Shape up SOEs if you want more investment, mining bosses tell government

accreditation
The Investing in Africa Mining Indaba will kick off in Cape Town on Monday. (Liesl Peyper, Fin24)
The Investing in Africa Mining Indaba will kick off in Cape Town on Monday. (Liesl Peyper, Fin24)

CEO of Vedanta Zinc International, Deshnee Naidoo, has called on government to secure reliable and equitable power as well as world class infrastructure, to allow the company to honour its commitment to environmental and social benefits for South Africa.

Naidoo was speaking at the 2019 Mining Indaba in Cape Town’s International Convention Centre on Monday morning.

Eskom is currently asking for a 15% tariff hike from the National Energy Regulator of SA. Transnet is pursing legal action over a locomotive contract it is said to have awarded irregularly, where it lost billions.

Vedanta – which owns the largest copper smelter in India – also runs operations in the Northern Cape. The company’s chair and founder Anil Agarwal has pledged to donate 75% of his family’s wealth to charity.

During her address, she detailed the commitments the company has made to world-class projects in social benefit, community empowerment and mining town rehabilitation.

She said the services of state-owned companies such as Eskom and Transnet were vital to ensuring optimum impact from Vedanta’s investment in South Africa.

"We need affordable and reliable power supply and reliable rail infrastructure in order to invest meaningfully in South Africa. Vedanta is capable of developing means on its own, but we would love to do this in partnership with South Africa," said Naidoo.

South 32 chief operating office Mike Fraser echoed Naidoo’s sentiments in his own address, saying Eskom needed a number of interventions in order to service industries in a sustainable manner.

Fraser said the skill set within Eskom needed to be secured. He advocated for the breaking up of Eskom, parallel to other interventions to improve the company’s chances of thriving.

He said there should be a reform in the company’s tariff model that would allow it to provide affordable energy and sustain itself.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
17.59
-0.6%
Rand - Pound
21.20
-0.7%
Rand - Euro
18.94
-0.2%
Rand - Aus dollar
12.15
-0.5%
Rand - Yen
0.13
-0.1%
Platinum
973.05
-0.1%
Palladium
1,608.54
-1.4%
Gold
1,873.94
+0.2%
Silver
22.46
+0.5%
Brent Crude
79.94
-2.8%
Top 40
73,584
-0.7%
All Share
79,711
-0.7%
Resource 10
73,972
-1.6%
Industrial 25
103,438
-0.0%
Financial 15
16,379
-1.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders