African Exploration Mining and Finance Corporation
 | |
| African Exploration Mining and Finance Corporation (SOC) LTD | |
| Founded | 1944 |
| Headquarters | 74 Waterfall Drive, Waterfall City, 2090, |
| Total assets |
|
| Total equity | R 361 million (2019) |
| Parent | CEF, a parastatal owned by the government of South Africa |
| Website | www |
The African Exploration Mining and Finance Corporation (AEMFC) is a state-controlled mining business in South Africa.
History[edit]
The AEMFC was launched by Jacob Zuma, the former president of South Africa, prompting concerns that the state might attempt to nationalise parts of the mining industry.[2]
First established in 1944, it lay dormant for years, before beginning activities in 2007. It has been granted mining and prospecting rights, in competition with other mining companies.[3] AEMFC is, officially, subsidiary to the Central Energy Fund.
In February 2011, the AEMFC launched a coal mining project in Mpumalanga, which is expected to produce 1.68 million tons of coal per year.[4]
As of October 2012[update], AEMFC was still loss-making, but gets interest-free loans from the Central Energy Fund (R209M as of 2016). Performance of its coal, limestone, and uranium mines has been disappointing.[5] It moved into profit, by March 2013 stating a profit of R77M per year, and an equity of R490K, despite a loss of 54 409 tonnes of uninsured coal which was burned.[6]
Activities[edit]
AEMFC owns the Vlakfontein coal mine in Ogies which supplies the Kendal Power Station run by Eskom.
References[edit]
- ^ "2019 AEMFC Audited Annual Report" (PDF).
- ^ "BBC News - South Africa launches state-owned mining company". BBC News. 28 February 2011. Archived from the original on 27 February 2011. Retrieved 28 February 2011.
- ^ "AEMFC granted mining and prospecting rights". 28 February 2011. Retrieved 28 February 2011.
- ^ "AEMFC is new hope for BEE mine firms". IOL. 28 February 2011. Retrieved 28 February 2011.
- ^ "AEMFC readies for second mine as losses mount". Mining MX. 18 October 2012. Retrieved 1 February 2013.
- ^ "African Exploration Mining and Finance Corporation (SOC) Limited - Annual Report" (PDF). 31 March 2013.