RAVOS retrenches staff

RAVOS retrenches staff: "Effectively the staff compliment has surpassed the student population since there will be no intake this year," he said. He said the downsizing could have ended in February but management said that they did not have capital to cover staff benefits. He said they gave them an extension, and the process should be complete in March. The staff will be given benefits that they are legally entitled to and two months' salaries.

Tata Shuns Coal for Clean-Energy Projects in Chase for Growth

Tata Power Co. (TPWR) bid for its first overseas wind and solar farms in South Africa with Pretoria-based Exxaro Resources Ltd. (EXX) this week in a renewable-energy tender whose results will be known by May, said Tata Power Executive Director S. Padmanabhan. He declined to say how much capacity their joint venture Cennergi is seeking, citing auction rules.
Tata Group, which owns Corus Group and Jaguar Land Rover, is focusing on new clean-energy investments as coal-powered projects face fuel shortages in India and environmental hurdles in the U.S. and Europe, he said. South Africa, where average power prices almost tripled in four years, is a “prime market for development” because of its size and abundant clean-energy resources, according to Bloomberg New Energy Finance.
“Why would anyone want to invest at this stage in a coal project?” Padmanabhan said in an interview in Mumbai yesterday. “Investment has stopped.”
South Africa’s auction of 3,725 megawatts of renewable- energy capacity drew Suzlon Energy Ltd., (SUEL) India’s largest wind- turbine maker, in an earlier round. Suzlon Chairman Tulsi Tanti said in November the company may build a factory there if Africa’s largest economy generates enough demand.
Tata Group accounts for almost 5 percent of India’s gross domestic product and has built a global business spanning steel, cars and drinks by acquiring Corus, Jaguar Land Rover and Tetley Group Plc. Its overseas clean-energy investments include stakes in two geothermal projects in Australia and Indonesia with Sydney-based Origin Energy Ltd. (ORG)

Chinese tussle over P1.5bn tender

According to PPADB Tender No: PR 10/1/3/8-V, the Ministry of Minerals Energy and Water Resources had approved Sinohydro/CMC JV as the preferred bidder and Consolidated as the reserve bidder on the tender for the construction of the North-South Carrier 2 Water Transfer Project through an Engineering Procurement Contract (EPC).
Major Sinohydro projects Dikgathong dam: P1.13-billion
Lotsane dam: P41m
Kang/Hukuntsi: P536 million
SSKA Airport construction: P550m
Major Consolidated Co projectsKolobeng river bridge: Manyana. P13, 887,847.92.
Sekoma-Kokotsha road: P146,94, 617.67
Mahalapye road:  P186,534,881.82.
Mopipi/Rakops road: P98,102,025.00
Mosopa River Crossing: P17,450,393.73.

Alliance Media wins airport advertising tender

Alliance Media wins airport advertising tender: Alliance Media Botswana, Botswana's largest billboard company has been awarded the contract for the exclusive indoor and outdoor advertising concession at Botswana's newly built Sir Seretse Khama International Airport.

The Alliance Media Botswana team at the newly constructed airport
The award followed a rigid tender process where the company was successful over both Primedia and Continental media, as well as other local players. Alliance Media had previously held the advertising concession in the old terminal building and their strong historic performance to the Civil Aviation Authority of Botswana contributed to the award. Alliance Media is widely known as Africa's largest airport advertising company, and holds the advertising concession to over 50 airports on the continent.

State incorporates new diamond trading firm

Government has formed a new private diamond trading company that will purchase, market and sell the 10 to 15 percent portion of Debswana production that the state is entitled to through the new marketing agreement signed with De Beers last year. Styled Okavango Diamond Trading Company, the new company is expected to independently auction an estimated $300 million (P2,250 million to $350 million (P2,625 million) worth of diamonds on the open market per annum from Debswana's average $3 billion-a-year supply. In his Committee of Supply speech to Parliament this week, the Minister of Minerals, Energy and Water Resources, Ponatshego Kedikilwe said his ministry had completed the incorporation of the private company, which is wholly owned by government.
 "The interim board of directors of the company has been appointed and the appointment of Chief Executive Officer will follow suit immediately as the potential candidate to set up the company has already been identified," Kedikilwe said.

Debswana announces board changes

Mmegi: "Debswana is 50-50 joint partnership between the Botswana government and De Beers. In the rotation arrangement, the permanent secretary to the president, Eric Molale who has been a Debswana director since 2003, has come back as chairman of the board with Nicky Oppenheimer as his deputy. Molale previously chaired the board in 2008-2009. The chairmanship of the board rotates every two years between the two shareholders.In other changes, Gareth Mostyn and Bruce Cleaver have been appointed as directors of the company by the shareholders. Mostyn was recently appointed the new De Beers chief financial officer. Cleaver is the director, strategy and new business at De Beers. Other members of the Debswana board include; S.H. Brennan, P.J.C. Mellier, L.K. Mohohlo, Dr. A.L. Molokomme, D.N. Moroka, B.B. Paya, S.M. Sekwakwa and L.R. Smart,"

Copper and nickel refining - Botswana's dilemma

Mmegi: "These so-called resource nationalists argued that the old model of African growth which has basically remained unchanged since the 19th century cannot work. This model is based on the country exporting unprocessed raw materials - from ivory to diamonds to gold, all being sent down to the coast and exported to Asia and Europe where they are further processed.
In this model, the jobs and much of the value added disappeared and while Botswana got government revenue and temporary growth and prosperity, it did not get a fundamental transformation of its economy. The problem has always been that economics and trade law stacked up against those who try to give investors a reason to process those resources here in Botswana.
It took nearly 20 years of pushing for De Beers to finally shift its policy and become an advocate of diamond beneficiation in Botswana. For years people like former cabinet minister David Magang and Permanent Secretary Dr Akolang Tombale fought hard and paid a heavy price professionally in order to create a diamond beneficiation industry in Botswana."

Botswana ranked Africa's preferred mining address

Mmegi: "The country was also highly ranked in terms of corruption, low trade barriers, political stability and low national security risks, as well as fair legal processes, low labour militancy and consistent mining policies.Respondents heaped praise on Botswana and its government, urging other African states to emulate its example. "Botswana encourages and assists project development; it is the jurisdiction other African countries should strive to copy," said one respondent, a president of an exploration company.Another Survey respondent, the managing director of an exploration company, was quoted as saying: "The Botswana Government wishes to improve the lifestyle of its people by optimising its mineral wealth; this is reflected in the policy environment."Surprisingly, the 2011 Survey ranked Botswana strongly in infrastructure, with the majority of respondents either saying existing infrastructure encouraged or was not a deterrent to mining investment.By comparison, higher percentages of respondents cited existing infrastructure as a mild deterrent to mineral investment in regional giant South Africa as well as in Namibia.
"

'via Blog this'

Diamond exports drop 67% in January

Mmegi: "While industry analysts who spoke to BusinessWeek were reluctant to draw conclusions, they said the fact that Firestone's auctions were open meant it was directly exposed to fluctuations in buyers' demand. "De Beers, rather, has contracts binding buyers to supply from its mines and better protecting prices while Firestone's auctions are open," said one analyst. "Rough diamond buyers, who are the cutting and polishing firms, have sensitive financial arrangements and the downturn in Europe is impacting on their access to finance, which in turn lowers their participation in auctions such as those run by Firestone." For 2012, Firestone Diamonds' auctions will be determined by both market conditions in the rough diamond market and production levels at its Lesotho mine."

Letshego loan book hits P3 billion mark

Mmegi: "For the year, Letshego expects profit before tax to be 14 percent higher than the prior financial year, while profit after tax is expected to be 24 percent higher. "Impairment charges remain below two percent of average advances to customers," it said in a statement. "Debt to equity ratio is 34 percent at January 31 2012 with shareholders' funds over P2.3 billion." Letshego fell into troubled waters last year after government announced that it would stop deducting micro loan repayments from source, a development that was certain to impact heavily on the company's repayment recovery rate.
"

'via Blog this'