Ramaphosa's $100bn target: These are the companies set to pour billions into SA | Fin24
 
Loading...

Ramaphosa's $100bn target: These are the companies set to pour billions into SA

Oct 28 2018 14:23
Guy Johnson, Amogelang Mbatha and Ntando Thukwana, Bloomberg
Cyril Ramaphosa

President Cyril Ramaphosa at the Investment Summit. (Presidency)

Have a look at some of the entities that made investment commitments during a summit championed by President Cyril Ramaphosa as he exceeded his target to lure $100bn over the next five years.

Companies pledged to invest almost $20bn, including a $6bn commitment from Anglo American Plc, although not all that money is new and some of it will come from state institutions.

  • Mining company Anglo American intends spending $6bn by 2022 on maintaining and expanding its mines in South Africa
  • Naspers, Africa’s largest company, plans to invest about $314m in new and existing technology companies
  • Sappi, the world’s biggest producer of dissolving wood pulp, is planning a $528m upgrade and expansion of its Saiccor Mill Packaging company
  • Mondi will invest $544m in expanding its capacity
  • Vedanta Resources has completed a feasibility study for a $350m investment in a zinc-mine project and processing plant. It’s also considering spending $700m to $800m on a smelter and refinery complex
  • About $306m is being invested in the Ivanplats platinum project, owned by Ivanhoe Mines, a Japanese consortium led by Japan’s Itochu Corp. and local community groups
  • Bushveld Minerals intends to allocate as much as $170m over the next three years expanding its capacity to produce and process vanadium Telecommunications company Rain Telecom plans to spend $68m on a 5G high-speed network
  • Mara Group, a Dubai-based company, has earmarked $100m for establishing a plant that will produce smartphones in South Africa
  • Sumitomo Rubber plans to spend $66m to expand a tire-manufacturing plant
  • Nestle SA will allocate $45m to expand in the food industry
  • Procter & Gamble Co. will earmark R300m for a new plant
  • McDonald’s Corp. will spend $206m on expansion over the next five years
  • Aspen Pharmacare Holdings Ltd. will invest $232m in a new pharmaceutical plans
  • Vodacom Group Ltd. plans to invest $3.4bn in telecommunications networks over the next five years
  • ACWA Power International intends investing $775m in solar power
  • Multichoice Group Ltd. will spend $69m on local content and technology
  • South African vehicle manufacturers, including BMW AG, Nissan Motor Co., Ford Motor Co., Toyota Corp., Volkswagen AG and Daimler AG’s Mercedes-Benz unit pledged to collectively invest $2.7bn in new capacity over the next five years
  • The Brics Development Bank will earmark $2bn for various projects

More from the summit:

SA is on a winning path - Ramaphosa

Ramaphosa expressed optimism that South Africa is on a winning path.

Since announcing the investment drive in April, China, the UK, the UAE, Saudi Arabia and Daimler AG’s Mercedes-Benz unit have pledged $35.5bn.

“We are making enormous progress,” Ramaphosa said in an interview with Bloomberg Television at the investment conference in Johannesburg, which attracted more than 1 000 delegates.

Ramaphosa was also confident that another ratings downgrade could be avoided.

“We are repositioning our economy and beyond this, I am confident that we will have done a pretty good job to put South Africa on a winning path once again,” he said.

* Fin24 is part of Media24, a subsidiary of Naspers.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER


NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

FaceApp has been at the centre of a debate on data security. What is your view?

Previous results · Suggest a vote

Loading...