Current Edition >> Archives Section >> Business Pointers >> 1 - 15 March 2004
Harmony acquires another mine : Harmony Gold Mining Company is finalising it's acquisition of Avmin's 42,2% interest in Avgold Limited at a purchase price of R2 894 million. With that, Harmony will own 54% of Avgold and become the new owner of Target Mine near Allanridge. Target is expected to produce in excess of 300 000 ounces per annum at a cash cost of US$230 per ounce. The operation has a lifespan of 18 years. However, Avgold still retains the prospective Target North Project area with a resource of 59,6 million ounces.
New shopping mall for Kimberley : It has been announced that Kimberley is to get a R130 million shopping mall to be erected by a nationwide group of developers on Oliver Road in Monument Heights. The complex is expected to open early next year. The fully airconditioned mall will consist of several national chain stores and restaurants currently not operating in Kimberley and it is believed that this new facility would curb a lot of current shopping seepage to Bloemfontein.
SMME sector and Internet : A survey by the South African Internet Economic Study (SAIES) of the small, micro and medium enterprise (SMME) sector shows that although the majority of companies surveyed are connected to the Internet, the use of the Internet for e-commerce was still in its infancy, with the most significant constraints being the cost of bandwidth and a lack of knowledge. For purposes of the survey, the SMME sector was defined as having a yearly turnover of less than R5-million and fewer than 200 employees. Although 62% of respondents had websites, these websites were not being used effectively as many were not updated on a regular basis, had no hit counter, and more than half were designed by the owners themselves or friends.
Mice contributes R20bn to SA's GDP : Following the gathering of some 1500 top Mice (meeting, incenting, conference and exhibition) industry companies at the ICT 2004 exhibition in Johannesburg in January, it is estimated that the total Mice industry contributes approximately R20bn to South Africa's GDP, which represents some 246 000 jobs with R6bn being paid annually in salaries. Some 17% of foreign delegates bring an accompanying person with them while travelling, while 39% return with family and friends within five years of attending a conference or incentive. It is further estimated that Africa as a whole has only 4% share of the world's Mice market.
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