COMPANY NEWS IN BRIEF
De Beers' new mine delivers first diamonds
A R40 billion mine in South Africa has started to produce its first diamonds, mining giant De Beers said on Tuesday.
In 2012, the global firm started digging beneath the country's largest diamond mine, Venetia, seeking to reach gems at a depth of more than 1 000 metres.
Venetia is an open mine in northeastern South Africa, near Musina and close to the border with Zimbabwe and Botswana, that closed in December 2022 after 30 years of production.
The firm described the first diamonds as "a key milestone" but did not give further details. The underground operation, employing about 4 300 people, is now 70% complete, it said.
The facility is expected to produce between 4.5 million and 5.5 million carats of diamonds annually.
De Beers managed operations' director Moses Madondo said the investment enhanced the group's "production for the long term" and was an indication of its commitment to South Africa.
"We look forward to seeing this high performing team continue the good work as we ramp up production over the next few years," he said.-Fin24
Telkom to partner with South African govt
Telkom and the South African government are in advanced talks to partner in rolling out broadband products even as buyers flock to bid for the telecommunication company’s assets.
The partnership will involve Telkom’s businesses such as the Openserve fibre unit, the government’s Broadband Infraco and broadcast transmission services provider Sentech, Minister of Communications and Digital Technologies Mondli Gungubele said.
"We have almost agreed on how the partnership will work, we are at modalities now," Gungubele said in an interview at Telkom’s office in Pretoria. The government isn’t interested in selling its 40% stake in Telkom, the minister said.
Telkom, which reported its first loss in a decade in the year ended March 31, has seen a flurry of proposals to acquire the company’s assets just as South Africa’s third-largest wireless company warned of a potential asset writedown of about R13 billion.
The latest offer saw the firm’s former CEO Sipho Maseko offering to acquire a 35% stake in Telkom, with partners Axian Telecoms and the Public Investment Corporation to form a larger African infrastructure and telecommunications business. MTN Group, Africa’s largest wireless carrier, also made an offer for Telkom last year.-Fin24
Competition watchdog approves SAA, Takatso deal
The Competition Tribunal has approved Takatso Aviation's proposed acquisition of a 51% stake in South African Airways, but has given conditions - including a moratorium on retrenchments as, well as a sale of the stake held by minority shareholders.
The Tribunal said in a brief statement that it would issue its reasons for the decision in "due course," with the approval following a recommendation by the Competition Commission in May that the deal be approved with conditions.
One of the conditions sought by the commission – which serves as investigating and enforcement body – is that the minority partners in the consortium, Global Aviation and Syranix, which co-owns LIFT airline, exit. This was sought to avoid decreasing competition in the domestic passenger market.
In terms of the Takatso deal, the consortium would obtain 51% of SAA's shares and provide the airline with a capital injection of R3 billion over two years. The Department of Public Enterprises (DPE), as government's shareholder representative, would keep 49%.
Takatso consists of infrastructure investment firm Harith (80%), Global Aviation (10%), and Syranix (10%). The consortium will only take the helm at SAA once the deal is finalised. It has also indicated that it will not take on any of SAA's remaining legacy debt - which stands at about R1.5 billion.-Fin24
Karpowership to push ahead with bid
Karpowership will push ahead with bids to secure environmental approval to install two ship-mounted power plants in South African ports.
South African Environment Minister Barbara Creecy dismissed appeals from five environmental groups that sought to block the company from applying for the approval to install a 450-megawatt gas-fired facility at the port of Richards Bay on the northeast coast, according to a ruling seen by Bloomberg.
In a separate decision, she allowed Karpowership to pursue environmental approval at Saldanha on the west coast, overturning an earlier decision by her department to deny permission for a 320-megawatt operation.
The rulings are the latest twist in a saga that has seen the Turkish firm’s projects repeatedly delayed by a court case and environmental challenges. It’s also a boost to the government’s attempts to increase power generation amid persistent blackouts that are stifling economic growth and souring the mood of voters ahead of elections next year.
Karpowership has been working on three projects since winning about 60% of a state tender in March 2021 for 2 000 megawatts of emergency electricity to ease the crisis. A plan to produce 450 megawatts at Port of Ngqura will be delayed over a disagreement with the national port operator over the location of the power ship.-Fin24
Eskom seizes control of Ekurhuleni load shedding
Eskom has taken over load shedding in the City of Ekurhuleni (CoE), saying the municipality failed to implement power cuts.
"Eskom has on numerous occasions engaged the municipality regarding its failure to load shed its customers," the utility said in a statement on Wednesday.
Eskom had previously taken over some of the role, with the municipality left to load shed substations with "critical loads". Eskom later handed over all load shedding to the municipality after it asked to assume responsibility again.
"Although Eskom notes the CoE's technical challenges in executing load shedding, it is left with no choice but to implement load shedding for the CoE as the non-compliance puts further strain on the already constrained grid," Eskom said.
"Failure to implement load shedding by municipalities affects the integrity and stability of the grid, which may lead to higher stages of load shedding."
CoE spokesperson Zweli Dlamini said that city would ask Eskom to not to shed some "critical substations in areas with a high concentration of large industries, because this will not only impact the economy of the region but also threatens jobs".
"We are an economic hub and therefore, we are looking forward to positive engagements with the power utility bearing in mind the valuable contribution of industry to the economy," Dlamini said.-Fin24
A R40 billion mine in South Africa has started to produce its first diamonds, mining giant De Beers said on Tuesday.
In 2012, the global firm started digging beneath the country's largest diamond mine, Venetia, seeking to reach gems at a depth of more than 1 000 metres.
Venetia is an open mine in northeastern South Africa, near Musina and close to the border with Zimbabwe and Botswana, that closed in December 2022 after 30 years of production.
The firm described the first diamonds as "a key milestone" but did not give further details. The underground operation, employing about 4 300 people, is now 70% complete, it said.
The facility is expected to produce between 4.5 million and 5.5 million carats of diamonds annually.
De Beers managed operations' director Moses Madondo said the investment enhanced the group's "production for the long term" and was an indication of its commitment to South Africa.
"We look forward to seeing this high performing team continue the good work as we ramp up production over the next few years," he said.-Fin24
Telkom to partner with South African govt
Telkom and the South African government are in advanced talks to partner in rolling out broadband products even as buyers flock to bid for the telecommunication company’s assets.
The partnership will involve Telkom’s businesses such as the Openserve fibre unit, the government’s Broadband Infraco and broadcast transmission services provider Sentech, Minister of Communications and Digital Technologies Mondli Gungubele said.
"We have almost agreed on how the partnership will work, we are at modalities now," Gungubele said in an interview at Telkom’s office in Pretoria. The government isn’t interested in selling its 40% stake in Telkom, the minister said.
Telkom, which reported its first loss in a decade in the year ended March 31, has seen a flurry of proposals to acquire the company’s assets just as South Africa’s third-largest wireless company warned of a potential asset writedown of about R13 billion.
The latest offer saw the firm’s former CEO Sipho Maseko offering to acquire a 35% stake in Telkom, with partners Axian Telecoms and the Public Investment Corporation to form a larger African infrastructure and telecommunications business. MTN Group, Africa’s largest wireless carrier, also made an offer for Telkom last year.-Fin24
Competition watchdog approves SAA, Takatso deal
The Competition Tribunal has approved Takatso Aviation's proposed acquisition of a 51% stake in South African Airways, but has given conditions - including a moratorium on retrenchments as, well as a sale of the stake held by minority shareholders.
The Tribunal said in a brief statement that it would issue its reasons for the decision in "due course," with the approval following a recommendation by the Competition Commission in May that the deal be approved with conditions.
One of the conditions sought by the commission – which serves as investigating and enforcement body – is that the minority partners in the consortium, Global Aviation and Syranix, which co-owns LIFT airline, exit. This was sought to avoid decreasing competition in the domestic passenger market.
In terms of the Takatso deal, the consortium would obtain 51% of SAA's shares and provide the airline with a capital injection of R3 billion over two years. The Department of Public Enterprises (DPE), as government's shareholder representative, would keep 49%.
Takatso consists of infrastructure investment firm Harith (80%), Global Aviation (10%), and Syranix (10%). The consortium will only take the helm at SAA once the deal is finalised. It has also indicated that it will not take on any of SAA's remaining legacy debt - which stands at about R1.5 billion.-Fin24
Karpowership to push ahead with bid
Karpowership will push ahead with bids to secure environmental approval to install two ship-mounted power plants in South African ports.
South African Environment Minister Barbara Creecy dismissed appeals from five environmental groups that sought to block the company from applying for the approval to install a 450-megawatt gas-fired facility at the port of Richards Bay on the northeast coast, according to a ruling seen by Bloomberg.
In a separate decision, she allowed Karpowership to pursue environmental approval at Saldanha on the west coast, overturning an earlier decision by her department to deny permission for a 320-megawatt operation.
The rulings are the latest twist in a saga that has seen the Turkish firm’s projects repeatedly delayed by a court case and environmental challenges. It’s also a boost to the government’s attempts to increase power generation amid persistent blackouts that are stifling economic growth and souring the mood of voters ahead of elections next year.
Karpowership has been working on three projects since winning about 60% of a state tender in March 2021 for 2 000 megawatts of emergency electricity to ease the crisis. A plan to produce 450 megawatts at Port of Ngqura will be delayed over a disagreement with the national port operator over the location of the power ship.-Fin24
Eskom seizes control of Ekurhuleni load shedding
Eskom has taken over load shedding in the City of Ekurhuleni (CoE), saying the municipality failed to implement power cuts.
"Eskom has on numerous occasions engaged the municipality regarding its failure to load shed its customers," the utility said in a statement on Wednesday.
Eskom had previously taken over some of the role, with the municipality left to load shed substations with "critical loads". Eskom later handed over all load shedding to the municipality after it asked to assume responsibility again.
"Although Eskom notes the CoE's technical challenges in executing load shedding, it is left with no choice but to implement load shedding for the CoE as the non-compliance puts further strain on the already constrained grid," Eskom said.
"Failure to implement load shedding by municipalities affects the integrity and stability of the grid, which may lead to higher stages of load shedding."
CoE spokesperson Zweli Dlamini said that city would ask Eskom to not to shed some "critical substations in areas with a high concentration of large industries, because this will not only impact the economy of the region but also threatens jobs".
"We are an economic hub and therefore, we are looking forward to positive engagements with the power utility bearing in mind the valuable contribution of industry to the economy," Dlamini said.-Fin24
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