Annual Reports 2017/18
The Portfolio Committee on Mineral Resources was briefed by the Council for Geoscience (CGS), Mintek, the State Diamond Trader (SDT) and the South African Diamond and Precious Metals Regulator (SADPMR) on their annual reports for the 2017/18 financial year.
The CGS has managed to maintain an unqualified audit for the past 17 years. It has put in place procedures to ensure fraudulent activities can be reported anonymously.
During this financial period, Mintek has done a lot of capital investment amounting to R51 million. It was the 6th year for Mintek to have a clean audit report from the Auditor General, news that was well received by the committee. A new discovery that was patented was the production of MgCO3 from the beneficiation of mining related waste. This patent creates a potential opportunity for Mintek to fill a niche gap in the market with the potential added advantage of being able to reuse waste CO2 and produce cleaner waste effluent due to the concomitant removal of contaminants through precipitation.
The State Diamond Trader celebrates its 10th year anniversary this year. SDT has been able to achieve some of their mandate with a key performance metric that saw the revenue increase by 6%, which was greatly attributed to the change in $ and R exchange rate and the bonus paid to employees.
On derelict and ownerless mines, there existed an unanswered legal question that was posed and discussed numerous times, which is derelict and ownerless mines inherently in light were created during the time of the different dispensation.
All entities agreed that the State should not only continue with its funding but also increase their baseline allocations. In addition to these, the financial year saw some of the State entities achieving, missing and even exceeding their set target.
Council for Geoscience on its 2017/18 Annual Report
Mr Humphrey Mathe, Chairman, Council for Geoscience (CGS), said that in the previous meeting he had been accompanied by a delegation of acting executives. He was pleased to say that the CGS had been able to appoint a permanent board and CEO.
CGS provides integrated, systematic and thematic maps and conducts research of onshore and offshore geology to facilitate mineral, energy and agricultural development.
The baseline shale gas study that the CGS undertook in Beaufort West has encouraged some associates to further in their MSc and PhD studies. CGS continues to mentor and mould its associates to advance their knowledge in geoscience and its impact on development for them to become the next leaders of CGS and SA Inc.
The geo-environmental impact investigations on contemplated development of shale gas contribute to the finalisation of regulations to mitigate the risk of environmental effects and water pollution. 33 million litres of potable water per month was gifted to Beaufort West, which now serves 45 000 people. With the Level 6 water restrictions due to the drought in the Western Cape, this amounted to a contribution of about R13 million per month as a result of the baseline study on shale gas.
The CGS has managed to maintain an unqualified audit track record for the past 17 years and aims to better the audit opinions from the Auditor General It has put in place procedures to ensure that any fraudulent activities can be reported including anonymously and it continues to strive towards a clean audit. He expressed the need for the CEO and his team to work towards its attainment.
The CGS believes the State’s investment in acquisition of geoscientific information constitutes a necessary precursor for exploration activities needed to replace the mines that are currently being depleted; and to improve the mineral wealth of the country. South Africa’s geology remains highly prospective whilst the mineral potential is grossly underexplored due to the limited mapping of the scale of 1:50 000. One of the core factors of attracting more than double digit share of the global enterprise exploration spent is that the respective states have constantly invested in geoscience information and knowledge. It is for this reason that the CGS has adopted the Integrated and Multidisciplinary Geoscience Mapping Programme which requires appropriate resources.
The CGS reported on two lowlights. First, on 9 May 2018, there was an unfortunate incident of unhealthy gases being detected in a building that houses its laboratory. The building has since been shut down and investigations carried out to establish the source. It will only be re-opened once it is safe to do so. A medical check-up was conducted on all associates working in the building to ensure their health. Secondly, CGS recently had a fake email purporting to come from the CEO and sent to the CFO requesting transfer of funds. The diligence on CGS financial procedures protected it; and it has since requested increased vigilance of this. Its data email systems were no longer exposed to hacking.
Mr Mosa Mabuza, CGS Chief Executive Officer, said that the CGS is one of the National Science Councils. The Geoscience Act of 1993, as amended, established the CGS in its present form. It is a Schedule 3A Public Entity in terms of the Public Finance Management Act (PFMA). He added that CGS had been shifting from commercial in the last two years, to their core mandate.
The baseline allocation is growing which is vital to the execution of the CGS mandate as it affects the attracting and retaining the crème de la crème for long-term employment. There has been no financial allocation this year despite the R20 billion required funding, which is to be achieved over a period of 10 years. Thus, there are not enough funds to increase and fulfil its mandate, which leads to a shortfall of 1.4 billion within a period of 3 years. An investigation has been instituted to establish the root cause of the R74 000 irregular expenditure for non-compliance with National Treasury’s instruction note on local content when purchasing protective clothing.
Governance structures and internal controls are being improved to work towards a clean audit as well as installing a hotline for reporting corruption anonymously. These measures have been put in place to ensure sustained and improved accountability and integrity of the CGS overall.
Mr Mabuza gave some highlights of CGS activities (see document).
The financial outlook of CGS is a positive one with a liquidity ratio of 1.6:1 and this will ensure that it meets its financial obligations as they become due. In addition, a steady balance sheet position is maintained with a total asset of R565.6 million, thus expecting an income generation of R529 million. The available cash and cash equivalent will be utilised for:
- Required working capital
- Construction of office space and the Museum
- Recapitalisation - vehicles and scientific equipment replacements
- Physical security improvements.
Mintek on 2017/18 Annual Report
Mr Dickson Masemola, Chairperson, Mintek, noted the recruitment to employ a permanent CEO had been successful. Mintek was one of the top performing state owned enterprises and had received a public sector award.
Acting Mintek CEO Sakhi Simelane said the entity saw a 7% increase in commercial revenue of R170 million as well as a 9% increase in group revenue during 2017/18. Mintek has also done a lot of capital investment amounting to R51 million. It was sixth year for Mintek to receive a clean audit from the Auditor General.
Mintek continues to work in the fuel cell space under the HySA programme. A second catalyst, HySA-V40, was successfully scaled to 1kg/batch and the material validated. A new patented discovery was the production of MgCO3 from the beneficiation of mining related waste. This patent creates a potential opportunity for Mintek to fill a niche gap in the market with the potential added advantage of being able to reuse waste CO2 and produce cleaner waste effluent due to the concomitant removal of contaminants through precipitation.
Mintek visited many mining companies, with the aim of establishing relationships. It has managed to gain 17 patents on discoveries. There has been a 16% increase of Masters and PhD holders in Mintek staff. It continues to capture the market share with its Cynoprobe, and it recently sold its 100th Cynoprobe instrument in 2017. There was an increasing demand for the Version 3 Cynoprobe, established by Mintek, with each costing R500 000 each. Mintek started its Solar Metallurgy project and hopes to see positive results at the conclusion of it. Mintek was able to hand over the Finland project during this period and this was a great achievement.
Looking at the business environment during 2017/18, there were signs of increases in developmental projects but most of the mining companies were still being selective about what projects to invest in. Most junior mining companies continue to struggle to raise money for projects. Most of the commercial revenue, which was about R170 million, was mainly for operational efficiencies that went to different mining companies as well as a few private plants.
Mintek is currently negotiating with Treasury to have the baseline increased on state programmes. Bushveld titaniferous magnetite and Springbok Flats coal/uranium research project that was started last year has shown positive results so far and Mintek hopes for its advancement in the coming year.
Ms Gugu Nyanda, General Manager: Cooperate Services, Mintek, stated that investing in people has made significant improvements since its establishment. The staff complement is 2 024 people, with 75% in the core function and 25% in support and safety. Mintek had set out a target of 46% female staff and is currently at 42%, which it hopes to increase within the next two to three years. In the Working and Learning Internship programmes, it had set out a target of 60 interns but exceeded its target by acquiring 78 interns.
Mr Alan McKenzie, General Manager: Technology, noted that universities often have difficulties in placing students for their practical training component and that they were currently training 50 students from Wits University, for a period of six weeks, with the hope of expanding the programme to other universities in the near future. Mintek also hosted the 3rd DST-NAM 20 interns, within a period of three months and is currently finishing up on the last one. Most of these students come from African countries.
Sustainability is of great importance to Mintek. There are 249 derelict asbestos mines and CGS, through prioritisation, selected 58 mines. Of these, ten rest on public land. Mintek uses a bonding agent to ensure a hard cover that encapsulates the asbestos underground as a form of rehabilitation.
Mr Alan Mckenzie also spoke of the use of nanotechnology to support the Kimberley Process. Mintek has the only lab in the world that can detect the origin of a rough diamond.
Other topics addressed were: Mintek’s CRT processing project; Cynoprobe used in treating cyanide; mine cooling process; base metal processing; poor state of the platinum group metals (PGMs) industry had stalled PGM smelting; world’s biggest untapped resource of titanium and iron that will take approximately 10 years to see results; Bushveld Tintaniferous Magnetite and Springbok Flats research project; concerns about the steel and iron industry not being able to compete with that of the Koreans and Chinese.
Financial performance from 1968 to 2018 showed an increase in the last three years. State grant per commodity is still less than the total expenditure.
Mr Masemola concluded that the financial year went well but not without challenges. Challenges going forward include:
- industry development
- improving research agenda and focus by getting help from experts
It was noted that the state should not only continue to fund Mintek but also improve its baseline funding.
State Diamond Trader on 2017/18 Annual Report
The State Diamond Trader celebrates its 10th year anniversary this year. SDT has been able to achieve some of their mandate. Ms Michelle McMaster, State Diamond Trader Board Member, outlined its mandate, structure and strategic outcomes for 2018-2023. The four strategic objectives were:
1. Promotion of the growth of the local diamond beneficiation industry
2. Implement outcomes of the South African Diamond Indaba (SADI) series
3. Contribute towards youth skills development including youth from diamond mining host communities
4. Ensure development and alignment of internal resources.
Of its 13 targets, SDT had successfully achieved nine (69%) and in most instances exceeding its targets.
It promoted the growth of the local diamond beneficiation industry through key activities such as:
- Purchase of rough diamonds consistently for access by local beneficiators
- Increased supply of rough diamonds to historically disadvantaged South Africans (HDSA) clients
- Pilot one industry growth project in collaboration with Young Diamond Beneficiators Guild
- Develop and approve a business plan for beneficiation equipment.
To implement outcomes of the South African Diamond Indaba (SADI) series, the SDT conducted three diamond industry seminars on outcomes of SADI 2015 and SADI 2016 with all relevant stakeholders and it hosted SADI 2017.
To contribute towards youth skills development including youth from diamond mining host communities, the SDT developed a strategy to attract and upskill the youth and facilitated continual training and assessment.
To develop and align internal resources, SDT had:
- Implemented the sales strategy to deliver improved revenues
- Reviewed the SDT Funding Strategy and established mechanisms for strengthening balance sheet
- Provided training opportunities in accordance with needs identified and approved
- Provided training in advanced diamond skills at renowned global centres to staff
- Reviewed the SDT marketing strategy.
Mr Van Der Ross, SDT Operations Manager, stated that SDT clients comprised of 44 Black-owned companies with 42 being 100% black-owned companies. Consistency of supplies was vital for the growth of any company which is a factor that cannot be guaranteed in the diamond industry. Therefore, these companies get preference before other companies when it comes to the supply of rough diamonds.
SDT trading performance as well as key performance metrics saw revenue increase by 6%, which was greatly attributed to the change in rand/dollar exchange rate and the bonus was paid to employees. Therefore, the 10% is an error. Due to the interpretation of deviation which is in line with SDT policy in accordance with the legislation, this resulted in a finding of irregular expenditure from the Auditor General. To remedy this, SDT would endeavour to always include a detailed report on deviation. A key lowlight was the regression to an unqualified audit opinion.
Other comments included:
- Cash and cash equivalent should be increased despite R39 million being a good figure.
- Discussions with South African Diamond Producers Organisation (SADPO) are being held and they are even purchasing from them
- 27 EDP trainees are yet to establish their own businesses
- Partnership with Mining Qualifications Authority (MQA).
Key challenges were identified:
- SDT funding
- Rough diamonds
- Clients’ lack of funding and expertise
- Decline in production
- Lack of coordination
- Legislation and regulation
Future focus areas include a clean audit opinion as well as purchasing from SADC countries. In addition, consideration will be made of the strategic focus areas for impactful growth.
South African Diamond and Precious Metals Regulator (SADPMR) 2017/18 Annual Report
Mr Sipho Manase, SADPMR Board Chairperson, Mr Cecil Khosa, Acting CEO, and Ms Lindah Nhkumishe, General Manager: Corporate Services were present amongst the delegation. SADPMR noted the loss of R200 000 due to fraud and the investigation remains an ongoing process. R5 000 of the misappropriation of funds remains unaccounted for.
In terms of the SADPMR international strategy, the Department of International Relations and Cooperation took a decision that South Africa should partner with Russia and it hopes that it can get other countries to come on board to prevent the trafficking of precious metals.
60% of youth continue to remain unemployed; with the use of technology and mass production, it is vital to equip them with technology skills. In addition to the challenge of youth unemployment, with stalled PGM, the development of marketing continues to remain a problem for SADPMR.
Discussion on SADPMR and SDT
Mr H Schmidt (DA) referred to the performance by the State Diamond Trader. If you look at the outputs of the diamonds produced and what is eventually made available, he was not sure if the SDT has any value. It was purchasing and selling about 4 to 5% of rough diamond production to local beneficiators instead of 10%. Increasing that figure is not going to help with the lack of funding and with the other important mechanisms. It is not a legislative problem.
There have been concerns about the establishment of the SADPMR board. According to the Act, it should consist of two representatives from the diamond industry and two from the precious metals industry but there seems to be a problem with fair representation. There is increased tension over representation of the board.
There was an undertaking by the former SADPMR CEO of moving to the Gauteng OR Tambo International Airport Industrial Development Zone. Is that happening? Is there going to be a Diamond Export and Exchange Centre (DEEC) in Cape Town? The Diamonds Amendment Act of 2006 was accepted by Parliament right after the sale of the Kroonstad mine and the critical mass required is starting to dwindle and the State Diamond Trader was not working as it ought to be.
Mr M Matlala (ANC) sought clarity on the new strategy being implemented by SADPMR
A committee member asked about the late approval and renewal of applications by SADPMR. How would it ensure that it approved the applications as well as the renewals within the stated time frame.
The SADPMR responded that it suggested that the Director General comment on whether the SADPMR Board is compliant as the shareholder representative. On the GIDZ, it is an issue of the government where Gauteng province and the Department has engaged. They were still engaging with National Treasury and we will be having a meeting in a week’s time. Once that is granted we will be able to finalise the agreement with the GIDZ and the Department will be able to comment on the construction of the building.
Mr Sipho Manase, Acting Board Chair, SADPMR, replied that a board member, Mr Steyn, indicated his wish to resign as he was unavailable due to international activities.
Mr Cecil Khosa, Acting CEO, SADPMR, replied that the Act requires you to apply for renewal of licence 30 days before it expires. If you wait for it to lapse, automatically one will not get the licence unless one starts a new application. In terms of legislation, we have to finalise the application within 60 days.
On the Diamond Exchange and Export Centre (DEEC) in Cape Town, this was an initiative of people who wrote to the DMR requesting the establishment of a DEEC in Cape Town. We have been interacting with DMR, and the Ministry in particular, to analyse the request and to see if it would be in accordance with the legislative requirements, to have it established. It is currently studying the options and will present its results to DMR. The Department will have the final say on whether this request is made possible.
The exercise of doing a Cost Benefit Analysis about GIDZ did not require resources to undertake the exercise. What we did is we identified the all the pros and cons in light of priorities and what is happening in South Africa and around the world; and then a comparison was made. Being in the IDZ environment would be like a one stop shop with all the activities and services by agencies within one precinct - so that is an option going forward.
Mr Van Der Ross, SDT Operations Manager, stated that SDT acknowledges that from a South African production point of view, 85% of diamonds are deemed not manufacturable economically. It is for this fact that we have embarked on the objective of understanding the manufacturing capabilities here and expand on the amount purchased. It does mean that 85% of diamonds will be exported purely based on the economic capabilities of manufacturing here but they will look specifically at increasing the amount or size of what is capable of being manufactured here.
The DG noted what had been raised about the SADPMR Board and the involvement and participation of people with requisite skills on the board. The Minister has his own engagements with the boards and has met with all of them including the SADPMR board as well. Therefore, DMR is dealing with all these issues and where there are policy matters, the executive comes on board.
Ms Nyambi pointed out the expenditure figure should be R100.2 million, if one checks carefully.
Mr Matlala expressed his concern about the male dominated SDT board since 2014. His other concern was about its partnership with the Mining Qualification Authority (MQA) on training of young people in jewellery production. He asked where SDT gets these people and how many are selected per province. He also asked if SDT was allowed to do business outside the mandate of the Department because it had stated that it had approached a number of banks about partnering. Are the entities allowed to make business?
Ms Sibeko, SDT Company Secretary and Legal Officer, replied about the MQA project for students sent to Italy.SDT did the following selection from provinces: Gauteng - 4, Kwazulu Natal - 3, Free State - 3, Limpopo - 5, North West - 1, Eastern Cape - 2, Western Cape - 1. In addition, 24 students were drawn from the nine provinces comprising of 9 females and 15 males and they returned at the end of July 2017. SDT proceeded with the Exit Training Programme by placing them with master jewellery goldsmiths and watchmakers for a period of six months to complete their trade test and be developed into fully-fledged entrepreneurs. To date, three of the students have successfully completed their Trade Test Readiness test.
On the question of banks, this relates to funding not for SDT but of the clients because the clients receive funding from SDT. The SDT will not enter into any funding agreement with the bank. The SDT, through the legislation, is allowed to enter into certain agreements, only when necessary and relevant, but only after engagement with the executive authority on its activities, without going outside the mandate.
SDT explained that the expenditure figure of 100.294 million was rounded off to 100.3 million.
Mr S Mnguni, CEO, SDT replied about the move to IDZ, saying that SDT did not receive the Treasury Views and Recommendations (TVR) on the matter because Treasury said that there was no building. During the consultations with Treasury, SDT put in a submission and Treasury requested a site visit. When they came on site they found out that there was no building on site. Treasury said that the matter could not be supported because there was no building. In addition, they had thought that it was a public-private partnership. However, it was clarified that it is a government project but that it was inviting tenants that included those in the private sector for the manufacturing precinct. That is the situation currently. We cannot sign a contract with IDZ without approval from Treasury.
The Chairperson said that the project had been approved and the go-ahead had previously been given because all the requirements had been met. The former CEO was very passionate about the project. The Committee was within its right to question whether something should be approved on the basis of the motivation; or without necessarily questioning it. The Committee should also look at whether it is the passion of the individual in charge at that particular moment. When an entity decides that a proposed project is no longer relevant and does away with it, it is more likely something else will be brought forward in its place in future. He advised them to check on the necessity and validity of the motivation and also improve on its presentation and timeline.
On the SDT surplus and reserves, the Chairperson asked what it meant by the terminology. He added that it was vital to have a reserve/risk health fund due to unexpected factors such as disease outbreaks, but was not sure if it was referring to that. Do you anticipate there will be a time when the reserves might be needed? It is important to have a discussion on how the entities consolidate the beneficiation strategy in the Mineral Industry. Should it be completely separated from all other initiatives that seeks to boost the economy? He pointed out that the Committee was not suggesting that SDT should be liquidated, stating that it should in fact be consolidated.
In response, the SDT team stated that it will ensure that it provides a detailed report in writing on how they arrived at the conclusion for not pursuing the strategy.
Questions to CGS and Mintek
Mr M Matlala (ANC) asked what the CGS’s relationship was like with the municipalities. How often does CGS meet with the municipalities and conduct geotechnical mapping for them to assist municipalities with their house building programme for the masses. There must be a shakeup within CGS.
Mr Schmidt referred to Mintek’s profitability diagram and asked if it could explain why the expenditure and income surplus seems to have dropped dramatically between 2002 and 2018 and then picked up. He asked what the concern about the water treatment was and whether it was related to HySA. Why it was necessary to have an indicator of such groupings?
What does the CGS regard as state land, is it land managed by a state department and land owned and managed by local government? What about ownerless land and that managed by local government? He asked for an explanation on the land with derelict and ownerless mines. He pointed to the 30% increase in CGS personnel expenditure in the course of one year. Was the increase due to an increase in salary or more personnel? Was it justifiable?
Mr Mosa Mabuza, CEO: CGS, replied about geotechnical surveys (GTS) that the National Home Builders Registration Council (NHBRC) Act explicitly requires that any infrastructure development on dolomitic terrain must be the subject of geotechnical review by the CGS. Anyone developing infrastructure in a government municipality, particularly any dolomitic terrain, would be in breach of the law should they not approach the CGS. The Amendment Act of 2012 introduced that all geotechnical reports had to be reviewed by the CGS even beyond dolomitic terrain. It is a provision that CGS did not invoke at the time due to the lack of sufficient resources to give effect to it; and it is only now that it is in the process of doing so. CGS has had numerous interactions with municipalities in the Northern Cape. The team met with the MEC in Limpopo. The CGS will be meeting with the provinces to explore more collaboration. The CGS strategy is to assist municipalities engage with this Act so they have knowledge and allocate the land appropriately for infrastructure. On the personnel budget, CGS has shifted the pendulum back to its mandate and it is this new strategy that requires them to begin to employ geoscientists. CGS has employed some but is mindful of the intake so that it does not find itself employing more than it is able to sustain as this would be deemed as a reckless business decision.
On derelict and ownerless mines, there exists an unanswered legal question. The derelict and ownerless mines inherently by far and large were created during the time of the different dispensation. In the same way that the court ruled that historical residue dumps created outside the NHBRC Act cannot be administered under the Act. The legal question is can the derelict and ownerless mines created under a completely different dispensation necessarily be on land that is owned privately? Would CGS be responsible if it takes state resources to rehabilitate these sites?
He said that when the CGS talks about state land, it talks about all land that is under the administration of the state. On the profitability, it depends on the nature of the commission as you can have high revenue but it is less profitable.
Mr Matlala said that Mintek had mentioned a few municipalities such as Prieska, Mafikeng and Upington. He asked when it was intending to expand to other provinces.
Ms Gugu Nyanda, Mintek General Manager: Corporate Services, replied that Mintek plans to expand to other provinces and said that it had some form of involvement in all nine provinces; be it in the form of financial support or physical or online training. Mintek runs a business in Eastern Cape; Limpopo Mintek has assisted a pottery; and the training of 300 learners in Mpumalanga in 2017. It will be able to report on the current ongoing programmes next year.
Mr Schmidt talked of derelict ownerless mines in terms of old order rights and new order rights. Another scenario would be a privately owned mine on ownerless land, with no licence to operate. What are the consequences for the land attached to derelict ownerless mines? He asked how many derelict ownerless mines are situated on ownerless land.
Mr Simelane, Mintek Acting CEO, replied that despite not being aware of the detailed categorisation of state-owned and ownerless land, it will continue with its rehabilitation projects for mines that cause a great risk to communities. For instance, the site where a five-year-old child fell into a mine shaft last year, Mintek knows who the owners of the land and mine are but it sought permission from the Director General to at least put a fence around the perimeter instead of just covering the hole.
Mr Mabuza, CGS, in response to the question on its surplus/reserve, stated that it was referred to as such because in the year when the Treasury review took place the entity accounted a surplus and it applied to retain it. Once it was retained, it becomes an accumulated surplus, which is then referred to as a reserve.
The Chairperson asked expansion and exploration about protected areas saying that it was unreasonable to ask for a huge amount of money from Treasury, only to realise later on that it has limited scope how to spend it. He liked the fact that the entity was exploring but expressed concern that it might end up having a lot of areas where which might be greatly impacted by the limited revenue allocated to the entity. He therefore encouraged the entity to look for other means of generating income. He asked what the road map was for gas exploration and how much it would cost us with regard to taxes.
The more one undertakes projects outside one’s main scope, the more one would require additional skills and personnel and resources may end up being misdirected to other areas. What are the demands of the National Key Point Act, as this may put an excessive demand on its required work? If there are any requirements which need to be met, they should be communicated so we have an idea of the specifics for the National Key Points. He also noted that all entities, except Mintek, but particularly the Mine, Health, and Safety Council and CGS, reported on their extensive research on fatalities. It would be vital to know if there has been a quantification of the cost and what the roles of the relevant departments are and other accountability measures.
Mr Mabuza apologised for the painful oversight by CGS that resulted in the absence of a clean audit. As for the work on the protected areas and its impact on possible exploration, CGS is so inundated with areas targeted for protection that every month it looks at putting in a motivation to DMR to engage with environment (inaudible). He clarified that the CGS was not exploring for gas in Zululand. We are a signatory to the carbon emission reduction programme. Thus, CGS is looking at the geology in South Africa and Zululand to see whether it is geologically fit for carbon dumping sites if the carbon were to be captured from power stations and pumped into there. SANEDI is involved. We are not saying that SA has those sites for dumping but we are looking to see if SA has that geology.
Mr Leonard Matsepe, CFO: CGS, replied that CGS was trying to generate revenue with a target R499 million, but ended up generating only R440 million. They did not end up with an actual loss because they used the R60 million surplus they had made the previous year which was a good year. This means they still have a small cushion of about R30 million.
The meeting was adjourned.
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