Mining Indaba On Today

The final Mining Charter will be gazetted in March this year and will be reflective of the views of stakeholders, Mineral Resources Minister Mosebenzi Zwane said on Monday in his opening address at the 2017 Mining Indaba. In addition, Zwane said he expected amendments to the Mineral and Petroleum Resources Development Act (MPRDA) will be concluded by June this year.

Mondi Buys Excelsior Technologies For £33 Million

South Africa’s Mondi bought UK-based packaging firm Excelsior Technologies for 33 million pounds ($41 million) from funds managed by private equity firm Endless LLP and certain minority shareholders. Excelsior makes packaging, mainly for food, and owns a packaging technology for microwave steam cooking. For the year ended 31 December 2016, it generated revenues of 39 million pounds

Calls For Investigation Into Dudu Myeni Spending

City Press revealed details of Myeni’s travel invoices and itineraries for 23 trips booked and paid for by the Mhlathuze Water Board. The documents show trips totalling R678‚761 — with spending on five-star hotels‚ business class travel‚ hotel room service and a limousine ride. The DA is to write to Public Protector Busisiwe Mkhwebane, asking her to launch an investigation into what it refers to as flagrant abuse of public funds.

Fraudulent Chinese Firm Wants To Bid For Eskom Nuclear Tender

Shandong Taikai Power Engineering (known as TKPE), was debarred by the World Bank “following the company’s involvement in fraudulent practices relating to the World Bank-financed electricity sector development project in Uganda and second transmission and distribution project in Vietnam. An investigation by the World Bank found that the company misrepresented its prior project experience by submitting falsified contracts and completion certificates, along with a forged business license while bidding for contracts.

Eskom Cancels Coal Contracts

Eskom on Monday announced a decision to terminate six coal transportation agreements after certain contractors were found to have flouted regulations following an investigation as part of its ongoing campaign to ensure clean governance. Eskom said it undertook an investigation after receiving a tip-off in July 2016 that some Free Carrier Arrangement (FCA) transporters had unlawfully introduced additional trucks into the coal road transportation system. Eskom currently moves about 40 million tonnes of coal using two road transportation channels.

Over 1300 tickets Issued For Over-Use Of Water

The Tshwane, Johannesburg, Ekurhuleni and Cape Town metro councils have issued 1 302 fines or warnings over water usage since restrictions started last year. These include charges against two Pretoria men, who were not named, who are accused of stealing water from a fire hydrant to fill a swimming pool after it was repaired. They could face fines of R2 000 each.

Currencies and Stuff

Oil 56.88 – Rand/USD 13.30 – Rand/GBP 16.53 – Rand/EUR 14.29

Author: The Turk Report

Simplifying complex money matters

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