Anil Agarwal, the founder of resources company Vedanta and also the biggest shareholder in Anglo American, says investing in SA and the continent “makes the most business sense”.
Agarwal was speaking at the official opening of Vedanta’s Gamsberg zinc mine in the Northern Cape on Thursday. The company has invested $400m in the operation and plans to spend a further $1bn as it contemplates higher output and a refinery-smelter complex. Vedanta bought the resource from Anglo in 2011.
The comments show confidence in an economy in which investment slumped during years of legislative and policy uncertainty under the previous administration. Both President Cyril Ramaphosa and mineral resources minister Gwede Mantashe attended the Gamsberg opening. “I look at the business angle, I don’t look at the sentiment angle,” Agarwal said, adding that Vedanta was able to easily obtain 17 licences in six months in the country.
While Anglo exited some higher-cost operations in SA following a collapse in commodity prices in 2015, it is now doubling down on its cash-generating assets in SA. It is spending $2bn developing underground deposits at Venetia, the biggest investment in a South African diamond mine in decades.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ex-SA cricket star accused of being a thief and fraudster by business partner | Weekend ArgusRetired SA cricketer Justin Kemp has been accused of being a thief, fraudster and liar by his former business partner in an exclusive fishing charter and equipment business. WeekendArgus
Source: IOL - 🏆 46. / 51 Read more »
Summary: The DA’s 6-point plan to develop small business in SA
Source: ewnupdates - 🏆 30. / 53 Read more »
Sweet deal for SA's second JSE female MD | IOL Business ReportCaptain of industry Mamongae Mahlare says she has settled well in her new role as managing director of a subsidiary of Illovo Sugar Africa.
Source: IOL - 🏆 46. / 51 Read more »
SA to develop Africa’s largest tech hub | IOL Business ReportGovernment is looking at developing the biggest tech hub in Africa, a coding and programming academy for the youth and start-ups in particular.
Source: IOL - 🏆 46. / 51 Read more »
Mozambique gas — a $500m business opportunity for SAThe largest gas find in recent history is not just a boon for Mozambique, but a potential windfall for SA too
Source: BDliveSA - 🏆 12. / 63 Read more »
Premier London-born Toy chain Hamleys SA goes into business rescueThe toy shop chain has already closed two stores, including one of the biggest, in Midrand.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
De Beers merges SA and Canada mines into single businessWith a smaller asset base in both countries, De Beers is merging the two businesses under the leadership of veteran Nompumelelo Zikalala Head office in Canada for tax purposes perhaps :-)
Source: BDliveSA - 🏆 12. / 63 Read more »
SA’s potential: If you get the economy right, business can be spectacularNewsletter| SA’s per capital income has travelled sideways for a decade, and Eskom is the single biggest risk facing the country, says Adrian Saville. However, he believes there is potential: “If you get the economy right, business can be spectacular” ANC is the biggest threat to the economy, jobs, personal wealth and just about everything else. Ramaposa the man running the failed Eskom ' war room ' is dishonest enough to believe he deserves to run the country. The only potential for an improvement of SA’s economy depends on people voting wisely on 8 May... otherwise, we’ll follow Zimbabwe and Venezuela, if not worse.
Source: City_Press - 🏆 7. / 72 Read more »
WATCH: inDriver, a bargaining ride-hailing app has launched in SA | IOL Business ReportThe ride-hailing app called inDriver that lets passengers bargain for a good price, has arrived in South Africa.
Source: IOL - 🏆 46. / 51 Read more »
LOOK: SA's most extraordinary and expensive mansions | IOL Business ReportSeeff Properties currently has five extraordinary mansions listed for between R69 million and R180 million.
Source: IOL - 🏆 46. / 51 Read more »