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MIC boasts strong recovery

Jun 30 2011 10:45 Sapa

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Johannesburg - The Mineworkers Investment Company (MIC) showed a "strong recovery" in its annual review for the year ending February 2011, CEO Paul Nkuna said on Thursday.

MIC's investment portfolio grew from R1.2bn in 2010 to R2.2bn in 2011, he told reporters in Johannesburg.

This was an increase of more than 80% after MIC's net assets declined by 40% during the 2008 global financial crisis.

"Our challenge is to take it up to R3bn in the next two to three years," Nkuna said.

The MIC has investments in 14 companies, with the star performers in the last year being Metrofile and Tracker, Nkuna said.

"The beauty of them is there's still a lot of opportunity to perform better."

Set up in 1995, the MIC has one shareholder, the Mineworkers Investment Trust.

It was established with seed capital of R3m from the National Union of Mineworkers (Num) to alleviate the plight of its members. However, it does not invest pension funds or subscriptions of Num members.

"We were mindful that mineworkers would still not be in a position 10 to 20 years down the line to ... pay for their children's education."

The MIC had produced 700 graduates to date, Nkuna said.

It also funds emerging farmers and provides retraining for retrenched workers, among other projects.

 
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