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African Exploration Mining and Finance Corporation

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African Exploration Mining and Finance Corporation
African Exploration Mining and Finance Corporation (SOC) LTD
Founded1944; 80 years ago (1944)
Headquarters74 Waterfall Drive, Waterfall City, 2090, City of Johannesburg Metropolitan Municipality, Gauteng,
Total assets
  • Increase R 1 034 045 000 (2019)
  • R 764 461 000 (2018)
[1]
Total equityR 361 million (2019)
ParentCEF, a parastatal owned by the government of South Africa
Websitewww.aemfc.co.za

The African Exploration Mining and Finance Corporation (AEMFC) is a state-controlled mining business in South Africa.

History

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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, 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

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AEMFC owns the Vlakfontein coal mine in Ogies which supplies the Kendal Power Station run by Eskom.

References

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  1. ^ "2019 AEMFC Audited Annual Report" (PDF).
  2. ^ "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.
  3. ^ "AEMFC granted mining and prospecting rights". 28 February 2011. Retrieved 28 February 2011.
  4. ^ "AEMFC is new hope for BEE mine firms". IOL. 28 February 2011. Retrieved 28 February 2011.
  5. ^ "AEMFC readies for second mine as losses mount". Mining MX. 18 October 2012. Retrieved 1 February 2013.
  6. ^ "African Exploration Mining and Finance Corporation (SOC) Limited - Annual Report" (PDF). 31 March 2013.