Despite earlier setbacks, Pula Steel Manufacturing and Casting plant is taking shape and is due for official opening by Independence celebrations. The Selebi Phikwe based project was incorporated in 2010 to set up a fully integrated steel manufacturing from scrap metal to 240 tonnes of billet and further processed to rebar on a daily basis. The construction of the plant, which is overseen by Hindok Exports Ltd from India, is underway. BCL, which owns 50.5% of Pula Steel, is bullish on the project saying it will change the economic landscape of the small mining town. Managing Director of BCL, Daniel…
Author: Editor
The South African government says it has sold its 13.91% stake in telecommunication company, Vodacom to the Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF). According to Treasury, the proceeds from the sale will be used to finance the R23 billion allocation to Eskom. “This gives expression to the commitment made in the 2015 Budget and the 2014 Medium Term Budget Policy Statement that funding of state owned companies would be in a deficit neutral manner.” Last week, the South African Parliament passed the Eskom Special Appropriation Bill to enable the appropriation and the…
Afinitas Limited, a Botswana incorporated company that recently raised P90m from private placement, is gearing up for a listing on the Botswana Stock Exchange. The company is an International Financial Services Company, with a pan-African investment strategy across diverse industry sectors. According to the company’s calendar, its IPO opened on the 26th June and closes on the 17th of July 2015.It is expected that the listing and trading in Afinitas shares will commence from 27th July 2015. Afinitas is focused on establishing and developing new businesses across Africa. The company seeks to increase shareholder value by providing the seed investment…
Stanbic Bank Botswana says promoting and celebrating female entrepreneurship remains its core focus as it endeavours to promote greater economic activity among local women. This came to the light as the bank announced a P150,000.00 donation that will go towards prize money for Women in Business Association (WIBA) Botswana Woman of the Year Awards. The inaugural awards, will be held on 23rd August 2015, and would will see one businesswoman walking away with P50,000 prize money, as the overall winner of the WIBA Excellence Awards over 3 consecutive years; 2015, 2016 and 2017. WIBA President, Tumi Mbaakanyi said their organisation…
The South Africa’s energy regulator has declined to award Eskom’s wish to increase tariffs arguing the utility corporation was not convincing enough in its presentation. The National Energy Regulator of South Africa (Nersa) says it rejected Eskom’s application for a 25.3% tariff hike for the 2015-16 financial year. The disappointed Eskom said it would study the decision and make further deliberation on the position of the regulator. “The National Energy Regulator of South Africa (Nersa) has announced that it would not grant Eskom the 9.58% tariff increase it had requested in the selective reopener for the third multi-year price determination…
BCL said the measures it undertook last year to mitigate the impact of low commodity prices helped it weather storm as it managed to register an increase in revenues. The miner is financially sensitivity to price fluctuations, but it has put productivity strategies in place to steer clear of danger. The company’s Managing Director, Dan Mahupela said it realised a growth of 4% in 2014 compared to 2013 as a result of firmer pricing, weaker Pula (to the greenback) exchange rates and strong cost containment measures executed. “Although BCL remains a marginal operating mine with considerable financial sensitivity to nickel…
Mining major, Rio Tinto says it has completed the sale of its 78 percent interest in Murowa Diamonds and 50 per cent interest in Sengwa Colliery Ltd (Sengwa) to RZ Murowa Holdings Limited. RioZim Limited, an independent Zimbabwean mining company listed on the Zimbabwean Stock Exchange already holds a 22 per cent interest in Murowa Diamonds and a 50 per cent interest in Sengwa and will assume the overall management of both entities. Rio Tinto believes that the future of these assets can be best managed by entities with existing interests in Zimbabwe. Rio Tinto Diamonds and Minerals chief executive…
BCL, the Botswana government owned copper/nickel miner will undergo a major smelter refurbishment as the company readies the facility for the rollout of Polaris 11 Strategy that comes with treating different concentrate from its new acquisitions. The Selebi-Phikwe based company said the 62 days shutdown is ‘historic’ for the company as it wants a new furnace that will face head on the coming challenges. BCL Managing Director, Dan Mahupela said the P700 million exercise will modernise the company’s smelting furnace to run for a longer service campaign. “The improvements effected on the cooling systems and refractory and the upgrade will…
What a whimsical night it was. Lansmore Masa Square and Benju partnered on Thursday 25th June 2015, to host a Chivas Whisky Tasting and Food Pairing event. The soiree proved to be successful indeed in providing a unique wining and dining experience for the intimate gathering. The event is a testament to both brands’ commitment to providing upscale and sophisticated entertainment. “Every time we partner with our friends at Benju, we know to expect a fantastic evening, and tonight was no different. Being able to bring Chivas Regal to Botswana, especially in this way, is a thrilling adventure for us.…
The pan African low cost carrier, fastjet says it has signed an agreement to dispose of its interest held by the company and fastjet Air Limited, a wholly owned subsidiary of fastjet, in airline Fly540 Ghana Limited, the loss-making investment it had previously acquired from Lonrho Aviation in July 2012. The company said the move is in line with its previously announced strategy to exit from certain territories operated before the establishment of the fastjet brand in Tanzania and elsewhere. fastjet CEO Ed Winter said the disposal of Fly540 Ghana is a great step forward in the group’s restructuring plans…