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South Africa

Mining TRC seen as a first step

The establishment of a process such as the Truth and Reconciliation Commission (TRC), which marked the end of apartheid and the start of reconciliation, is needed to build trust in the fractured mining industry, says Neal Froneman, CEO of Sibanye Gold and vice-president of the Chamber of Mines. Cautious in not being too prescriptive about the process and how it would work, Froneman said the establishment of "TRC Two" would clear much of the bad blood and distrust that marked engagements between the companies, unions and the government on charting a sustainable and inclusive future for the industry at a particularly difficult time.

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What are the best approaches to Africa’s economic development?

Beneficiation a step in mineral processing is discussed at just about every conference centred on Africa’s economy. Countries on the continent generally export raw mineral materials, only to import the finished products. And business experts, economists and development organisations have for years been hailing local beneficiation processing the materials in the countries where they are mined as the answer to Africa’s economic challenges. Shawn Duthie, an analyst at Africa Risk Consulting, argues, however, that when it comes to the continent’s economic growth, the beneficiation of natural resources might not be the best approach after all. During a panel discussion at today’s Thomson Reuters Africa Summit in Cape Town, he highlighted alternative approaches ones that have worked for other developing nations in the past.

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South African animator on what gives the country’s industry a global edge

Does South Africa’s animation industry have the potential to become a global competitor? According to Phil Cunningham, founder at the Cape Town-based animation studio Sunrise Productions, the answer is a definite yes“South Africa’s industry is still very much in its infancy… I think that is the big difference between us and a lot of the world. It is a vibrant and exciting space with a lot of talent and growth, but there is still a lot of structure and development that has to happen for the industry to mature. Cunningham points out that a weak rand means that South African animated shows or films are a lot more affordable for global broadcasters than those produced by developed countries, such as the US and UK. And while they are still not as cheap as Asian products, Cunningham argues that the South African industry competes when it comes to quality, as well as its sensitivity to different cultures and global values.

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R1bn recapitalisation of the National Empowerment Fund

Prospects are looking good for a R1bn recapitalisation of the National Empowerment Fund (NEF) by the Industrial Development Corporation (IDC). This is according to the fund’s CEO Philisiwe Mthethwa, who was speaking on Tuesday ahead of a briefing to Parliament’s trade and industry committee. She said the departments of trade and industry and economic development had reached agreement on the way forward and had given the IDC the go-ahead to proceed with the recapitalisation of R1bn.

The news of the recapitalisation was welcomed by DA trade and industry spokesman Geordin Hill-Lewis, who said the NEF, unlike many other state departments and entities, had been effective in supporting black entrepreneurs and needed more funds to expand its work.

Source: BD Live


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