WEDNESDAY, 11.00AM
DIAMOND cartel De Beers said on Tuesday it is to begin a $30-million development in the Angolan capital Luanda to house sorting facilities for its Angolan diamond production, following an agreement with Angolan national diamond company Endiama.
De Beers said the plans entail constructing a 12-storey building on Ediama-owned land in Luanda’s central business district. Endiama will own three floors of the building, which will house a purpose-built, secure diamnond sorting facility. De Beers said the $30-million building will create ”hundreds” of jobs during the construction phase, which will use local contractors.
De Beers said the investment will result in the company’s third sorting facility outside SA, following similar developments in Botswana and Namibia.
BUSINESS BRIEFS
BANK GETS $1,75bn CREDIT THE Reserve Bank on Tuesday secured a $1,75-billion standby revolving credit facility with a syndicate of international banks in London. The bank said the three-year loan offers cheaper funding and is a further sign on investor confidence in SA.
MAIZE ESTIMATE UP SA’s National Crop Estimates Committee on Tuesday revised up its forecasted 1997 maize crop by 306 000 tons. The revision was a result of higher-than-expected bushel mass, and brings the estimated total crop for the year to 7,966-million tons, of which 4,333-million tons is white maize and 3,633-million tons yellow.
SAA BIDS FOR TANZANIAN CO SOUTH African Airways is believed to be highly favoured for a 51% stake in Tanzania’s parastatal Dar es Salaam Airport Handling Company. A Tanzanian government official said it might be months until a decision on the sale is made, but SAA had been approached for a formal offer.