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Investing in African Mining Indaba 2017 Across the continent, the Africa Mining Vision, adopted by African heads of state in 2009, is gaining momentum with broader development imperatives aimed at integrating mining into industrial and trade policy. As Africa develops, so its sovereign and operating risk will diminish, and its infrastructure will improve. Already the African Development Bank expects growth across African economies to accelerate next year to reach 4.2 percent in 2018. A case in point is Nigeria, which has embarked on a long-term development of its mining sector, targeting $5 billion in investments over the next 10 years under a new industry roadmap. It recently also issued a three-year tax holiday for investors in the mining sector. ....
Matshela Koko, Eskom’s former group CEO, told the Zondo Commission on Wednesday that Johann Bester, Eskom’s GM for fuel sourcing, resigned from the power utility because he didn’t want to explain what happened during contract negotiations with Optimum Coal Mine. Around 2014 Bester told Koko about Optimum’s “hardships” and that the coal mine wanted to increase the price it charged Eskom for coal, from R154 per tonne to R255 per tonne, said Koko. He told the commission that the board gave its approval for negotiations to start and said the team should negotiate for between R196 and R296 per tonne. ....
April 2015, shortly after Brian Molefe was seconded as Transnet CEO to Eskom, the power utility’s board discussed its cooperation agreement with Optimum Coal Mine (OCM) that sought to address OCM’s struggles. The mine was producing coal for Eskom below cost, at around R150 per ton, and was likely to close unless it could secure a higher price. In 2013, OCM had approached the arbitrator in an attempt to raise its price, but then backed down and agreed to work with Eskom to solve its dispute. The Eskom board mandated Molefe to get information on the negotiations and report back. Molefe took a “dynamic interpretation” of the board’s instruction, he told the State Capture Commission on Tuesday. ....