INNOVATIVE WAYS FOR ENERGY GENERATING IN SOUTH AFRICA NEEDED – MINISTER ROB DAVIES

INNOVATIVE WAYS FOR ENERGY GENERATING IN SOUTH AFRICA NEEDED – MINISTER ROB DAVIES

The Minister of Trade and Industry, Dr Rob Davies says innovative ways for energy generating and investment are critically needed in South Africa in order to industrialise and create jobs. Davies was speaking at the opening of a R150 million Eternity Power Thermal Harvesting plant in Rustenburg yesterday.

The Eternity Power plant is the first of its kind, in the world, and uses waste heat from the converter cooling circuit at the Anglo American Platinum Waterval Smelter. The development is collaboration between Vuselela Energy and Anglo American Platinum. The Department of Trade and Industry (the dti) committed R30 million through the Critical Infrastructure Programme (CIP) which supports infrastructure that is critical to investment.

Minister Davies said the Industrial Policy Action Plan has prioritised four value streams within the context of beneficiation.

“One of those is platinum group metals and within the platinum group what we are looking at is jewellery, catalytic converters from motor industry, and fuel cell technology. We have already identified a number of potential tools that we can deploy as government. These tools include incude two potential Special Economic Zones that could be declared based on Platinum Industry value chains and Operation Phakisa on mining sector which is coming up within weeks now,” said Davies.

He added that the incentive for the infrastructure resulted in the project becoming financially viable, enabling Eternity Power to complete the building and construction of the power plant. Davies also said that the impact of the plant on South Africa and the economy is remarkable in that technological patents were developed and licensed in South Africa during the process. 

Speaking at the same event, the Executive Head of Process at Anglo American Platinum, Mr July Ndlovu said Anglo American Platinum was pleased to be at the forefront of this innovation as it provides a solution to the energy challenges that an energy-intensive operation like the smelting operation faces.

“We now have clean, sustainable and reliable energy and are proud to open Eternity Power as South Africa’s first thermal harvesting power plant in our operations. The plant is performing beyond expectations, generating more power ahead of its schedule,” he said.

The Director at Eternity Power and H1 Holdings, Mr Reyburn Hendricks described the smelter sector as an important component of South Africa’s mining and industrial economy. He said smelters emit large quantities of energy in the form of furnace off-gas as well as the emission of heat. Hendricks added that the dti played a critical role in the Eternity Power project by providing a Critical Infrastructure Program (CIP) grant towards the infrastructure of the project.

“The project is a first of its kind: it is the first ORC plant in South Africa and is the first time in the world that the technology is being configured in the specific manner at the Anglo American Platinum Waterval smelter. Were it not for the provision of the CIP grant, this project would not have proceeded given the equity and debt providers' perceptions of risk due to the novelty of the project. In our experience, a program like the CIP grant has been highly effective in getting this plant off the ground, principally by sharing risk,” stated Hendricks

Minister Davies responded to Hendricks by saying that government is not there to offer a huge amount of money for the bottom line, but to offer something that will change the behaviour in the long term development direction.

“So, if our R30-million has encouraged the rest of you to go ahead with this project, then it shows the value of our incentive,” said Minister Davies.

the dti TO LEAD AN OUTWARD SELLING AND INVESTMENT MISSION TO ZAMBIA

the dti TO LEAD AN OUTWARD SELLING AND INVESTMENT MISSION TO ZAMBIA

The Department of Trade and Industry (the dti) will lead a delegation of thirty-eight (38) businesspeople to participate on an Outward Selling and Investment Mission to Zambia. The mission will take place from 6-8 October 2015 in Lusaka, Zambia.

The business delegation will comprise of businesspeople from the agro-processing, built environment professionals, capital equipment, electro-technical, infrastructure, metals, chemicals, pharmaceuticals and medical equipment sectors.

The Minister of Trade and Industry, Dr Rob Davies says the mission will have a positive impact in terms of increasing export sales from South Africa into the Zambian market over the long term, which will lead to job creation. He adds that the mission will further expose South African companies to available export and investment opportunities and enable them to obtain new business leads and identify new market opportunities in Zambia.

“Trade between South Africa and Zambia has increased from over R15 billion in 2011 to more than R28 billion in 2014. South Africa is Zambia’s main trading partner in the Southern African Development Community region, whilst Zambia is South Africa’s fourth trading partner,” says Davies.

He adds that South African exports to Zambia exceeded R29 billion for 2014, while imports from Zambia amounted to just over R1 billion.  Davies says the trade gap has widened significantly between the two countries and needs to be assessed and addressed.

“This platform enables the objective of strengthening bilateral relations, both economic and political between South Africa and Zambia. South African companies participating on this mission will be afforded an opportunity to confer with their Zambian counterparts to forge partnerships and strengthen South African investment in Zambia,” adds Davies.

The delegation will depart on Monday, 5 October 2015 and will participate in business seminars, business-to-business meetings and round table discussions.

THE JCCI-STANDARD BANK SME EXPORT INCUBATOR WILL SUPPORT GOVERNMENT’S OBJECTIVES - DAVIES

THE JCCI-STANDARD BANK SME EXPORT INCUBATOR WILL SUPPORT GOVERNMENT’S OBJECTIVES - DAVIES

The Minister of Trade and Industry, Dr Rob Davies says the Johannesburg Chamber of Commerce and Industry (JCCI) – Standard Bank Small and Medium Enterprise (SME) Export Incubator will support two objectives of government which are incubation roll-out and export promotion. Minister Davies was speaking at the launch of the incubation centre in Johannesburg today.

According to Minister Davies, the challenges posed by the decline in the mineral commodity prices have had a major impact on South Africa as a producer of mineral commodities, and therefore South Africa wanted to diversify the economy and move up the value chain.

“This move will require small enterprises to know their business and what is required for them to be able to move up the value chain. We have engaged chambers of Commerce and Industry regarding building on their membership to take SMEs to higher levels,” said Minister Davies.

He highlighted that the Department of Trade and Industry (the dti) was running an Export Development programme aimed at ensuring that businesses were ready to participate in international trade by being “export ready” to take their products to other markets.

“We want to give businesses a “passport” which will ensure that they are ready to export so when we take them on international missions, they are actually ready to export their products to those markets,” added Davies.

He said the JCCI-Standard Bank incubator programme was welcome, especially because it was an initiative that was supported by industry, and not relying on government funding. Davies urged other industry players to do the same in order to grow small enterprises.  

Speaking at the same event, the Ambassador of Germany in South Africa Mr Walter Lindner said the German government was happy to have co-founded the programme as it would contribute to the creation of jobs in the country.

“We are using this programme as a pilot, which when successful, could be replicated not only in other parts of South Africa but all over the world,” added Ambassador Lindner.

The three year incubation programme was co-funded by the JCCI, Standard Bank and the Giz to the tune of R6 million. The centre, which currently hosts 15 businesses with a capacity to house 40, will provide formal training on export matters, professional advice and expert mentoring to Gauteng based Black SMEs to enable them to become exporters of their product or service on an on-going basis.

Caption: President of JCCI, Advocate Fay Mukaddam, German Ambassador Mr Walter Lindner, Minister of Trade and Industry, Dr Rob Davies and Head of Small Enterprise in Standard Bank, Ms Ethel Nyembe officially open the JCCI-Standard Bank SME Export Incubator.

THE AFRICAN PEER REVIEW MECHANISM (APRM)/OPEN GOVERNMENT PARTNERSHIP IMBIZO AND THE STAKEHOLDER MEETING

THE AFRICAN PEER REVIEW MECHANISM (APRM)/OPEN GOVERNMENT PARTNERSHIP IMBIZO AND THE STAKEHOLDER MEETING

The African Peer Review Mechanism (APRM) is an instrument that is voluntarily acceded to by African Union (AU) Member States. It was established on 9 March 2003 by the Heads of State and Government Implementation Committee (HSGIC) of the New Partnership for Africa’s Development (NEPAD), as an innovative instrument to improve governance in Africa.

The mandate of the APRM is to ensure that the policies and practices of participating states conform to the agreed political, economic and corporate governance values, codes and standards on Democracy, Political, Economic and Corporate Governance as contained in the 2003 Abuja Declaration on Democracy, Political, Economic and Corporate Governance

The MEC M.R Mhaule in her capacity as the Chairperson of the African Peer Review Mechanism Provincial Governing Council invites you to the stakeholders meeting and the APRM/Open Government Partnership Imbizo to be held as follows:

STAKEHOLDERS MEETING AND THE LAUNCH OF PGC

Date:  05 September 2015

Venue:  Msukaligwa Municipality

Time:  10:00

APRM/OGP IMBIZO

Date:  06 September 2015

Venue:  Msuk

Acting Mpumalanga Premier to chair the Povincial Aids Council Sitting

Acting Mpumalanga Premier to chair the Povincial Aids Council Sitting

Acting Mpumalanga Premier Vusi Shongwe will tomorrow chair the Mpumalanga Provincial Aids Council Sitting [MPAC] in Ermelo.

Tomorrow’s sitting is expected amongst other things to review progress of the implementation of programmes in each of the four pillars of the provincial strategic plan, share good practices, deal with emerging issues and review the status and functionality of the district, local and ward Aids Councils in the province.

The sitting is arranged as follows;

Date  :            Tuesday, 29 September 2015

Time  :           09H00

Venue :          Gert Sibande District Municipality Chamber

                       Ermelo

MINISTER DAVIES TO LAUNCH THE JCCI – STANDARD BANK SME EXPORT INCUBATO

MINISTER DAVIES TO LAUNCH THE JCCI – STANDARD BANK SME EXPORT INCUBATOR

Members of the media are invited to attend the launch of the Johannesburg Chamber of Commerce – Standard Bank SME Export Incubator. The launch will take place as follows:

DATE:            Tuesday, 29 September 2015

TIME:              9:00

VENUE:          7th floor, JCC House, cnr Empire Road and Owl Street, Milpark, Johannesburg

PARKING:      Undercover parking garage opposite Milpark Garden Court (for own cost)

The Incubator is a three-year project aimed at developing Gauteng-based Black SMEs where they will be trained and mentored to enable them to become exporters of their product or service on an on-going basis. This training, mentoring and nurturing programme, which will be implemented by the Johannesburg Chamber of Commerce in cooperation with Standard Bank and the German Government, will see the Incubator participants joining the ranks of South African exporters into foreign markets.

Department to conduct school debates for Road Safety

Department to conduct school debates for Road Safety

Mpumalanga Department of Community Safety, Security and Liaison will hold school debates and Participatory Education Techniques (PET) which are aimed at teaching learners road safety in an interactive approach and to advance their points of view about the safety of road users.

This project was initiated in 2004 after road accident statistics showed that most of the crashes that occur involved people under 25 years of age. Road Safety Debates and the PET are therefore dedicated to young road users who use the roads as pedestrians, cyclists, motorcyclists, novice drivers and passengers.

Learners from Secondary schools are the ones targeted and they debate on motions such as pedestrian safety, traffic law enforcement, effectiveness of traffic regulations, effectiveness of road safety, Administration Adjudication of Road Traffic Offences (AARTO) and other road safety related motions.

On the PET, competitors are expected to build their demo structures to show how they could implement road safety techniques. MEC Vusi Shongwe will award the provincial winners who will later compete with other provinces at national competitions that will be held in October this year at Boksburg in Gauteng Province.

This year’s participants for debates are Mgubho Combined School, Mahhushe Secondary School, Sibusisiwe Secondary School and Hlanganani Secondary School all from Ehlanzeni District. Nkangala Region will be represented by learners from Sozama Secondary, Mafu High, Zacheus Malaza Secondary and Allendale High schools.

Memezile Secondary, Mashishing High, Orhovelang High and Wem Private schools will be standing for Bohlabela Region. Gert Sibande Region will find representation in Takheleni Secondary, Highveld Secondary, Dlomodlomo Secondary, Lake Chrissie Secondary and Amadlelo Aluhlaza Secondary schools.

Schools such as Jerusalem High School from Ehlanzeni Region and Skhila Secondary from Bohlabela Region as well as Takheni Secondary will compete with each other in PET competitions. Mpumalanga Province was the first to introduce the debates and the province became number one nationally in the year 2007 and 2010.

The Provincial Road Safety Debates and PET competitions will be held on Saturday 26 September 2015 at Makause Combined School, Phola Location, Ogies. 

the dti TO LEAD THE OUTWARD SELLING AND INVESTMENT MISSION TO INDONESIA

the dti  TO LEAD THE  OUTWARD SELLING AND INVESTMENT MISSION  TO INDONESIA

The Department of Trade and Industry (the dti) will lead a delegation of South African businesspeople on an Outward Selling and Investment Mission (OSIM) to Makassar and Jakarta in Indonesia from 28 September to 2 October 2015.

The mission is part of the dti’s objective to create and identify export markets for South African value-added products and services. The mission also serves to promote South Africa’s product and service offerings in high growth Asian markets.

The Deputy Minister of Trade and Industry, Mr Mzwandile Masina says the mission will serve as a platform to facilitate networking and obtaining of more information on the dynamics of the industries, as well as availability of investment opportunities in Indonesia. He says it will also provide opportunities for relationship building with potential customers.

“There is significant room for South Africa to increase its share of the export market to Indonesia, and achieve an increased number of exports to that country,” he says.

According to Masina, in order for South Africa to leverage on global growth for the development of the economy, the establishment of collaborative agreements with existing trading partners and dynamic fast growing emerging markets is of utmost importance in all areas of trade.

Indonesia and South Africa enjoyed a steady annual increase in trade during the last 10 years. South African exports to Indonesia totalled R4 billion in 2014 with a contracted 17% from 2013. Imports from Indonesia rose from R8.4 billion in 2013 to over R9.1 billion in 2014. South Africa has always been a net importer of goods from Indonesia and this has led to the trade balance to be in Indonesia’s favour over the past decade.

Sectors targeted for the mission are agro-processing, maritime industries, renewable energy (solar and wind energy), oil and gas services, defence industries, and rail and locomotive components.

The programme for the OSIM will include trade and investment seminars, mini -exhibitions, site visits and business-to-business meetings.

SOUTH AFRICA’S RENEWABLE ENERGY PROGRAMME ONE OF BIGGEST IN THE WORLD - MINISTER DAVIES

SOUTH AFRICA’S RENEWABLE ENERGY PROGRAMME ONE OF BIGGEST IN THE WORLD - MINISTER DAVIES

The Minister of Trade and Industry, Dr Rob Davies says the Solar Energy Programme (SEP) will deliver ¼ of the country’s renewable energy by 2030. Minister Davies was speaking today during his visit to the Northern Cape community of De Aar as part of the ‘Taking the dti to the people’ outreach programme. The programme was in partnership with Emthanjeni Municipality and the Small Enterprise Development Agency.

“We need to appreciate the size and extent of the SEP that we have in South Africa.  By far, South Africa has the biggest renewable energy programme in Africa and one of the biggest in the world. The SEP should be acknowledged as a game changer in the energy space, and the one that will create opportunities for the communities,” he said.

Minister Davies stated that Northern Cape has emerged as one of the important area for solar energy. He added that the Department of Trade and Industry (the dti) will be working with the province on a declaration of a Special Economic Zone that will amongst others focus on the roll out of facilities to generate solar energy power stations.

“We are looking to create industries that can produce inputs into solar power facilities which can be located in the Northern Cape and create opportunities for manufacturers,” indicated Minister Davies.

He also said that the people of Karoo will benefit from the recognition by the European Union (EU) of Karoo Lamb meat of origin as a Geographic Indicator  

“In the EU, the name Karoo Lamb can now only be used in reference to the lamb that originates in this region of South Africa. This will benefit the producers and the people of the Karoo Region. Study shows that products that are recognised as Geographic Indicators (GI’s) if promoted effectively can raise the prize that is paid for these products as compared to similar products  that are not recognised as GI’s,”  he said.

The Manager for Local Economic Development at the Pixley ka Seme District Municipality, Mr Sindisile Madyo said the development in the renewable energy, biomass for biofuels and biotechnology industry remain untapped.  Madyo added that although the biomass has created 10 000 jobs since 2010, more jobs can be created

Invitation to Provincial Prayer against Police Attacks and Killings

Invitation to Provincial Prayer against Police Attacks and Killings

The Provincial Commissioner of the South African Police Service in Mpumalanga Province, Lieutenant General (Adv) Dumisa Magadlela, is cordially inviting media houses to a Provincial Prayer Against Police Attacks and Killings. This prayer session will be conducted as an intervention to address the moral fiber in communities and to enhance awareness on police safety.

The prayer session is scheduled to take place as follows:

Date     :           Wednesday, 23 September 2015

Time    :           10:00

Venue  :           Kabokweni Alliance Church

the dti CONFIRMS THAT AEROSUD IS LOCATED AT CAV

the dti CONFIRMS THAT AEROSUD IS LOCATED AT CAV

the dti wishes again to reiterate the fact that Aerosud occupies a building in the Centurion Aerospace Village. (See attached photograph of the building.)

Assertions by the Democratic Alliance that this is not the case are baseless. Whilst Aerosud does have other land and buildings adjacent to the land and building belonging to government, it occupies the main Centurion Aerospace Village (CAV) building and has a lessor/lessee relationship with the CAV.  Certain formalities related to the Head Lease Agreement between the CAV; the dti ; the Department of Public Works and the City of Tshwane, which were put on hold during the audit process,  are being finalised to enable rental payment.

It is a fact that the bulk earthworks at the CAV were stopped. This arose because some existing and incomplete contracts were terminated as a result of the forensic audit. A process to ensure that the all the regulatory barriers to begin the bulk earthworks again and adjudicate the necessary tenders is in place.

All the recommendations of the audit have either been completed or are in the process of being completed to legal requirements including with respect to the recovery of funds and on-going processes involving allegations of fraud and corruption.

Endeavour Mining Announces Strategic, Long-Term African Gold Partnership with Naguib Sawiris and La Mancha

Endeavour Mining Announces Strategic, Long-Term African Gold Partnership with Naguib Sawiris and La Mancha

VANCOUVER, Canada, 21 September 2015/ --  Endeavour Mining Corporation (“Endeavour” or the “Corporation”) (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) (http://www.endeavourmining.com) is pleased to announce that it has entered into a long term strategic partnership with La Mancha Holding S.àr.l., a privately-held gold investment company controlled by the Sawiris Family (“La Mancha”). As part of the transaction, Endeavour will acquire La Mancha’s indirect 55% interest in Société des Mines d’Ity S.A. (“SMI”), which operates the Ity Gold Mine in Côte d’Ivoire, plus various regional exploration properties, and La Mancha will contribute US$63 million cash(1) into the acquired businesses. La Mancha has also expressed an in-principle commitment to invest up to US$75 million in additional funds to support Endeavour’s growth. Upon completion of the transaction, La Mancha will be issued approximately 177.1 million Endeavour ordinary shares representing 30.0% of the enlarged share capital.  On a pro forma basis, Endeavour will have an annual gold production rate of 580,000 ounces from five operations across West Africa, a strengthened balance sheet and further growth opportunities in Africa. Among other conditions, this transaction is subject to approval from Endeavour’s current shareholders. Neil Woodyer, CEO of Endeavour, stated “We are pleased to welcome La Mancha and Naguib Sawiris as our long term strategic partner with the shared vision of building a leading, Africa-focused gold producer.  This transaction will immediately add to Endeavour’s operating cash flow, increase our attributable Mineral reserve and resource base by 22% and 23%, respectively, while also strengthening our balance sheet and funding position to pursue further growth. The Ity Mine and resource base has grown significantly under the leadership of La Mancha.  An aggressive exploration program at Ity has increased M&I resources since 2011 from 0.2Moz to 2.9Moz.  With our successful track record in building and operating mines, together we will have the expertise and the funding to grow across Africa.  By adding the brownfield Ity CIL development project alongside our Houndé project, we will have strengthened our pipeline for near term growth.  With the additional exploration properties, we will become the mining company with the largest exploration package in Côte d’Ivoire, which is one of the most prospective greenstone belts in the world. I am delighted to announce that Sebastien de Montessus will be joining Endeavour as President where he adds his proven management skills as former CEO of Areva Mining and current CEO of La Mancha, and experience in African mining operations. Most importantly, the transaction is value accretive to shareholders and the in-principle commitment of up to US$75 million in additional funding puts Endeavour in a stronger positon to continue its growth strategy at a low point in this gold price cycle. The industry has seen the successful role La Mancha has played in the growth of Evolution Mining Limited in Australia, including the A$112 million equity capital support for the Cowal acquisition – in excess of the A$100 million in-principle commitment made, and we see similar opportunities across Africa.” Naguib Sawiris, Chairman of the La Mancha Group, stated “I am committed to the future of Africa and the gold mining industry. My strategic goal is to create value with a long-term approach. The Endeavour board and management shares this objective and has a successful track record of building and acquiring assets in Africa.  I have been particularly impressed by the success of the Endeavour team in building new mines. By combining our African assets and management skills we will grasp future opportunities to create a leading African gold producer.” Sebastien de Montessus, CEO of the La Mancha Group, stated  “Following the success of our strategic partnership with Evolution Mining in Australia, which quickly created a leading Australian gold producer, we are now excited to partner with Endeavour and support their growth in Africa in order to create a leading African-focused gold producer. Given the tremendous opportunities in Africa, I’m very pleased to be joining, with some of my team, the talented leadership team of Endeavour and look forward to working with Neil and his team to create value for all shareholders through the execution of our extremely attractive organic growth pipeline including the Houndé and Ity CIL Projects and by taking advantage of the current market conditions to seize external growth opportunities in the region with the support of La Mancha and the Sawiris family as a new shareholder.” Transaction Highlights •    Creation of a strategic, long term partnership with La Mancha, a gold industry investment vehicle controlled by the Sawiris Family committed to supporting Endeavour's growth as a premier African gold producer •    The long-term partnership is demonstrated by o    Investment of US$63 million cash, which is inclusive of attributable cash held in SMI o    In-principle commitment of up to US$75 million in additional funding to support growth beyond immediate priorities o    Agreement to a two year equity lock-up on the Endeavour shares issued following completion •    Strengthening the balance sheet, funding position and investing for the future o    Capital injection reduces Endeavour's net debt from US$242M to US$159M2 o    Net debt : EBITDA(2) multiple significantly improves from 1.3 times to 0.7 times o    Ability to fund Houndé Project following a construction decision in early 2016 •    Acquisition of low cost production with expansion and exploration potential o    Bolt on acquisition of a 55% interest in the Ity Gold Mine adds operating cash flow, increases the group production rate from 500koz per year to 580koz per year, and decreases group AISC/oz (see Table 1) o    Pro forma attributable Proven and Probable Reserves increase by 22% to 4.8 million gold ounces and Measured and Indicated Resources increase by 23% to 8.5 million gold ounces(3) o    Large development potential at Ity (based on M&I resources of 2.9Moz) with the construction of a CIL processing facility to increase annual production and extend mine life o    Exploration land holdings in Côte d’Ivoire in excess of 3,500 square km •    Transaction is value accretive for Endeavour’s shareholders o    At Endeavour’s market value of C$0.58 per share(4), the value of the approximate 177.1 million new shares issued to La Mancha is approximately US$77.9 million, which includes US$63 million cash portion o    This implied value for the mineral interests is equivalent to: $17 per attributable 2P reserve ounce, $9 per attributable M&I resource ounce, 0.5 EV / Attributable EBITDA2 multiple Multimedia content here: Table 1: Historic Ity Mine Performance and Contribution to Endeavour Transaction Details This transaction secures the platform for Endeavour’s growth by strengthening the balance sheet and funding position, the complementary addition of low cost production, and the expected benefits of having Endeavour’s Construction Services team to contribute to the completion of CIL Plant feasibility study and construction plan.  The Endeavour Board has unanimously determined that the transaction is in the best interests of Endeavour. Endeavour is acquiring La Mancha’s indirect 55% interest in SMI, the remaining ownership of which is held by Sodemi (30%), the Ivorian State (10%) and the Didier Drogba group (5%). The US$63 million cash investment by La Mancha is inclusive of an expected US$25 million of attributable cash held in SMI (representing 55% of an expected US$45 million cash balance at closing).  La Mancha will have the right to participate in any new issues of shares in Endeavour (subject to certain exceptions) on the same terms as other participants in that share issue, up to such additional number of equity securities as is sufficient to enable it to maintain its ownership percentage in Endeavour (subject to compliance with any shareholder or regulatory approvals that may be required for any such issue).  La Mancha will also have a right to nominate two representatives to the Endeavour Board of Directors following completion of the transaction.  The current seven member board will expand to nine members.  If La Mancha’s shareholding in Endeavour falls below 20% (but remains above 10%) after the transaction, it will be entitled to nominate one representative to the Endeavour Board.  The new director nominees are Naguib Sawiris, Chairman of La Mancha and Sebastien de Montessus, President and CEO of La Mancha. At closing, Sebastien de Montessus will join Endeavour in the newly created position of President and he will resign from his position as President and CEO at La Mancha.  Attie Roux, Endeavour’s COO, will continue to report to Neil Woodyer, Endeavour’s CEO.  Within 24 months, it is envisioned that Sebastien de Montessus will transition to Endeavour’s CEO position and Neil Woodyer will transition to an Executive Chairman role. Post transaction, Endeavour anticipates its issued and outstanding shares to total approximately 590 million shares.  Endeavour plans to seek approval from shareholders to consolidate its issued shares on a one ‘new’ for ten ‘old’ basis. Timetable and Next Steps The issuance of approximately 177.1 million Endeavour shares and proposed share consolidation are subject to certain conditions, including among others, approval of Endeavour’s current shareholders, approval of the Toronto Stock Exchange (“TSX”) and approval of Endeavour’s senior secured revolving corporate loan facility banks.  An information circular is being prepared and is expected to be distributed to Endeavour’s shareholders in October 2015 in advance of a special meeting anticipated for early November 2015.   The Ity Gold Mine The Ity Gold Mine is located 480 km northwest of Abidjan with open pit mining and heap leaching ore treatment.  As of July 31, 2015, the heap leach Proven and Probable Reserves totalled 2.3 million tonnes at 2.4 g/t containing 173koz. The Ity Gold Mine produced 81koz of gold during 2014 and 45koz ounces during the first half of 2015 (see Table 1).  Endeavour intends to continue the studies undertaken by La Mancha that envision construction of a 2.0 to 3.0 Mtpa CIL processing facility that could significantly increase annual gold production to over 120,000 ounces for over 10 years with average AISC/oz of less than $725.  In addition to La Mancha’s operating assets, Endeavour is acquiring the relatively under-explored Côte d’Ivoire exploration land package covering an area of over 3,500 km2. Delisting from the Australian Stock Exchange Endeavour intends to request approval from ASX Limited for its removal from the official list of the Australian Securities Exchange (“ASX”).  Endeavour’s decision is based on the low volume of trading of its CHESS Depositary Interests (“CDIs”) on the ASX compared to the shares on the TSX and the decreasing number of CDIs held on the Australian register.  Since listing on the ASX in December 2011, the CDIs held on the Australian register have declined from approximately 53% of Endeavour’s issued share capital to less than 10.4% and are expected to be less than 7.3% on a post-transaction basis.  A news release detailing the ASX delisting process will be published separately. Advisors Endeavour is being advised by UBS Investment Bank and Stikeman Elliott LLP. La Mancha is being advised by Credit Suisse and Norton Rose Fulbright. Conference Call and Live Audio Stream Endeavour's CEO, Neil Woodyer will host a conference call to discuss this announcement at 10:00 am (Toronto time) today. Access details are provided below. Analysts and interested investors are invited to participate using the dial in numbers below.

Globeleq announces the appointment of new Chairman and CEO

Globeleq announces the appointment of new Chairman and CEO

Globeleq is the leading independent power producer (IPP) in sub-Saharan Africa

LONDON, United Kingdom, 21 September 2015/ --  Globeleq (http://www.globeleq.com), the leading independent power producer (IPP) in sub-Saharan Africa, today announces the appointment of a new Chairman, CEO and other board positions. Chair and CEO appointments: •    Dr Reuel Khoza has been appointed Chairman of the Globeleq Board. He previously held chairmanships for Nedbank Group, Glaxo SmithKline SA, Corobrik (Pty) Ltd, and Eskom Holdings Ltd. Dr Khoza currently chairs Aka Capital (Pty) Ltd, an investment holding and private equity company. •    Henry Aszklar, an energy industry expert with over 20 years of experience, has been appointed CEO of Globeleq. He has specialised in energy investments in emerging markets, including the development, acquisition and financing of IPP projects in Africa, Latin America and the US. Other new appointments to the Globeleq Board of Directors include: •    Eddy Njoroge, the former CEO of Kenya Electricity Generating Company (KenGen) and current Chairman of Telkom Kenya. •    Jean-Louis Ekra, the former Chairman and President of the African Export-Import Bank. •    Eivind Reiten, an economist and former Norwegian Petroleum and Energy Minister. •    Edward (Ned) Hall, an experienced energy industry professional who most recently served as Executive Vice President and Chief Operating Officer of Atlantic Power Corporation. These appointments come as Globeleq enters its next phase of development under the direct ownership of CDC Group plc, the UK’s development finance institution (DFI), and Norfund, the Norwegian Investment Fund for Developing Countries. Having obtained the necessary government and lender consents, CDC and Norfund are now the sole shareholders of Globeleq with 70% and 30% holdings, respectively. Under its new ownership, Globeleq aims to boost power generation to Africa by adding at least 5,000 megawatts (MW) of generating capacity over the next 10 years. This electricity will enable the creation of over 1.5 million new formal and informal jobs across Africa*. In order to achieve this, Globeleq will pursue earlier-stage development as well as other development and project expansion opportunities in power generation in Africa, including renewables. Reuel Khoza, Globeleq Chairman said: "Africa's industrial development is dependent on the availability of electricity. One cannot speak of mining, commercial agriculture and food security, ICT, or even health and education without energy. Electricity is, in very significant ways, a sine qua non for Africa's socio-economic development." CDC Chief Executive, Diana Noble, said: “What is inspiring about this new chapter in Globeleq’s story is that it has the potential to be a truly transformational business that helps to bring reliable power to the lives of millions of people and their communities across sub-Saharan Africa. “As an original founder of Globeleq in 2002, CDC is proud that, together with Norfund, our vision and resources will combine with the new CEO, Board and high-calibre Globeleq team to deliver on a strategy to develop significant power generation capacity over the course of the next decade and beyond.” Norfund Chief Executive, Kjell Roland, said: “Inadequate and unreliable power supply is a major constraint on economic and social development in sub-Saharan Africa. An investment in Globeleq is strategically important for Norfund as investing in energy in sub-Saharan Africa is one of our main focus areas. Together with CDC, our long-term plan is to strengthen Globeleq as an industrial energy developer in a market with significant regional growth potential.  Based on the combination of financial capacity, industrial expertise, local partnerships and collaboration with authorities, CDC and Norfund are ready and eager to expand power production in Africa and widen our technology choice.” *Based on the co-causal positive correlation between growth in electricity consumption, GDP and employment across the whole economy, in CDC’s existing portfolio of electricity investments in Africa and South Asia in 2014, using CDC’s Job Creation Methodology (Annual Review 2014).

Driving continued growth: The Ethiopia Summit 2015

Driving continued growth: The Ethiopia Summit 2015

More than 150 of the country’s leading policymakers, business leaders, and international executives active or interested in expanding in Ethiopia

ADDIS ABABA, Ethiopia, 21 September 2015/ --  Over the past decade, Ethiopia has experienced solid economic growth—GDP growth has averaged 10% a year and foreign direct investment reached almost US$1bn in 2013/2014—but what more needs to be done for the country to achieve its full potential? Is Ethiopia on course to achieve its ambitious goals with its second Growth and Transformation Plan? •    What are Ethiopia's future growth prospects? •    Is the state-led development model sustainable? •    What are the challenges currently faced by the private sector? •    What opportunities exist for private equity firms looking to enter the Ethiopian market? •    Will Ethiopia fully join COMESA's Free Trade Area to achieve further growth through collaboration? Organised under the theme “Driving continued growth” The Economist Events’ Ethiopia Summit (http://www.ethiopiasummit.economist.com) will bring together more than 150 of the country’s leading policymakers and business leaders with international executives active or interested in expanding in Ethiopia to explore opportunities and tackle challenges. Along with His Excellency Prime Minister Desalegn, the summit will feature speakers and panellists from government and industry including: •    HE Dr Arkebe Oqubay, Minister and Special Advisor to the Prime Minister, Federal Democratic Republic of Ethiopia •    HE Dr Abraham Tekeste Meskel, State Minister, Ministry of Finance and Economic Development, Federal Democratic Republic of Ethiopia •    Fitsum Arega, Director General, Ethiopian Investment Commission (EIC) •    Sindiso Ngwenya, Secretary-General, Common Market for Eastern and Southern Africa (COMESA) •    Greg Dorey, British Ambassador to Ethiopia and British Permanent Representative to the African Union and UN Economic Commission for Africa •    Tewolde GebreMariam, Chief Executive Officer, Ethiopian Airlines •    Haddis Tadesse, Country Representative, Ethiopia and Representative to the African Union, Bill & Melinda Gates Foundation •    Andualem Admassie, Chief Executive Officer, Ethio Telecom •    Tewodros Ashenafi, Founder, Chairman and Chief Executive Officer, SouthWest Energy •    Khalid Bomba, Chief Executive Officer, Ethiopian Agricultural Transformation Agency •    Reg Hankey, Chief Executive Officer, Pittards •    Francis Agbonlahor, Managing Director, Meta Abo Brewery Share Company, Diageo •    Rana Sengupta, Vice-president, Africa Emerging Markets and Customer Development, Africa Business and Managing Director, Ethiopia, Unilever •    Brian Herlihy, Chief Executive Officer and Founder, BlackRhino •    Fitsum Arega, Director General, Ethiopian Investment Commission (EIC) •    Munir Duri, Chief Executive Officer, Kifiya •    Mayur Kothari, Founder and Chairman, Mohan Group of Companies •    Sergei Stankovski, Managing Director, Goldman Sachs •    Gabriel Negatu, Regional Director for Eastern Africa , African Development Bank •    Sergei Stankovski, Managing Director, Goldman Sachs Distributed by APO (African Press Organization) on behalf of The Economist Events. Follow the Ethiopia Summit via @EconomistEvents #EthiopiaSummit on Twitter to get the latest updates, submit your questions, and join in with discussions on the day.