Latest news with #R2.8
eNCA
2 days ago
- Business
- eNCA
Upgrades to roads, bridges and drainage infrastructure
JOHANNESBURG - Johannesburg roads, bridges and infrastructure are getting a major facelift with a capital injection of R2.8 billion rand over the next three financial years. These funds will be used to enhance and modernise critical road, storm water, and bridge infrastructure. This will hopefully improve mobility, safety, and foster sustainable urban growth. But is this money enough, considering the dire state of the city's road network? In terms of project delivery, the Johannesburg Roads Agency's CEO, Zweli Nyathi, says that they have learnt their lesson and have deployed a serious team.
IOL News
4 days ago
- Business
- IOL News
Glencore makes R2. 8bn payments to South Africa amid energy transition plans
Glencore expects to fulfil expenditure obligations related to its acquisition of Astron by September 2027 after initial payments totalling $185m as at September last year. Image: Reuters Tawanda Karombo Glencore on Thursday said it made tax, royalty and duty payments amounting to $157 million (around R2.8 billion) to South Africa in 2024 as it considers dialogue with government and other players as key for the country's energy transition. In the year to December 2024, Glencore's total payments to governments in markets in which it operates topped $3.7bn, calculated 'in line' with the UK Transparency Requirements. Over the same period, Glencore suffered about $611m worth of impairments in its South African operations, significantly contributing to the company's $1.6bn in losses to equity holder. The $157m in payments to the South African government for 2024 were accounted for by $111.5m in income taxes, $45.3m in royalties. An additional $1.2bn in 'taxes and duties relating to non-extractive activities plus other taxes' was also paid to SA during the same period, said the company. By province, the multinational commodity trading and mining company's ferroalloys project in Limpopo paid $69.7m to the government while its energy coal operation in Mpumalanga contributed $41.1m. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The company's manganese project in the Northern Cape made payments of $2.2m, in addition to the $43.8m paid by its ferroalloys operation to the North West provincial government. Glencore expects to fulfil expenditure obligations related to its acquisition of Astron by September 2027 after initial payments totalling $185m as at September last year. Despite taking impairments to its South African operations in the past year, Glencore has committed to its 2024-2026 Climate Action Transition Plan. The company has 'determined that the relevance of a just and orderly transition for our industrial business is greatest in Colombia and South Africa' where it is focusing its efforts. 'The complexity of the energy transition in South Africa and the scale and potential significance of its impacts mean a multi-stakeholder approach is essential,' noted Glencore. 'We welcome ongoing efforts, and particularly support dialogue with all industry participants to help holistically identify and mitigate risks associated with operational changes.' It said it deemed dialogue as key to enable a transparent, predictable, and stable approach to the energy transition in South Africa. Moreover, Glencore said the predictability of the transition roadmap around planned closures of coal-powered power stations was necessary to enable a robust response that deploys actions in an effective manner supportive of communities. Some of Glencore's coal operations in South Africa are located in a designated Renewable Energy Development Zone. It said the rehabilitation plans for the coal mines created opportunities 'to investigate renewable energy generation facilities for community use as long-term alternative land use' options. 'We support the efforts by the South African government to develop the policy framework that enables the just and orderly transition, and to commence the relevant planning,' it said. Glencore is supportive of the planned implementation of virtual wheeling, which allows consumers to purchase renewable power from any producer across the country. This allows companies with multiple smaller and low-voltage loads across various geographic areas in South Africa to participate in the energy market.
The Citizen
4 days ago
- Business
- The Citizen
JRA allocated just 1% of amount needed to fix Johannesburg's roads
Johannesburg Roads Agency has been allocated R2.8 billion over three years despite an infrastructure backlog of R276 billion. The Johannesburg Roads Agency (JRA) will be given almost a billion rand in the next financial year to fix the city's roads. An incoming R912 million capital investment is one part of a three-year R2.8 billion commitment to provide the city with drivable transport infrastructure. However, the three-year budget represents 1.01% of the amount needed to address the city's road responsibilities, according to figures given by Transport MEC Kenny Kunene on Tuesday. R273 billion short JRA have highlighted four key objectives that will receive a combined R550 million this year, while an undisclosed amount will be spent on new roads and gravel road upgrades. A resurfacing programme featuring pothole repair, patching and more will receive a R149 million allocation for the upcoming financial year. 'This includes upgrading high-traffic corridors that link townships to major economic centres, aiming to ease congestion and enhance connectivity,' stated JRA on Monday. Stormwater expansion in four Soweto suburbs will be prioritised at a cost of R189 million, while bridge rehabilitation in Soweto, Lenasia and Roodepoort will be allocated R152 million. ALSO READ: 80% of Johannesburg bridges in 'imminent danger' of collapse, says JRA Addressing traffic signal downtime along major routes through Randburg, Sandton, Roodepoort and Soweto will come at a cost of R60 million for the financial year. Kunene welcomed the allocation but stressed the city required at least R276 billion to address its road infrastructure backlog. The MEC stated that R90 billion was needed to expand the road network, R37 billion was needed for bridge rehabilitation and a further R144 billion was needed for stormwater infrastructure. Third-highest municipal budget The Johannesburg municipality has been allocated a total R26.2 billion for capital expenditure across all its entities over the next three financial years. National Treasury contributes 41.8% of that amount and loans account for 40.2%, with only 7.5% coming from the city's revenue generation efforts. ALSO READ: Fixing JRA traffic lights to cost R70 million, over 1 300 UPS units stolen JRA's allocation is the third-highest of the municipal entities, with Johannesburg Water and City Power to be given R5.6 billion and R4.6 billion over three financial years, respectively. JRA CEO Zweli Nyathi assured residents that the allocation would be spent wisely. 'We acknowledge that the magnitude of our ageing infrastructure requires substantially more investment. Every rand allocated will be utilised efficiently and effectively to make a tangible difference,' stated Nyathi. 'We appreciate the support and will strive to maximise the impact of these funds on maintaining and developing a safe and efficient road network for all,' added Kunene. NOW READ: JRA to take over province's role in fixing traffic lights in Joburg
The South African
13-06-2025
- Business
- The South African
Transfer news: Liverpool shell out club record R2.8 billion for Florian Wirtz
Liverpool have agreed a club-record deal worth up to £116 million (R2.8 billion) to sign attacking midfielder Florian Wirtz from Bayer Leverkusen, it was widely reported on Friday. British media reported that the Premier League champions would pay an initial £100 million, comfortably surpassing their own record outlay, but the performance-related add-ons, if achieved, would make it a potential British record. Reports in Germany suggested the potential fee could rise to £127 million. Liverpool's total spend on the 22-year-old Germany international could surpass the £115 million Chelsea agreed to pay Brighton in 2023 for Moises Caicedo, who turned down Anfield. Midfielder Caicedo cost Chelsea an initial £100 million fee, which could rise to £115 million. Striker Darwin Nunez was Liverpool's previous record signing in 2022, although they have not paid the full £85 million as he has not met all the requirements for certain add-ons to be due. Manchester City had been keen on Wirtz but pulled out, reportedly due to the spiralling costs of the whole package. Wirtz has been hailed as one of the 'best in the world' by former Bayer Leverkusen coach and ex-Liverpool midfielder Xabi Alonso, who is the new boss of Real Madrid. After largely keeping their powder dry in the transfer market during Arne Slot's first season in charge, the Reds are splashing out to strengthen a side that romped to a record-equalling 20th English top-flight title. Wirtz's Leverkusen team-mate Jeremie Frimpong has already joined Liverpool while a deal for Bournemouth left-back Milos Kerkez is understood to be well-advanced. Wirtz was played a crucial role in Leverkusen's greatest season as they claimed a first-ever Bundesliga title and the German Cup in 2023/24 without losing a single game under Alonso. Their only defeat that season, during which Wirtz was crowned Bundesliga player of the year, came in the Europa League final to Atalanta, denying the Werkself a memorable treble. Bayern Munich restored their grip on the German game last season, with Leverkusen a distant second, and Wirtz is joining an exodus from the BayArena. Where Liverpool's record signing fits into Slot's plans remains to be seen. Wirtz largely played behind a central striker at Leverkusen and has operated from a wider role for Germany. A return of 57 goals and 65 assists in 197 games for Leverkusen is evidence that he carries a threat both as a creator and a goalscorer. Liverpool are already blessed with an abundance of forward options, with Mohamed Salah, Luis Diaz and Cody Gakpo all offering a goal threat. However, Diogo Jota, Darwin Nunez and Federico Chiesa now face even stiffer competition and Liverpool might sell to free up further transfer resources, with suggestions they could sign a specialist striker. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news. By Garrin Lambley © Agence France-Presse
IOL News
13-06-2025
- Business
- IOL News
How this mining company turned R10,000 into just R125 in five years
Sable Exploration and Mining (SEAM) has incinerated 99.55% of investor value since 2019 – turning R10,000 into just R125 – while reporting a R47 million annual loss, seemingly operating without a CEO, and its auditors have questioned its ongoing viability. Image: SoraAI Sable Exploration and Mining (SEAM) has incinerated 99.55% of investor value since 2019 – turning R10,000 into just R125 – while reporting a R47 million annual loss, seemingly operating without a CEO, and its auditors have questioned its ongoing viability. Yet it continues to attract investment, a history of failed rebrands, and joint ventures with entities like Boo Wa Ndo, whose owner publicly seeks funding to "make the dream a reality'. Five years ago, the stock was trading at 11c and has lost 99.55% since then. Your loss from your investment would be R9,875. The industrial metals and mining company, which received a demand for an annual general meeting on 10 December 2024, is currently worth R2.8 million. In fact, it is doubtful as to why the company still even exists. Its auditors, CM & Associates Incorporated, questioned its ongoing viability as a business in their opinion statement in the latest annual report, given that it incurred a net loss of R47 million for the year to February. SEAM's then CEO, James Allan, who has since retired, noted in the annual report that it lost a 'considerable' amount in profit because of a joint venture partner's failure to provide funding for a project. IOL could not find a statement to shareholders indicating it had appointed a new CEO. The company also has a history of attempted buyouts and consequent name changes. In 2023, PBNJ Trading and Consulting offered shareholders 100c a share to buy out the rest of the company it did not already own. Only 9.8% of all the SEAM shareholders accepted the offer, resulting in PBNJ Trading and Consulting owning 59.9%. At that stage, its shares were worth 99c. In 2012, it listed under the form of Sable Platinum and its name was changed to Sable Metals and Minerals in March 'to more fully reflect the broader mineral interests of the company,' it said on its website. Consequently, it was approached by unnamed Middle Eastern investors who wanted to focus on diamond acquisitions, but they never came through with the funding. Regardless, the company's name changed to Middle East Diamond Resources Limited in January 2016. Because the promised investment never happened, trading in shares was suspended until 2022, by which time it had brought its accounts up to date and changed it name again, this time to Sable Exploration and Mining. Despite reporting losses, it has successfully attracted investment from Ironveld, which committed to funding the completion of a beneficiation plant to produce magnetite. SEAM has also signed a deal with Boo Wa Ndo for the latter to buy a 55% interest in the prospecting rights and mining permits over two properties in Limpopo. Boo Wa Ndo is apparently owned by Thulani Ngwenya, who says on his LinkedIn profile that he's seeking investment for his projects to 'make the dream a reality'. 'This transaction strengthens SEAM's asset base and aligns with its exploration mandate and will improve the cashflow,' it said upon announcing the deal. Interestingly, one of its independent executive directors is Hazel Bango-Moyo, a CA with more than 19 years of experience. Bango-Moyo, who this contributor has personally met, is exceptionally bubbly and has won awards. She started Primorial in 2017 to help small businesses grow by offering financial services advice, including support in filing their tax returns. IOL Business
