Women close labour gap
The number of working women has been on the rise for many years. In most member countries of the Organisation for Economic Co-operation and Development (OECD), the proportion of women aged 25 to 54 in the workforce continues to increase.
According to De Beers’ mining insight report, in 1980, this figure stood at 54 per cent, by 2010, it had risen to 71 per cent, albeit with significant differences in the rate of growth between countries. Today, in the US, 69 per cent of Millennial women aged 18 to 33 are in the labour force, compared with 78 per cent of men in the same age group. This is a significant shift from the Baby Boomer generation: in 1963, the participation of men aged 18 to 33 stood at 88 per cent, and women of the same age group at 41 per cent.
Meanwhile the Women in Mining event held at the GICC this week in Gaborone under the theme; Women In Mining Botswana: Addressing the Conceptual Challenges and Seizing Transformation Opportunities, showcased an increased women participation in the workforce especially, mining. The primary target of the conference is to inspire and promote women in the mining industry. This unique women empowerment conference furthermore invites all women looking to make their mark in any male dominated sector or business.
According to Statistics Botswana 2016 Formal Sector Employment Survey, overall employment increased by 0.2 percent (786 persons) from 403 681 persons in September 2015 to 404 387 persons in March 2016. Sharing the statistics at the Mining Conference, Minister of Nationality, Immigration and Gender Affairs, Edwin Batshu indicated that of the 404 387 employees, 203 146 representing 50.2% were males while 201 242 representing 49.8% were females.
The Mining industry, where the Conference is located, and is trying to push more women numbers, there are 10 439 male employees and 1756 female employees. The Minister acknowledged the gender disparity in the mining industry and said this calls for breaking down of barriers. The Minister said Government has come up with interventions to promote women’s participation in this sector. On a good note though, the narrowing gap in the general labour force participation between men and women is also leading to a corresponding decline in the difference between their earnings. Women’s earnings growth is one direct result of the 21st century’s significant increase in female participation in tertiary education. The percentage of women across the world aged 25 to 64 who have completed higher education rose from 21 per cent in 2000 to 38 per cent in 2015.
The Minister Health and Wellness, Dorcas Makgato observed that women also have increasing power and influence in leadership roles in business and politics. She said female economic independence is bringing about changes in how women influence economies. She observed that Opportunities are there to be taken by a human being. “You are a first a human being and secondly a woman.”
Makgato stressed that one needs to have a clarity of purpose in order to effectively chase after their dream. She encouraged women to refrain from always making excuses as to why they can’t fit in male dominated industries. She said Women must create time to achieve their goals and it is never too late to start. “To sleep like a king, work like a slave. Naturally women have been blessed with the gift of multitasking and they need to utilize it. Women should build profitable networks in every sector, and define their engagements on social media ensuring that it is meaningful. Every woman should be in charge of her destiny” she said. At 51 years Makgato is already preparing for her retirement.
Speaking at the Women In Mining event, the Director Of Gender Affairs Department Ms Thapelo Phuthego encouraged all attendees to promote gender equality and empower the girl child who most of the time is faced with challenges and societal pressures , challenging all to live up to this year’s international women’s day theme: Be Bold For Change. She further sighted Zambia economic growth research with states that when women are given the necessary resources the economy grows.
Dr Siza Majola, a Former Mining Executive & Group HR Manager gave a motivational talk by sharing her story on how she began her mining career path in Lobatse as a geologist, a job she admitted did not feel like her calling. Still within the mining industry she later pursued a career in communications and stakeholder engagements. She encouraged women to understand their self-value and bring who they are to the work place, noting that a woman without self-values will never understand her worth.
Research shows that it’s not only the earning power of women that is changing as a result of increased participation in tertiary education. Their role within the home is also evolving as their responsibilities as providers for their families increase. The CEO of the National Development Bank Lorato Morapedi shared the same sentiments. She said women should never aspire to be like man, because they were created as women for a purpose. “Most women allow fear to be a stumbling block before their aspirations,” she said.
Nametso Ntsosa –Carr, WIBA president proudly announced that the conference was organized by a WIBA member, Ms Malebogo Marumoagae. She called on aspiring entrepreneurs to network, forge lasting partnerships, have mentors and seek assistance in order to begin sparkling in male dominated industries, sighting that women should overcome their fears and boldly pursue their dreams taking advantage of all Government available initiatives.
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.