Hopefield Wind Farm in South Africa successfully achieved its Commercial Operation Date (COD). Mott MacDonald acted as owner’s engineer on behalf of the Cape Town-based owner and developer, Umoya Energy. The project was the first wind farm in the country to reach COD under the Department of Energy’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). Located on farm land within the Saldanha Bay municipality in the Western Cape province, the 66MW wind farm consists of 37 x1.8MW wind turbines and will generate enough electricity to power approximately 70,000 low-income homes or 29,000 medium-income homes in South Africa. “We are…
Author: Editor
Barrick Gold Corporation has announced that, further to its release of March 10, 2014, it has completed the divestment of 41.0 million ordinary shares in African Barrick Gold plc representing in aggregate approximately 10.0 percent of the issued ordinary share capital of ABG, at a price of 275 pence per ordinary share (the “Placing”), raising gross proceeds of approximately £113 million (US$188 million). “ABG has made excellent progress with its Operational Review to increase production and reduce operating and capital costs, and the results to date have been favorably received by the market,” said Jamie Sokalsky , Barrick’s President and…
INDABA is the single biggest and best opportunity on the African continent for everybody who does business with the African travel and tourism industry. Based on international trade show best practice, INDABA will this year, for the first time, introduce an exciting new format by launching a new Premium Lounge. INDABA is set to migrate over the next few years from double-storey stands to a beautifully appointed studio configuration. South African Tourism is directing additional efforts towards the top international travel trade buyers who have expressed or demonstrated their eagerness to make Africa an important and valuable component of their…
African Copper Plc, the AIM and Botswana-listed copper production and exploration company, says its subsidiary Messina Copper Botswana (Pty) Ltd has awarded a new long-term contract to provide hard-rock open cast mining services to Diesel Power Mining (Pty) Ltd (“Diesel Power”) a subsidiary of JSE listed Buildmax Limited in respect of two of African Copper’s existing open pit copper mining operations. The Contract commenced during February 2014 with a duration of 52 months, of which the first four months will be served at the Thakadu Mine and thereafter the remaining 48 months will be served at the Mowana Mine, located…
Results at a glance Headline earnings: R17 194 million, up 15% Headline earnings per share (HEPS): 1 064.9 cents, up 14% Dividends per ordinary share: 533 cents (2012: 455 cents), up 17% Capital adequacy: tier I capital adequacy ratio of 13.2% (2012: 11.2%) Cost-to-income ratio: 58.5% (2012: 58.9%) Credit loss ratio: 1.04% (2012: 1.08%) Return on equity (ROE): 14.1% (2012: 14.0%) Net asset value (NAV) per share: 8 127 cents (2012: 7 136 cents) up 14% Stanbic Bank parent, Standard Bank Group, has produced a satisfactory performance in 2013, increasing headline earnings per share by 14% and net asset value…
Eleven Botswana Accountancy College (BAC) students have been announced as part of The Chartered Institute of Management Accounts (CIMA) list of students who achieved the highest marks in the November 2013 examinations. The announcement was made in the CIMA February/March 2014 e-magazine. “We are incredibly proud of all the graduates’ remarkable attainment, but more so our very own Botswana Accountancy College Students,” BAC Executive Director, Michael Lesolle said. “They have represented not only themselves and the college, but the nation. Our very own have joined the world’s largest professional body of management accountants and the Chartered Global Management Accountant (CGMA)…
The introduction of a 30% levy on tobacco and tobacco products by the Government of Botswana on 14 February 2014 is cause for concern not only for the country but also the Southern African Customs Union (SACU). “This extreme, one‐sided measure was introduced to reduce tobacco consumption in Botswana, but potentially creates the opposite effect, which is of great concern to us”, says Tobacco Institute of Southern Africa’s CEO, Francois van der Merwe. “As costs of compliance increase, tobacco products become more expensive. Illegal operators seize the opportunity to make huge profits by avoiding the payment of the levies and…
Listed company Botswana Insurance Holding Limited (BIHL) Group today presented its Abridged Audited Group Financial results for the year ended 31st December 2013. The favourable year end results saw significant improvement in performance as compared to the year 2012. The Group registered profits after tax of P494,773,000 which was 25% higher than P394,395,000 achieved in 2012. Group profits before tax similarly grew, standing at P579,394,000 in the period under review. This is 19% up on the P485,331,000 achieved in the previous year within the same period. Embedded value increased from P2,700,868 in 2012 to P3,260,161 in 2013. Embedded value sees…
The Competition Authority will hold the National Competition Conference at Rileys Hotel in Maun on March 13, under the theme ‘’Competition and my business’’. The conference will be officially opened by the Minister of Trade and Industry, Dorcas Makgato-Malesu. The purpose of the conference is to create a platform for the Competition Authority and the Competition Commission to engage with key stakeholders. It will draw participants from business, tourism, agriculture, labour, aviation, government, academia and politics. The keynote address will be delivered by Nandinee Kiran Meetarbhan, the Executive Director of the Competition Commission of Mauritius. Meertarbhan is one of the…
Pangolin Diamonds Corp. has announced the recovery of mantle-derived indicator minerals from the Magi kimberlite from drill hole Magi-001, at its 100%-owned Tsabong North Project in Botswana. Pyrope garnet, forsterite and chromite with mantle chemistries were recovered from kimberlitic sandy tuffs at 44 to 58 meters inclusive, as well as from the overlying sandstones from 15 to 37 meters depth. The company revealed that the pyrope garnets are similar to the 45 mantle derived garnets previously reported from glauconitic sandstone overlying the Magi kimberlite, having high-pressure G9 compositions associated with diamond-stable conditions in the mantle (see news release, March 26,…