Industrial Development Corporation
ABEL Malinga’s Industrial Development Corporation (IDC) has been hanging tough for the last 12 months. It agreed to roll up interest payments on a R258m loan with DiamondCorp which is developing the Lace mine in the Free State province, and has been left treading water on Waterberg Coal Company’s efforts to build a coal mine in the Limpopo province. In each case, the emphasis is on putting money into strategic development in places where the private sector fears to tread. In October, it pumped investment into the Democratic Republic of Congo’s Bisie tin mine – the first in the African country since 2010 and despite the operation being in conflict-riven North Kivu district. As one of the few entities still investing in South Africa’s mining sector, it’s crucial that this continue. The IDC’s board gave Malinga some R2.3bn in strategic project funding for the mining sector in 2015. There are some commentators, however, who would prefer the IDC didn’t invest in certain things, such as a proposed $5bn steel plant in South Africa. Despite criticism that economic circumstances don’t support it - some 200,000 jobs in the local steel industry are forecast to vanish - Malinga said the project was likely to proceed which will see China’s Hebei Steel take a 51% stake, pending a first quarter feasibility study.
LIFE OF ABEL
Malinga was appointed head of the IDC’s mining and manufacturing division in April 2011. He is a non-executive director of Palabora Mining company. He holds a BSc from the University of Cape Town and a Masters in business leadership from Unisa.
- Web Address: www.idc.co.za