De Beers partners with UN to empower women
De Beers Group this week announced a three-year partnership with UN Women to accelerate the advancement of women across its organisation, in its diamond producing countries and in its marketing.
As a UN Women partner, De Beers has committed to achieving parity in the appointment of women and men into senior leadership roles, investing in women micro-entrepreneurs and STEM students in its diamond producing countries and ensuring De Beers’ brands are a positive force for supporting gender equality through all its marketing campaigns.
DE BEERS INVESTS US$3 MILLION TO EMPOWER WOMEN IN ITS DIAMOND PRODUCING COUNTRIES
Working alongside UN Women, governments and communities in its diamond producing countries of Botswana, Canada, Namibia and South Africa, De Beers will invest US$3 million to advance the prospects of women and girls by addressing key priority areas. In Botswana, Namibia and South Africa, the programmes will focus on accelerating the growth of women-owned micro-enterprises to enhance the capacity of women entrepreneurs to grow their businesses, increase their income and create sustainable jobs for themselves and their communities. The capacity-building model will be specifically tailored for each country to support women micro-entrepreneurs with business and life skills to enable them to realise their potential and contribute to the economic growth of their communities.
In Canada, De Beers and UN Women will work with, among others, the University of Waterloo to provide scholarships and mentoring to young women and girls from underprivileged communities who want to pursue studies in Science, Technology, Engineering and Mathematics (STEM). These programmes are in the advanced planning stages and are due to launch in the coming months.
DE BEERS TO TRANSFORM RATE OF WOMEN APPOINTED INTO SENIOR LEADERSHIP POSITIONS
De Beers will also accelerate the advancement of women across its organisation by more than doubling the rate of women appointed into senior leadership roles, achieving parity in the appointment of women and men into senior leadership by 2020. The commitment to create a step-change in the appointment of senior leaders within De Beers is coupled with a holistic approach already underway and focused on attracting and developing women at earlier stages in their careers wherever De Beers operates across the diamond value chain.
A Gender Diversity Steering Group has been established, reporting to the De Beers Group Executive Committee, with involvement from senior women and men across the organisation to meet this commitment, sustain it and build on it through tailored action plans in each part of the business. Beginning earlier this year, Group-wide initiatives have already included a review of talent attraction and development processes, the rollout of unconscious bias training, the establishment of a senior management-led reciprocal mentoring programme and the review of policies and recruitment guidelines.
DE BEERS TO SUPPORT GENDER EQUALITY IN MARKETING CAMPAIGNS
De Beers’ consumer brands Forevermark and De Beers Diamond Jewellers will leverage the considerable purchasing power and cultural influence of their diamond marketing campaigns to serve as a positive force for gender equality. The company will work with UN Women to support its marketing teams in shaping creative campaigns that reflect the diverse roles that women occupy in society. Both Forevermark and De Beers Diamond Jewellers have already begun commissioning new campaigns, due to run later this year and next year, that are inspired by equality and the evolving role of women in society.
BRUCE CLEAVER NAMED A UN WOMEN ‘HE FOR SHE’ THEMATIC CHAMPION
In recognition of De Beers’ commitment to women’s equality, Bruce Cleaver, CEO, De Beers Group, was named a UN Women ‘HeForShe’ Thematic Champion. HeForShe is the UN’s global movement for the acceleration of gender equality and Mr Cleaver is one of eight global Thematic Champions who have committed to implementing policies and actions within their organisation to advance gender equality.
Commenting on his appointment, which was announced by UN Women Executive Director, and Under-Secretary General, Phumzile Mlambo-Ngcuka during the UN General Assembly, Mr Cleaver said: “Improving the prospects for women and girls advances an entire society and organisation, as everyone benefits from the increased diversity of experience, skills and insight that greater representation of women delivers. We are in the early stages of our journey toward gender parity and we know that achieving our goals will require a dedicated and ongoing focus that continues well beyond our initial 2020 target.
“Diamonds hold a unique place in marking the most precious moments in the lives of millions of women around the world. At De Beers we believe it is our responsibility and privilege to stand with women, to lead in the pursuit of equality and to give even deeper meaning to the diamonds they are proud to wear and pass on to next generations.” Phumzile Mlambo-Ngcuka, Under-Secretary-General and Executive Director of UN Women, said:
“We are delighted to have De Beers Group on board as a UN Women partner. With global organisations like De Beers joining the United Nations movement to achieve gender equality, we are able to reach new and greater audiences to further build global awareness and support for advancing women’s empowerment.
Business
LLR transforms from Company to Group reporting
Botswana Stock Exchange listed diversified real estate company, Letlole La Rona Limited (“LLR” or “the Company” or “the Group”), posted its first set of group financial statements which comprise the Company and Group consolidated accounts, which show strong financial performance for the six months ended 31 December 2023, with improvements across all key metrics.
The Company commenced the financial year with the appointment of a Deputy Chairperson, Mr Mooketsi Maphane, in order to bolster its governance and enhance leadership continuity through the development of a Board and Executive Management Succession Plan.
At operational level, LLR increased its shareholding in Railpark Mall from 32.79% to 57.79% and proudly took over the management of this prime asset.
The CEO of LLR, Ms Kamogelo Mowaneng commented “During the period under review, our portfolio continued to perform strongly, with improvements across all key metrics as a result of our ongoing focus on portfolio growth and optimisation.
“We are pleased to report a successful first half of the 2024 financial year, where we managed to not only grow the portfolio through strategic acquisitions and value accretive refurbishments but also recycled capital through the disposal of Moedi House as well as the ongoing sale of section titles at Red Square Apartments. The acquisition of an additional 25% stake in JTTM Properties significantly uplifted the value of our investment portfolio to P2.0 billion at a Group level. Our investment portfolio was further differentiated by the quality of our tenant base, as demonstrated by above market occupancy levels of 99.15% and strong collections of above 100% for the period”.
The growth in contractual revenue of 9% from the prior year’s P48.0 million to the current year P52.2 million, increased income from Railpark Mall, coupled with high collection rates, has enabled the company to declare a distribution of 9.11 thebe per linked unit, which is in line with the prior year.
In line with its strategic pillars of ‘Streamlined and Expanded Botswana Portfolio’ as well as ‘Quality African Assets’, the Group continuously monitors the performance of its investments to ensure that they meet the targeted returns.
“The Group continues to explore yield accretive opportunities for balance sheet growth and funding options that can be deployed to finance that growth” further commented the CEO of LLR Ms Kamogelo Mowaneng.
Ms Mowaneng further thanked the Group’s stakeholders for their continued support and stated that they look forward to unlocking further value in the Group.
Business
Botswana’s Electricity Generation Dips 26.4%
The Botswana Power Corporation (BPC) has reported a significant decrease in electricity generation for the fourth quarter of 2023, with output plummeting by 26.4%. This decline is primarily attributed to operational difficulties at the Morupule B power plant, as per the latest Botswana Index of Electricity Generation (IEG) released recently.
Local electricity production saw a drastic reduction, falling from 889,535 MWH in the third quarter of 2023 to 654,312 MWH in the period under review. This substantial decrease is largely due to the operational challenges at the Morupule B power plant. Consequently, the need for imported electricity surged by 35.6% (136,243 MWH) from 382,426 MWH in the third quarter to 518,669 MWH in the fourth quarter. This increase was necessitated by the need to compensate for the shortfall in locally generated electricity.
Zambia Electricity Supply Corporation Limited (ZESCO) was the principal supplier of imported electricity, accounting for 43.1% of total electricity imports during the fourth quarter of 2023. Eskom followed with 21.8%, while the remaining 12.1, 10.3, 8.6, and 4.2% were sourced from Electricidade de Mozambique (EDM), Southern African Power Pool (SAPP), Nampower, and Cross-border electricity markets, respectively. Cross-border electricity markets involve the supply of electricity to towns and villages along the border from neighboring countries such as Namibia and Zambia.
Distributed electricity exhibited a decrease of 7.8% (98,980 MWH), dropping from 1,271,961 MWH in the third quarter of 2023 to 1,172,981 MWH in the review quarter.
Electricity generated locally contributed 55.8% to the electricity distributed during the fourth quarter of 2023, a decrease from the 74.5% contribution in the same quarter of the previous year. This signifies a decrease of 18.7 percentage points. The quarter-on-quarter comparison shows that the contribution of locally generated electricity to the distributed electricity fell by 14.2 percentage points, from 69.9% in the third quarter of 2023 to 55.8% in the fourth quarter. The Morupule A and B power stations accounted for 90.4% of the electricity generated during the fourth quarter of 2023, while Matshelagabedi and Orapa emergency power plants contributed the remaining 5.9 and 3.7% respectively.
The year-on-year analysis reveals some improvement in local electricity generation. The year-on-year perspective shows that the amount of distributed electricity increased by 8.2% (88,781 MWH), from 1,084,200 MWH in the fourth quarter of 2022 to 1,172,981 MWH in the current quarter. The trend of the Index of Electricity Generation from the first quarter of 2013 to the fourth quarter of 2023 indicates an improvement in local electricity generation, despite fluctuations.
The year-on-year analysis also reveals a downward trend in the physical volume of imported electricity. The trend in the physical volume of imported electricity from the first quarter of 2013 to the fourth quarter of 2023 shows a downward trend, indicating the country’s continued effort to generate adequate electricity to meet domestic demand, has led to the decreased reliance on electricity imports.
In response to the need to increase local generation and reduce power imports, the government has initiated a new National Energy Policy. This policy is aimed at guiding the management and development of Botswana’s energy sector and encouraging investment in new and renewable energy. In the policy document, Minister of Mineral Resources, Green Technology and Energy Security Lefoko Moagi stated that the policy aims to transform Botswana from being a net energy importer to a self-sufficient nation with surplus energy for export into the region. Moagi expressed confidence that Botswana has the potential to achieve self-sufficiency in electric power supply, given the country’s readily available energy resources such as coal and renewable sources.
Business
MMG acquires Khoemacau in a transaction valued at P23Bn
MMG Limited, the Hong Kong-based mining company specializing in base metals, has successfully concluded the acquisition of Khoemacau Copper Mine, a state-of-the-art, world-class copper asset nestled in the northwest of Botswana.
On Monday, MMG announced that the acquisition of Khoemacau Mine in Botswana was finalized on 22nd March 2024. “This acquisition enriches the company’s portfolio with a top-tier, transformative growth project and signifies a monumental milestone in the Company’s journey,” MMG communicated in an official statement published on the Hong Kong Stock Exchange.
Upon completion of the acquisition, MMG remitted to the Sellers an Aggregate Consideration of approximately US$1,734,657,000 (over P23 billion), a sum subject to potential adjustments post-Completion.
In addition to the Aggregate Consideration, MMG, in accordance with the Agreement, advanced an aggregate amount of approximately US$348,580,000 (over P4.5 billion) as the Aggregate Debt Settlement Amount, to settle certain debt balances of the Target Group (Cuprous Capital/Khoemacau).
On November 21, 2023, Khoemacau announced that the shareholders of its parent company [Cuprous Capital] had agreed to sell 100% of their interests to MMG Limited.
MMG is a global resources company that mines, explores, and develops copper and other base metals projects on four continents. The company is headquartered in Melbourne, Australia, and has a significant shareholder, China Minmetals Corporation, which is China’s largest metals and minerals group owned by the Government of the People’s Republic of China.
On December 22, 2023, Khoemacau Copper Mining (Pty) Ltd received the approval from the Minister of Minerals and Energy of Botswana regarding the transfer of a controlling interest in the Project Licenses and Prospecting Licenses associated with the Khoemacau Copper Mine, a result of the Acquisition.
The Botswana Competition & Consumer Authority (CCA) on January 29, 2024, notified the market that it had given its approval for the takeover of Khoemacau Copper Mining by MMG Limited.
On January 29, 2024, the CCA issued a merger decision to the market, stating that after conducting all necessary assessments, it was ready to proceed.
The Competition Authority affirmed that the structure of the relevant market would not significantly change upon implementation of the proposed merger as the proposed transaction is not likely to result in a substantial lessening of competition, nor endanger the continuity of service in the market of mining of copper and silver ores and the production, and sale or supply of copper concentrate in Botswana.
Furthermore, the CCA stated that the proposed merger would not have any negative impact on public interest matters in Botswana as per the provisions of section 52(2) of the Competition Act 2018.
Earlier this month, Minister of Minerals & Energy, Lefoko Maxwell Moagi, informed parliament that his Ministry was endorsing the Khoemacau acquisition by MMG Limited. He noted that not only was the company acquiring the existing operation but also committing to an expansion program that would cost over $700 million to double production, create more jobs for Batswana, and increase taxes and royalties paid to the Government.