Futuregrowth Asset Management is investing R165-million in five projects in round three of the Department of Energy's (DoE) Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). This brought the total number of REIPPPP projects in which Futuregrowth was involved, through its Power Debt Fund (projects in round one and two) and its Development Equity Fund (round three projects) to 23, the company said on Wednesday. The five third-widow projects in which Futuregrowth was ...
Futuregrowth provides R165-million for five REIPPPP projects
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AfDB commits $113m to hydropower project
The African Development Bank (AfDB) on Wednesday committed $113-million for the development of the 80 MW Rusumo Falls hydropower project.
The project would increase renewable power generating capacity and access to electricity in Tanzania, Rwanda and Burundi, which would share the power generated equally.
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Tribunal orders Bombela to remedy Gautrain tunnel water ingress
An arbitration tribunal has made an award in the tunnel water ingress dispute between the Gauteng provincial government and the Bombela Concession Company, ordering Bombela to undertake immediate remedial work on the Gautrain tunnel section between Johannesburg Park Station and Emergency Shaft 2 (E2), in Johannesburg, to halt the inflow of water into the tunnel. Emphasising that the functionality and safe operation of the rail system was not threatened by the inflow of water into the tunnel, the tribunal also found that the tunnel section between the Johannesburg Park Station and E2, as well as the section between the Rosebank Station and the Marlboro portal, was not in accordance with the contract specifications, as detailed in the concession agreement.
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The importance of the Badger armoured vehicle contract for the SA defence industry
Just under two months ago the production order for the Denel Badger infantry fighting vehicle was activated by the South African Department of Defence. Now, Denel Land Systems has briefed the media on the programme.
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Scaw Metals breaks ground at $40m Ghana grinding media plant
South African steel products manufacturer Scaw Metals on Wednesday broke ground at the site of its new 50 000 t/y grinding media manufacturing plant, in Tema, Ghana. Scaw already had a local presence in the country through its Tema sales office, which was established in 2011; however, this would be the company’s first West African manufacturing facility.
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Accelerate Property Fund to list on JSE
Accelerate Property Fund, a newly formed retail-focused property fund, said on Thursday it intended to list on the JSE on December 12 under the Real Estate Holdings and Development sector. The offer comprised a private placing by Accelerate by way of an offer for the subscription of up to 480-million shares in the share capital of Accelerate, subject to a minimum subscription amount of about R2.047-billion being achieved, of which about R1.810-billion had already been secured – pursuant to irrevocable subscription commitments – and a further R300-million had been underwritten. Accelerate nonexecutive chairperson Tito Mboweni said the fund was excited by the listing on the JSE and was extremely encouraged by the interest and support shown by investors.
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Italy's ENI commits $28bn to boost African output
Italy's ENI aims to drill 140 new wells over the next four years to 2016, part of an ambitious $28-billion programme the company hopes will boost production in African markets. Heavily invested in the resource-rich continent, ENI last month cut its production targets to reflect shrinking volumes from Libya and Nigeria, saying it expected output to be lower than in 2012.
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Shale gas production will benefit economy, including steel and engineering industries
Shale gas exploration and production in South Africa was likely to result in a significant contribution to the country’s economy, with the most significant impact on the economy coming from the participation of companies in associations federated to Steel and Engineering Industries Federation of South Africa (Seifsa) in the establishment of facilities. Seifsa, which represents 27 independent associations employing almost 200 000 people, said in a statement on Thursday that shale gas production would make a major contribution to the country’s energy needs while reducing greenhouse gas emissions and carbon intensity. Shale gas had the potential to contribute as much as half of South Africa’s current electricity needs.
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Mintek, association partner to increase e-waste collection, recycling in Africa
State-owned minerals researcher Mintek and the eWaste Association of South Africa (eWasa) have signed a five-year memorandum of understanding to jointly tackle the growing challenge of dealing with electronic and electrical equipment waste, or e-waste, in South Africa and Africa. The project, known as the Urban Mining Project – as 'urban mining' is essentially a type of mining beneficiation involving the extraction of value from the e-waste stream – is aimed at creating several new local green jobs and providing sustainable solutions in support of small, medium-sized and microenterprises and the youth.
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Cell C makes strides, reaching 13m customers
South Africa’s third-largest mobile operator experienced significant gains as it increased its network coverage and capacity, and improved service quality for its ever-growing base of subscribers, Cell C chief commercial officer and acting CEO Jose Dos Santos said on Thursday. The group recorded millions of net subscriber additions over the past year – reaching the 13-million mark for the first time – after embarking on an aggressive strategy to gain market share and lower prices.
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MTN Zakhele to resume trade on Monday after overwhelming interest halted trading
Telecommunications group MTN’s broad-based black economic-empowerment (BBBEE) scheme – MTN Zakhele – was expected to resume online trading on Monday after “unprecedented” interest in the initiative halted trading on Wednesday. The group opened trading on Monday, November 25, to allow qualifying black investors the opportunity to buy shares from existing MTN shareholders through an over-the-counter trading system, accessible through an online trading platform and a dedicated call centre.
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Nissan Leaf launch
Creamer Media's Tracy Hancock speaks to Engineering News senior deputy editor Irma Venter about the introduction of South Africa’s first electric car, the Nissan Leaf.
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Kuwait holds significant opportunities for SA companies
As ties between South Africa and Kuwait strengthen, an opportunity had emerged for South African companies to participate in Kuwait’s infrastructure projects, South African Ambassador to Kuwait Delarey van Tonder said on Thursday. During a Department of Trade and Industry- (DTI-) led outward selling mission to Kuwait, he said the two countries had expressed the political will to work closely together in various fields of cooperation covering areas such as trade and investment, transport, infrastructure development and women empowerment projects.
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Esorfranki profit plummets on back of loss-making projects
Esorfranki on Thursday reported that three loss-making contracts had sharply eroded profits for the six months ended August 31, at the JSE-listed civils and construction group. The company reported a 38.5% increase in revenue compared with the same period last year, to R1-billion, but saw profit for the period plummet 95.3%, to R2.2-million. The order book held steady at R2.2-billion. The three contracts largely responsible for the decline were housed within the civils division. The Hwelereng ...
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Saia lobbying for mandatory third-party vehicle insurance
The South African Insurance Association (Saia) continues to lobby for the compulsory purchase of third-party motor insurance by vehicle owners, taking its fight to the Road Accident Fund and National Treasury. Speaking at a media breakfast on Thursday, financial services firm Santam CEO Ian Kirk said only around 35% of vehicles on South Africa’s roads were insured, placing further pressure on an industry that was “already not in great shape”, and placing the financial burden of vehicle repair or replacement costs on the minority of drivers that held comprehensive insurance.
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DCD recapitalisation programme example of industrialisation of SA economy
Johannesburg-based locomotive solutions provider DCD Rolling Stock officially launched Phase 1 of its R240-million recapitalisation programme at its Boksburg manufacturing facility, on Thursday.
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Sonnedix awards Mulilo solar project EPC contract to Juwi
Independent solar power producer Sonnedix has appointed engineering, procurement and construction (EPC) company Juwi as the preferred EPC contractor for the Mulilo Sonnedix Prieska solar photovoltaic (PV) park, in the Northern Cape. Construction of the 86 MW Mulilo project, which would be Juwi’s largest EPC project to date, was expected to start in July 2014, with commercial operation targeted for the following year.
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First commercial crude from Mozambique seen in 2014 – Sasol
Mozambique's first commercial production and sale of crude oil is set for next year from a small but profitable inland oil field at Inhassoro, a senior official at South African operator Sasol said on Thursday. "It's a small development, but it is a sign perhaps there is more," Ebbie Haan, Sasol Petroleum International's managing director, told Reuters on the sidelines of an African oil and gas conference.
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Long-term impact of water ingress into Gautrain tunnels a concern – GMA
While the inflow of water into the Gautrain tunnel, specifically in the section between Johannesburg Park Station and Emergency Shaft 2 (E2) did not endanger the Gautrain operating system in the short term, government was concerned about the longer-term impacts this could have on the environment, as well as the operating system, Gautrain Management Agency (GMA) CEO Jack van der Merwe said on Thursday. Speaking at a media briefing following an award by the arbitration tribunal in the tunnel water ingress dispute between the Gauteng provincial government and the Bombela Concession Company on Wednesday, through which it ordered Bombela to undertake immediate remedial work on the tunnel section between Park Station and E2, Van der Merwe pointed out that government had a much longer term outlook with regard to the rail line than that of Bombela.
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Cell C inks deal to launch MVNE
Telecommunications group Cell C on Thursday inked a deal with Comverse and Mirage Telecom to launch a dedicated mobile virtual network enabler, or MVNE.
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