Cyril’s investment goal in reach
A total R134.1bn in new investments announced at the start of inaugural conference
President Cyril Ramaphosa is edging closer to his investment goal of $100bn in the next five years.
At the inaugural investment conference on Friday, various companies announced their investment into South Africa’s economy.
A total R134.1bn in new investments were announced at the start of the conference.
Here are some of the big announcements:
Anglo American’s executive head in South Africa Andile Xhamlo announced the biggest investment of R71.5bn over the next five years on sustaining and extending the lives of its mining operations in South Africa, which will preserve 72,000 jobs and stimulate regional economies.
“The mining sector is well poised to attract much-needed investment to support job creation and growth,” he said.
Vedanta Resources made a total investment of R21.4bn. Vedanta Zinc CEO Deshnee Naidoo said the minerals company had invested in two world-class zinc deposits of R5bn each, and a complex in the Northern Cape.
Mercedes Benz committed R10bn to expand a plant in East London in preparation for the next generation of C-class model, with a focus on local production and suppliers.
Viv McMenamin of Mondi will invest R8bn through ongoing export commitments.
Steve Binnie of Sappi announced the paper company would invest R7.7bn in the local economy to draw capacity for dissolving pulp.
Basil Sgourdos of Naspers announced a total R6bn in Naspers Foundry, which will invest in SA tech start-ups and entrepreneurs.
Patricia Makhesha of platinum mine Ivanplats, which has not yet started extracting minerals, announced a R4.5bn investment in developing Ivanplats mines.
Fortune Mojapelo of Bushveld Minerals, producer of vanadium, of which there are significant shortages around the world, announced a R2.5bn investment in its operations.
Ashish Thakkar who heads up telecommunications company Mara Corporation, which has its headquarters in Rwanda, will invest R1.5bn in the first smartphone to be made on the continent, in South Africa.
Willem Roos who heads up Rain, a new 4G LTE data network and competes with the heavyweights in data, will invest R1bn on 5,000 base stations over the next five years to build a 5G network...