco shows signs of improvement

By: Natasha Odendaal     25th August 2016 With revenue having reached record levels and losses narrowing significantly during the year to March 31, State-owned entity Broadband Infraco has turned earnings before interest, taxes, depreciation and amortisation- (Ebitda-) positive for the first time. This is in line with promises made by... 

Bushveld raises cash for Vametco costs, other projects

By: Creamer Media Reporter      25th August 2016 Diversified mineral development company Bushveld Minerals has raised £580 000 through the issue of 38.67-million shares at 1.5p apiece. The proceeds will be used for general working capital purposes, continuing costs associated with the Vametco transaction, ongoing work in respect of subsidiary... 

Basil Read feels the pinch in subdued construction environment

By: Megan van Wyngaardt     22nd August 2016 With the local construction sector remaining subdued in the six months to June 30, JSE-listed construction company Basil Read has seen a drop in profit after tax to R34.4-million, down from R41.6-million in the comparative period of 2015. However, despite the difficult trading environment,... 

BAIC to build CKD auto plant in Coega industrial zone 

By: Terence Creamer     19th August 2016 The Coega Development Corporation (CDC) reports that it has signed a deal with the Beijing Automobile International Corporation (BAIC) for a new automotive investment worth R11-billion into the Eastern Cape industrial development zone (IDZ). The Chinese State-owned company plans to build a... 

AMSA chief says rising rand to take gloss off recovery

By: Terence Creamer     17th August 2016 ArcelorMittal South Africa (AMSA) CEO Wim de Klerk says he still expects the steel group to enjoy a better second half than was the case in the six months to June 30, but admits that the recent strengthening in the rand against the US dollar is likely to weigh on financial performance. The... 

IDC, BAIC set to unveil plans for new Eastern Cape auto plant

By: Terence Creamer     16th August 2016 South Africa’s State-owned Industrial Development Corporation (IDC) has indicated that it and the BAIC Automotive Group, of China, will announce details of a new multibillion-rand motor vehicle manufacturing plant in Eastern Cape later this month. The development financier will host its annual... 

Resgen secures R5.5bn for Boikarabelo

By: Megan van Wyngaardt     8th August 2016 Dual-listed Resource Generation (Resgen) has secured R5.52-billion to complete construction of the Boikarabelo coal mine, in Limpopo. The emerging coal miner noted on Monday that Ledjadja Coal, a subsidiary of Resgen, had agreed on the commercial terms with a financing syndicate to secure the... 

RESGEN moves closer to construction of flagship Waterberg Boikarabelo coal mine

     8th August 2016 Agreement of Commercial Terms with Financing Syndicate   ASX and JSE listed emerging coal producer Resource Generation (Resgen) is pleased to advise that its BEE subsidiary, Ledjadja Coal, has reached a commercial agreement with a financing syndicate, to securing a funding package of R5.52... 

Steel designations, Highveld supply to shore up AMSA demand amid weak market

By: Terence Creamer     29th July 2016 Steel producer ArcelorMittal South Africa (AMSA) expects a proposed deal to reopen the heavy-section mill at Evraz Highveld Steel & Vanadium (Highveld), together with recent moves by government to stipulate the use of local steel when calculating local content on certain infrastructure... 

IDC, AFD sign €60m credit agreement for green projects

By: Megan van Wyngaardt     20th July 2016 South Africa’s Industrial Development Corporation (IDC) has signed an agreement with France's development agency, Agence Française de Développement (AFD), for a €60-million credit line aimed at local small-scale green projects. The facility, a collaboration under the Sustainable Use of Natural... 

AfroCan outlines reasons for Lily mine transaction failure

By: Ilan Solomons     18th July 2016 Canadian gold producer and investor AfroCan Resources Gold has outlined its reasons for withdrawing from an equity transaction with Vantage Goldfields for the Lily gold mine, in Barberton. Through its attorneys in Sydney, Australia, AfroCan issued a letter to Vantage providing the reasons why... 

Capitalise on huge investment in the manufacturing sector

     14th July 2016 The future for manufacturing in the KwaZulu-Natal region is looking especially bright, with a number of substantial recently completed projects and newly announced projects seeing a large cash injection from well-known companies. In mid-April, the second phase of the upgrade and expansion to... 

Zuma leads delegation to France to promote trade

By: Anine Kilian     4th July 2016 President Jacob Zuma will lead South African Ministers and a business delegation on an official State visit to France from July 11 to 12. The key objective for the visit would be to promote South Africa’s exports and to attract investment in the automotive, ship-building, aquaculture and energy... 

Localised metal fatigue: we’ve been having it

By: Riaan de Lange     1st July 2016 It is said that ‘metal fatigue’ is the progressive and localised structural damage that occurs when a material is subjected to cyclic loadings. The Encyclopaedia of Tribology defines ‘cyclic loading’ as the application of repeated or fluctuating stresses, strains or stress intensities to... 

Creditors to receive Highveld business rescue update on July 11

By: Terence Creamer     27th June 2016 The business rescue practitioners at Highveld Steel and Vanadium will hold a meeting in early July to update creditors and shareholders of the progress being made regarding the sale of assets, following the failure of an earlier proposal to sell the business as a going concern. The meeting will... 

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