Massive investment will catapult RBCT into top ranks (from page 1)

From page 1 The development will catapult RBCT back into the top ranking of the world’s coal terminals. The programme is far in excess of a previously announced expansion programme and replaces the original Phase 5 plan that has been under discussion for some time. When completed in 2008 it will include a special provision aimed at encouraging a new generation of coal exporters. To achieve this 4mt pa will be earmarked by April 2006 for emerging BEE miners with modest export volumes Six million tonnes of the expansion will be taken up by South Dunes Coal Terminal, consisting of more than two thirds BEE exporters, and another 10mt pa is to be allocated for open subscription, but with an emphasis on empowerment to facilitate the transformation of RBCT in terms of South Africa’s mining charter. The subscription capacity will be made available through new shareholding or through commercial usage arrangements at internationally competitive rates and is expected to commence during the second quarter of 2006. “We’re excited about the expansion and believe it reflects the spirit of transformation in South Africa,” says Tony Redman, chairman of RBCT. He said the extra capacity could earn South Africa about R6 billion pa in foreign currency while Spoornet, the rail operator, could earn up to R1 billion. However full rail and mining capacity is unlikely to be available until 2009. “Such infrastructure expansion will help to support the government’s objective of 6% GDP growth.”