Tuesday, July fifteen, 2008.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

The State-owned Public Investment Corporation (PIC) has approved a financing package worth as much as 6-billion rand for black-empowered AfriSam.

The AfriSam Consortium will use the funds to replace a bridge financing facility provided to it by Holcim last year, as part of its acquisition of an 85% stake in the cement maker.

Acting on behalf of the Government Employees Pension Fund, the PIC would make a 200-million rand equity investment and contribute 4,5-billion rand in preferential shares. The balance would be debt instruments.

The AfriSam Consortium approached the PIC to fund its permanent capital structure.

The Johannesburg inner city's urban development zone (UDZ) tax incentive would be extended for another five years, after it had stimulated almost 5-billion rand in investment being pumped into the city over the last four years.

The extension of the UDZ tax incentives ‘sunset' from 2009 to 2014 would offer inner city investors, enough time to secure maximum benefit from the incentive, and the incentive now included sectional title and shared ownership, as well as first time buyers of new or renovated and refurbished buildings, said Johannesburg inner city economic development programme manager Lebo Ramoreboli.

With the extension of the incentive, the UDZ hoped to encourage a second wave of inner city investors, who would follow in the wake of investors such as gold miner AngloGold Ashanti, which relocated to the refurbished Turbine Hall in Newtown, as well as a host of other property developments in the inner city.

The smelting technology deal that the London-listed Braemore Resources had struck with South Africa's state-owned Mintek was designed to "look after" emerging South African platinum miners as the Department of Minerals and Energy did not want them to be dependent on South Africa's big-three platinum producers for smelting capacity, Braemore executive director Clayton Dodd said on Monday, ahead of the company's JSE listing on Wednesday.

The transaction also had a "very high" 50% black economic empowerment component to it.

In five years, Braemore anticipated becoming a mining, smelting and refining entity that would have played a key role in the consolidation of developing platinum companies in South Africa, CEO designate Leon Coetzer said.

Also making headlines:

‘Significant' financial losses after technical glitch delays opening of JSE
KZN's Ingagane power station may be reopened
Mmamabula power plant will be carbon capture ready, CIC assures
AngloGold Ashanti trims hedgebook by 39%
High gold price swells ranks of illegal miners
And, human rights group 'deeply concerned' about DRC mine contract negotiations

In political news:

Ban Ki-moon tells Sudan to ensure safety of UN staff
Thabo Mbeki to discuss Zimbabwe crisis with AU chairman
Obama camp not amused with magazine cover
And, African Union urges International Criminal Court to suspend Bashir warrant

That's a round up of news making headlines today. For more on these and other stories, visit engineeringnews.co.za, miningweekly.com and polity.org.za