Transnet Freight Rail says it needs R80bn to get back on track | Business

Transnet Freight Rail has a capital investment shortfall of R80 billion over the next five years to restore its operations, top company executives told a National Treasury webinar on Friday.

The state-owned rail freight company projects dramatic shortfalls for rail infrastructure, wagons and locomotives. It projects that the funding requirements over the next five years to restore operations is around R111 billion, while the corporate plan anticipates it will have R30 billion available.

A request to the Treasury for a substantial capital injection – believed to be R40 billion – was turned down by Finance Minister Enoch Godongwana in October. Instead, Transnet got R5.8 billion, of which half was to be used to repair flood-damaged infrastructure and a half to buy spare parts for locomotives. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month.

_Business politicsblahbla TottenhamHotspur may help with a loan - go ask them!

_Business politicsblahbla how, like just how are all the SOE's so badly managed - surely SOE's need to report back to the National Treasury

_Business politicsblahbla Now Transnet is gone too

_Business politicsblahbla Disgrace

MandelaMinutes _Business politicsblahbla Privatise, let’s not go through eskom again

_Business politicsblahbla Start by firing everyone at Transnet, have a clean slate because these useless people are the ones that got Transnet there in the first place

_Business politicsblahbla They sat on their corrupt and incompetent behinds for decades while infrastructure rotted away.

_Business politicsblahbla They are blatantly looting and looting and looting!one day there'll be nothing left!😈😈😈

_Business politicsblahbla SA looted into the ground by a barbarian nation. And how exactly will the same usseles ANC buffoons who caused the problrms going to protect the new infrastructure?

_Business politicsblahbla Transnet needs someone in charge with integrity and skill.

_Business politicsblahbla Chinese and Russian investment loading.

_Business politicsblahbla There will be no restoration as the funds will be looted into cars houses and parties for the channas

_Business politicsblahbla THANKS THE FAILED ANC

_Business politicsblahbla R1billion investment would be helpful...oh wait...we've sponsored SpursOfficial instead! 🤣😂🤦🏻‍♀️ MYANC 🤡's want 2 bring in tourists but it's own SA citizens don't even have a functioning rail system let alone electricity 2 run them even if we did. U can't make this shit up. 🥴

_Business politicsblahbla Amazing how Transnet are allowed to flourish in incompetens and corruption under anc leadership, obviously against the future of the taxpayers of South Africa.

_Business politicsblahbla First repair your stations and tracks . remove squatters from your tracks.. restore service there .than just maybe you see the light

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Transnet rail workers received double pay in January after bank switch | BusinessTransnet Freight Rail accidentally paid most of its employees twice in January due to an error that occurred while switching to new bankers. | News24_Business _Business Incompetence is no longer a surprise _Business Everything For Free _Business No rocket syensice in that just don't pay them next month simple like drinking water.
Source: News24 - 🏆 4. / 80 Read more »

COMPANIES: Kumba Iron Ore sales plummet 35% on Transnet’s meltdown, warns of annual earnings declineThe costs of state-run logistics company Transnet’s meltdown are mounting. Kumba Iron Ore, a unit of Anglo American, said on Thursday that its sales in the fourth quarter (Q4) of 2022 fell 35% compared with the same period the year before, largely because Transnet is not up to task.
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