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South Africa: IDC Helps Replace Northern Cape Jobs Lost From Closure Or Sale of Mines
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Business Day (Johannesburg)
22 May 2008
Posted to the web 22 May 2008
Charlotte Mathews
Johannesburg
THE Industrial Development Corporation (IDC) is to lend R14,5m to help set up a R100m partly black-owned gold jeweller in Kimberley.
The state finance institution says this project is one of a number to help replace jobs lost in Northern Cape after De Beers closed or sold mines that supported the area for decades.
Other initiatives are establishing the office of the State Diamond Trader in Kimberley, which should provide about 2000 jobs, and De Beers' decision to move the South African office of the Diamond Trading Corporation , its marketing arm, to Kimberley. Both of those moves are expected to attract more diamond cutting and polishing businesses to set up business in Kimberley.
De Beers and local government are also investing in a major tourism centre in the city.
"This is a key opportunity for facilitating empowerment in the jewellery manufacturing sector, while continuing regional development among the poorest communities in this country," says the corporation's mining strategic business unit head, Abel Malinga.
About 460 people will be trained within five years, and about 300 jobs created in the local community once the necessary skills have been transferred, Malinga says.
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Gold Chain Technology will be 51% owned by an Italian company, Q-Quality International Group, 25% owned by empowerment company, Solandra Investments, and 24% by a Northern Cape community trust. It will use Q-Quality's machine manufacturing process to make gold and silver chains mainly for export to the US.
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