Over R130bn In Investment Committed To SA

The event is part of Ramaphosa’s drive to attract over a trillion rands in local and foreign investment. PICTURE: GCIS

JOHANNESBURG: Ramaphosa is hosting over 1,000 delegates including top CEOs from across the world at the Sandton Convention Centre.

Over R130 billion in investments has been announced at Friday’s installment of the investment conference.

President Cyril Ramaphosa is hosting over 1,000 delegates including top CEOs from across the world at the Sandton Convention Centre. The event is part of Ramaphosa’s drive to attract over a trillion rands in local and foreign investment.

The investments announced are contributions from the paper and packaging, mining and telecommunications sectors. Anglo American invested the largest share with over R71 billion.

Executive head Andile Sangqu has commended Ramaphosa for his strategy in making South Africa a conducive environment for investment.

“We plan to invest $6 billion between 2018 and 2022 on sustaining and extending the lives of our mining operations in South Africa. We will be preserving 72,000 jobs at our operations.”

Vedanta Resources has given over R21 billion towards mining projects in the Western Cape.

While Bushveld Minerals in the North West and Ivanplats contributed R2.5 and R4.5 billion, respectively.

Here is the investment breakdown:

Paper sector

Sappi: R7.7 billion

Mondi SA: R8 billion

Mining sector

Vedanta Resources: R21.4 billion

Bushveld Minerals: R2.5 billion

Ivanplats: R4.5 billion

Anglo American: R71.5 billion

Telecommunications sector

Mara: R1.5 billion (Uganda)

Rain: R1 billion

Naspers: R6 billion

Mercedes-Benz: R10 billion

Total in investments: R134.1 billion