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PROPERTY
DEVELOPMENT, ENGINEERING AND CONSTRUCTION
SA
and Spanish conclude stainless deal
Spain’s Acerinox closed a 232-million euro deal to buy a 64%
stake in South Africa’s Columbus stainless steel plant, making
it the world’s third-biggest producer. Highveld Steel and Vanadium,
Samancor and the Industrial Development Corporation (the partners
in the Columbus joint venture) have reached an agreement with Acerinox
SA following signature of a memorandum of understanding in July.
(©www.engineeringnews.co.za)
Fibre-optic
plant awaits approval
A new R250m optic-fibre plant development in the Cape Peninsula
is set to provide 300 new jobs and boost economic development in
the area. Completed environmental impact assessment and risk assessment
studies of the Zeconi Optic Fibre plant at Capricorn Business and
Technology Park in Muizenberg have been submitted to the various
government departments concerned.
(©www.bday.co.za)
Optimism
grows over Cape optic-fibre plant
A completed environmental impact and risk assessment of Capricorn's
R250-million Zeconi Optic Fibre plant at Capricorn Business and
Technology Park, in Muizenberg, near Cape Town, went for approval
to the provincial Department of Environment, Culture Arts and Sports
on November 7. "In the light of the study we are confident
of approval, giving Zeconi a green light to roll," says Capricorn
marketing manager Steve Kruger.
(©www.engineeringnews.co.za)
Engineering-merchant
bank hybrid emerges
Engineering-solutions company Bateman Project Holdings (Batepro)
is evolving its strategy to include the facilitation of finance
for the projects it implements, CE Dr John Herselman tells Engineering
News. The company, which is 66%-owned by the Edward L Bateman group,
has earned global recognition in natural-resources extraction engineering,
implementing mostly engineering, procurement, construction and management
contracts.
(©www.engineeringnews.co.za)
World
Bank set to approve $500m Uganda hydro project
The World Bank said it was likely to approve a $500-million project
to build a 250 megawatt power dam in Uganda aimed at almost doubling
the country’s electric power capacity. “We from the bank
are prepared to go forward and put this project to our board in
the next few weeks,” Callisto Madavo, the bank’s regional
vice-president for Africa told a news conference.
(©www.engineeringnews.co.za)
Foreigners
eye leisure sector
Forget office, retail and industrial property for a moment: there
are also good investment opportunities in SA's hospitality and leisure
property market. Take it from the foreigners who seem to have spotted
a gap and are snapping up local hospitality and leisure related-property.
"The SA tourism industry has huge unrealised potential,"
says Pam Golding Properties Gauteng MD Ronald Ennik.
(©www.bday.co.za)
Business
Partners adds brokerage to portfolio
Small business financier Business Partners is adding a new wing
to its property division in the form of a property brokerage. The
move makes Business Partners, formerly the Small Business Development
Corporation, a complete property services provider. Business Partners
MD Jo Schwenke says the company had been providing property broking
services on a limited basis. "Owing to the increased demand
for such services amongst small and medium-sized enterprises and
larger clients, we decided to launch Business Partners Property
Brokers," says Schwenke. He sees property services as a money-making
opportunity
(©www.bday.co.za)
A
buffer against inflation
Property funds are being seen as a buffer against inflation, with
the ability to provide a high level of income and potential future
growth. Historically, institutions have held approximately 95% of
the listed commercial property market, which severely limited the
opportunities for private investors to benefit from an investment
in property. But Simon Pearse, MD of Marriott Unit Trusts, says
this changed five years ago when the company launched the first
conventional unit trust that invested in listed property.
(©www.bday.co.za)
Housing
funds are rolled over
The provision of low-cost housing continues to be slowed down by
poor capacity, lack of finance and inadequate planning, according
to the review conducted by the national treasury. It shows hundreds
of millions of rands allocated for housing being rolled over from
one year to the other, while up to 7-million people remain homeless.
(©www.bday.co.za)
Investors
looking at good returns
Property's new-found status as a medium that offers both security
and asset annuity income has resulted in numerous new commercial
and industrial property portfolios. Industry analysts expect substantial
growth in 2002, which will add to the range of investment alternatives
open to both private and institutional investors, says Les Weil,
executive chairman of JHI Real Estate.
(©www.bday.co.za)
ApexHi,
Wray Harris join forces with new firm
ApexHi Properties and Wray Harris & Associates have formalised
their long-standing relationship by establishing a joint venture
property development and land trading company called Wraypex. Formed
to specialise in developing upmarket residential estates and office
developments, Wraypex was already at work on an R800m residential
development project, Dainfern Value, before the move was officially
announced.
(©www.bday.co.za)
Coronation's
limit is R400m
Coronation Property Equity Fund has chosen to limit new investment
in its fund to R400m because of the limited choice offered by the
listed property sector of the JSE Securities Exchange SA. Coronation
Property Equity Fund, a fund of funds-type unit trust, focuses solely
on the listed property sector.
(©www.bday.co.za)
Local
market likely to maintain upward momentum
The local residential property market is resilient enough to maintain
an upward swing despite the likelihood of economic turbulence in
the wake of the US terror attacks. Responding to concern that the
upswing which resumed in 1998 after two decades of negative growth
could be cut short, major players in the residential property market
say it will survive the turbulence.
(©www.bday.co.za)
Takeover
may result in UK listing for Batepro
Construction group Bateman Project Holdings (Batepro), which is
to be delisted in SA after being taken over by a mystery group of
millionaires in a R278m deal, could reemerge as a listed company
in London if all goes according to plan. This was disclosed by Batepro
CE John Herselman yesterday. He would not identify the group of
secretive investors who are buying out the construction group that
specialises in entrepreneurial project activity, including design,
financing and the building stages.
(©www.bday.co.za)
East
Rand Mall shows its new face
Gauteng's East Rand Mall is set to unveil its new look after undergoing
a R50m refurbishment. The refurbishment was aimed at enhancing the
centre's appearance and providing extra retail space. It is just
one example of what is happening at shopping centres across the
country as the retail property sector battles to deal with oversupply
and changing consumer spending patterns.
(©www.bday.co.za)
Melrose
Arch a city within a city
Tenants move in as first phase opens. The R3bn Melrose Arch development
in Melrose, Johannesburg, described as SA's first city within a
city, is now open for business. The precinct incorporates an interconnected
system of streets and boulevards, with walkways interlinking facilities
and amenities, all within walking distance of each other. These
include offices, shops, restaurants, apartments, roads and public
and private spaces.
(©www.bday.co.za)
Mozal
is global project of the year
At an award ceremony in Memphis, Tennessee, earlier this month,
the joint venture SNC-Lavalin Murray & Roberts received the
prestigious 2001 Project of the Year award of the International
Project Management Institute (PMI) as recognition for the delivery
of the Mozal aluminium smelter in Mozambique. This effectively classifies
Mozal as the world's best project for 2001. Murray & Roberts
Engineering Solutions was the Murray & Roberts company that
implemented the project within the joint venture.
(©www.engineeringnews.co.za)
NEWS
FROM AFRICA
Tanzanian
mining on the rise
Tanzanian president Benjamin Mkapa called on the SA mining industry
to direct more investment towards prospecting and mining in Tanzania.
Mkapa told the Chamber of Mines there had been a sharp rise in exports
from the mining industry in Tanzania in the past two decades, due
to a move to introduce policies conducive to mining investment.
This year Tanzania's gold export sales were expected to come in
at 134m from $120m last year.
(©www.bday.co.za)
Altering
act not constitutional'
Zimbawean legal experts have dismissed as unconstitutional
the arbitrary amendment of the Land Acquisition Act by President
Robert Mugabe, giving his government the right to acquire farms
without following due legal process. Prominent lawyers said statutory
instrument 338 of 2001, gazetted last Friday through the Presidential
Powers (Temporary Measures) Act to allow government to allocate
land without giving the owners the right to contest the seizures,
violated fundamental rights in the constitution.
(©www.bday.co.za)
HOUSING
NEWS AND LAND ISSUES
Protesters
demand to return to Coega homes
Johannesburg - The controversy-plagued Coega project has been plunged
into further disgrace following Wednesday's march in Port Elizabeth
by protesters demanding to be resettled at the site of the planned
multimillion-rand development. A Port Elizabeth morning newspaper
reported yesterday that about 100 former inhabitants of Wells Place,
a residential property on the site of the Coega industrial development
zone (IDZ), marched to the coastal city's municipal offices.
(©www.busrep.co.za)
MINING
NEWS
A
titanium success story in waiting
Corridor Sands has all the factors in place to join the profitable
mining sector
MENTION titanium to even a well-informed layman and the first use
he will ascribe to it is likely to be as a light metal in high-tech
products such as jet engines and new golf clubs. Well, less than
3% of the 4,5-million tons of pure titanium dioxide produced worldwide
end up in these space-age applications. Almost 93% is used as titanium
dioxide (TiO2) in more prosaic products such as paint pigments and
quality papers.
(©www.bday.co.za)
Anglo
sales bring hope for Free State mining
The much needed restructuring of the Free State's gold mining assets
may have taken a step forward with the sale of AngloGold's Tshepong,
Bambanani and Matjhabeng mines to Harmony Gold and mining empowerment
company African Rainbow Minerals (ARM) for just more than R2bn in
cash.
(©www.bday.co.za)
AngloGold
fails to deliver on Free State mines deal despite promises
Despite promises made at the highest executive level last week,
AngloGold, the world's largest producer of gold, failed to deliver
a deal on its four Free State gold mines before the end of this
week. But AngloGold spokesperson Steve Lenahan said the transaction
regarding the Bambanani, Tshepong, Matjhabeng and Joel mines was
still on course.
(©www.busrep.co.za)
AngloGold
to respond on Normandy within 10 days
PERTH - SA's AngloGold Ltd said on Friday it would respond to rival
Newmont Mining Corp's higher bid for Australia's Normandy Mining
Ltd within 10 days. US-based Newmont this week topped AngloGold's
takeover offer for Australia's largest gold mining house. "We
will offer a considered response that will not take two months,
a week to 10 days, that's the timetable," AngloGold Chief Executive
Bobby Godsell told Reuters.
(©www.bday.co.za)
Copper
market gets a jolt
BHP Billiton's decision to cut copper production at Escondida and
Tintaya mines has given the copper market a bit of a jolt, but the
significance goes much further. The decision came as a surprise
because Escondida is a lowcost producer, and consequently was not
considered a likely candidate for a production cut.
(©www.bday.co.za)
LNM
set to up Iscor stake
Industrial Development Corporation might quit the local steel industry
entirely. Global steel group LNM is in discussions to increase its
20% stake in Iscor Steel to 28% in a share-swap deal that would
see the Industrial Development Corporation (IDC) exit its investment
in the local steel industry entirely. The IDC announced on Friday
that LNM had acquired two separate options on shares equivalent
to 20% of Iscor Steel.
(©www.bday.co.za)
SA
gold miners out in the cold
THE good news is that the consolidation of the gold mining sector
is taking place at a furious rate. The bad news is that SA's gold
miners are not part of it. This is an extremely worrying turn of
events for a country that was once synonymous with the yellow metal.
(©www.bday.co.za)
Ngqula
to lift veil on his vision for the steel industry
He will be under pressure today to explain why Iscor options were
given away at 6c a share to LNM
Industrial Editor. Industrial Development Corporation boss Khaya
Ngqula, the man behind the SA steel industry's most radical shake-up
to date and its move offshore, will be in the spotlight today as
he announces his vision for the industry. While he has been a highly
successful businessman, Ngqula is now a public servant, heading
a parastatal which is directly answerable to Trade and Industry
Minister Alec Erwin, and yet he is a key player in deciding the
fortunes of listed company Iscor, in which the IDC is but a minority
stakeholder.
(©www.bday.co.za)
SA
Chrome is on target and on budget'
Price trough expected to pass by next year. An air of relief appears
to pervade SA Chrome at present as ferrochrome prices plumb new
lows relief that the company's ferrochrome capacity remains set
to come on stream only next year when the market trough is expected
to have been passed.
(©www.bday.co.za)
New
mining laws should be in force by middle of next year
A bill seeking to overhaul South Africa's mining sector was due
to go to parliament for approval later this month and should be
in force by the end of the first half of next year, a government
official said yesterday. The bill aims to redress a century of white
dominance in the mining industry, but has drawn deep concern from
industry quarters worried that the bill could introduce uncertainty
over long-held private mineral rights.
(©www.busrep.co.za)
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