Cyril Ramaphosa tackles mining investors’ fears
President says crisis-hit Eskom will be fixed as restoring energy security is an imperative
President Cyril Ramaphosa tackled major industry concerns about Eskom and the security of investments and land tenure, hoping to soothe fears and encourage capital inflows. As the first sitting SA president to address the 25-year-old Investing in Africa Mining Indaba in Cape Town, Ramaphosa sought to address issues raised by the Minerals Council SA, mining executives and investors. While he did not go into detail about what the government’s actions regarding Eskom will be — with that plan expected to be unveiled in his second state of the nation address on Thursday evening — he assured a packed room of delegates that the crisis-hit power utility would be fixed.
Eskom, the source of more than 95% of SA’s electricity, expects to report a net loss of R20bn for the financial year to end-March, up from the R11bn it had told the market to expect, while it cannot service its R419bn of debt from cash flows. "Restoring energy security for the country is an absolute imperative," Ramapho...