Eskom must procure 50% of coal from black miners by 2018, says Gigaba

LINDA ENSOR | 14 MAY 2013 | BDLive

PUBLIC Enterprises Minister Malusi Gigaba is driving a process to establish a Mine Development Fund to finance the development of coal mines, mainly at the early exploration stage.

The minister said in his budget vote speech in an extended committee of the National Assembly on Tuesday that the government intended to ensure that by 2018, Eskom procured more than 50% of its coal from emerging black coal miners. This, he said, “would be a significant act of transformation”.

Over five years, Eskom is projected to spend more than R200bn for the supply of coal for its power stations. Continue reading

Gigaba urges Eskom linchpin to keep powering on

Lynley Donnelly | 09 May 2013 | M&G Online

After a spate of leadership upheavals at key parastatals, Malusi Gigaba, the public enterprises minister, said on Wednesday he had written to Eskom’s board, backing its efforts to keep financial director Paul O’Flaherty on at the power utility.

O’Flaherty announced his resignation late last year, shortly after a mass exit by the erstwhile SAA board as well as its former chief executive and other executives. O’Flaherty’s decision to step down came amid concerns over the state’s increased involvement in the management of parastatals.

O’Flaherty is seen as central to the delivery of Eskom’s R350-billion capital expansion programme, which includes the construction of the new Medupi and Kusile power stations. Continue reading

Oilgate 2: R1bn scandal rocks PetroSA

AmaBhungane Reporters | 26 Apr 2013 | M&G Online

Whistleblowers and investigations reveal how bosses and well-connected service providers allegedly conspired to loot from the national oil company.

Top managers at PetroSA ordered irregular payments of R200-million during a feeding frenzy at the national oil company that involved a well-connected lawyer and a fund manager, detailed evidence suggests.

They also appear to have risked another R800-million in potential liabilities, raising the total in questionable spending decisions to a ballpark R1-billion.

Allegations that some of the ­payments involved kickbacks remain unproven, but a former director has told the police he believes anti-corruption laws were broken, and ama­Bhungane has found evidence of a large, unexplained payout to an unidentified third party. Continue reading

PetroSA spending a R1 billion question

Sapa | 26 April, 2013 | Times Live

Questions have been raised about the suspected spending of around R1 billion at PetroSA, according it was reported on Friday.

The parastatal’s top management allegedly authorised around R200 million in irregular payments, the Mail&Guardian reported.

Former chief financial officer Rain Zihlangu reportedly submitted three affidavits to the police in November, asking for an investigation into the spending. Continue reading