Arts Festivals Call For Clarity on Funding
Long-standing arts festivals that provide thousands of jobs have received no funds this year from the arts and culture department
PwC
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New Chairperson and Deputy Chairperson of IDT elected
New Chairperson and Deputy Chairperson of IDT elected
Public Works and Infrastructure Minister Dean Macpherson has welcomed the election of Zimbini Hill as the Chairperson and Professor Raymond Nkado as the Deputy Chairperson of the Independent Development Trust (IDT).
Hill is the former interim chairperson of the IDT, with 20 years' experience as an executive leader in sectors ranging from financial services to public sector governance. She holds an MBA in Finance from Cass Business School at the City University of London.
Professor Nkado is the former Executive Dean for the Faculty of Engineering and the Built Environment at the University of the Witwatersrand, former President of the South African Council for Project and Construction Management Professionals. He holds a PMP qualification from the Project Management Institute of the United States.
“The Minister met with the Board this morning to welcome the latest appointments and wish them success for the remainder of their term,” the Department of Public Works and Infrastructure said in a statement on Monday.
Thereafter, the Board met with just the trustees to elect a Chairperson and Deputy Chairperson from among its members.
“Today's board meeting brings about much needed stability to the IDT and brings an end to vacancies that have existed at the entity for the last 18 months.
“The new board will now have to deal with several challenges currently facing the IDT, including ensuring full compliance with the ongoing PWC investigation into the PSA Oxygen Plant Tender, restoring public trusts in the IDT and putting the entity back onto a pathway of good, clean, and transparent governance,” the department said.
READ | Macpherson welcomes PwC probe into R800m oxygen plant tender. – SAnews.gov.za
Edwin
Mon, 04/07/2025 - 13:38
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Macpherson welcomes IDT board appointments
Macpherson welcomes IDT board appointments
Public Works and Infrastructure Minister, Dean Macpherson has welcomed the appointment of five new trustees to the Independent Development Trust (IDT).
“The Minister of Public Works and Infrastructure, Dean Macpherson, welcomes the Master of the High Court’s appointment of five new trustees to the Independent Development Trust. The Minister has consequently written to the IDT board, now fully quorate for the first time in a year and a half, urging members to convene urgently to elect a chairperson among themselves to ensure optimal functioning of the agency,” said the Department of Public Works and Infrastructure (DPWI) in a statement on Wednesday.
The five newly appointed members to the board are Zimbini Hill, Jeffrey Mahachi, Raymond Nnaemeka Nkado, Nangamso Msuthukazi Matebese, and Bella Zoleka Mnanzana.
They join Matodzi Ratshimbilani and Derek Naidoo, whom the Minister previously appointed as his representatives to the board, as well as Mpilo Mbambisa, Lufuno Nevondwe, Karabo Siyila, and Prudence Mkhwanazi, who previously served on the board.
Macpherson said there has been allegations of corruption and governance issues at the IDT. The IDT is a Schedule 2 state-owned entity which manages the implementation and delivery of critically needed social infrastructure programmes on behalf of the government.
“Officials and I have worked tirelessly since then to uncover the truth and restore governance stability after months of the board operating without a quorum,” Macpherson said.
He also expressed his good wishes to the board “as they embark on the critical task of cleaning up the agency and restoring the IDT to its rightful position in delivering social infrastructure.”
He is also looking forward to the swift conclusion of the PwC independent investigation to ensure accountability, including potential criminal prosecution, where necessary. The investigation is around the circumstances of the awarding of a controversial R800 million Oxygen Plant tender awarded by the IDT.
READ | Macpherson welcomes PwC probe into R800m oxygen plant tender
“The IDT has a crucial role in transforming South Africa into a construction site, thereby driving economic growth and, importantly, creating jobs. It is through the transparency and accountability that we have introduced at the department that we will be able to enhance service delivery and build a better South Africa,” he said. -SAnews.gov.za
Edwin
Thu, 04/03/2025 - 10:09
185 views
M&As Reflect Growing Global Interest in African Mining
International mining stakeholders are increasing their access to Africa's mineral resources through joint ventures, acquisitions and stakes in local projects. Meanwhile, African countries and operators are leveraging these partnerships to enhance capital, accelerate project development and meet ambitious production targets.
The upcoming African Mining Week (AMW), taking place in Cape Town this October, will spotlight mergers and acquisitions (M&A), offering African projects a platform to showcase opportunities and providing global investors the stage to present growth strategies for Africa's expanding mining sector.
Recent research by the Economist Intelligence Unit indicates that foreign investment in Africa's mining industry is poised for significant growth in 2025, building on strong momentum established in 2024. Several key transactions highlight this trend. Earlier this month, UK-based Altona Rare Earths finalized its acquisition of an 85% stake in Botswana's Sesana Copper-Silver Project from Ignate Minerals, committing significant capital to accelerate exploration and mine development. In December 2024, Australian mining firm Patriot Lithium acquired a 90% stake in Zambia's Kitumba Copper Large Scale Exploration License from Newlight Nominees Zambia, enabling increased funding for exploration and production activities. Similarly, in October 2024, Jubilee Metals, a UK-based company, acquired Project G, its second open-pit copper asset in Zambia, as part of a strategy to boost investments and raise copper output to 25,000 tons per year.
Recent M&A activity in Africa's mining sector is reshaping the industry, improving operational efficiencies and creating new pathways for innovation and technology transfer. For African nations, these investments bring new opportunities for job creation, infrastructure development and access to global markets, fueling economic growth. Additionally, the influx of foreign capital and expertise enhances local capabilities, enabling African countries to harness their natural resources more effectively while addressing challenges like underdeveloped supply chains and limited financing for exploration.
In South Africa, M&A activity reached $10 billion between June 2023 and 2024, with 32 deals closed, compared to 24 year-on-year, according to PwC. Among the notable deals, Kenya's Marula Mining secured a 51% stake in South Africa's Mansera Kruisrivier Cobalt Holding Company in July 2024, funding feasibility and aerial studies to advance the project. Meanwhile, China's Baowu Steel Group acquired stakes in Guinea's Simandou Project, the world's largest untapped iron ore deposit, in June 2024. In Mali, Ganfeng Lithium secured an operational stake in the Goulamina Lithium Mine in a $342.7-million deal with Australia's Leo Lithium in May 2024. The UAE-based International Resource Holdings also entered the market, acquiring Zambia's Mopani Copper Mines for $1.1 billion in May 2024, enhancing exploration and production capabilities at one of the country's largest copper facilities.
As African nations focus on boosting mineral production to drive economic growth, M&A activity is expected to intensify, with global partners seeking greater stakes in the continent's abundant resources. Against this backdrop, the upcoming AMW will play a crucial role in shaping Africa's M&A landscape by facilitating project showcases, fostering partnerships and advancing deal signings that will define the future of the mining sector.
African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference (https://AECWeek.com/) from October 1 -3. in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com
Distributed by APO Group on behalf of Energy Capital & Power.
Eskom and PwC settle R43 million dispute over cost reduction contract
Eskom and PwC settle R43 million dispute over cost reduction contract
Eskom and PricewaterhouseCoopers (PwC) have reached a R43 million settlement in a high court case initiated by Eskom in 2021 related to a disputed cost reduction contract.
According to Eskom, the case aimed to “set aside a cost reduction contract, known as the ‘Capital Scrubbing engagement’, and recover payments made to PwC and Nkonki”.
Eskom Group Chief Executive, Dan Marokane said: “Management’s commitment in dealing with cases arising from the findings of the Zondo Commission has been instrumental in achieving this outcome, and it underscores our dedication to restoring integrity within Eskom”.
The power utility explained that the contract had been “scrutinised by the Judicial Commission of Inquiry into Allegations of State Capture” - also known as the Zondo Commission.
“Under the terms of the settlement, the disputed contract has been set aside, and PwC will pay Eskom a sum of R43 million in a full and final settlement of Eskom’s claim against PwC. This settlement is a significant milestone in our ongoing action plans to enhance governance and accountability,” Eskom said.
The power utility reaffirmed its commitment to dealing with corruption, while strengthening its generation recovery.
“Eskom will continue to focus on implementing generation recovery, strengthening governance, and tackling crime and corruption while future-proofing the organisation to enable energy security, growth, and long-term sustainability to the benefit of South Africa and sub-Saharan Africa,” Eskom said.
For its part, PwC issued a statement, acknowledging that it had learned “important lessons” throughout the civil dispute process.
“PwC participated in good faith in what it believed was a compliant bidding process for the award of the Capital Scrubbing engagement. However, the State Capture Commission found the Capital Scrubbing contract between PwC and Eskom to be irregular as a result of Eskom’s non-compliance with relevant procurement laws.
“There was no evidence that any partner or staff member from PwC was involved in any unlawful or irregular conduct in the bid for or award of the Capital Scrubbing engagement. Similarly, there was no finding of any wrongdoing against PwC made by the court in respect of the civil dispute between PwC and Eskom.
“We are pleased to have finally concluded this longstanding civil dispute. Going through this process afforded us the opportunity to reflect and learn some important lessons,” PwC said. – SAnews.gov.za
NeoB
Thu, 01/30/2025 - 10:09
26 views
Eskom and PwC Settle on R43 Million in Legal Dispute
Wednesday, 29 January 2025: Eskom and PricewaterhouseCoopers (PwC) have reached a settlement in a high court case initiated by Eskom in 2021. The case aimed to set aside a cost reduction contract known as the “Capital Scrubbing engagement” and recover payments made to PwC and Nkonki. This engagement was scrutinised by the Judicial Commission of...