South African President Cyril Ramaphosa said he has been “overwhelmed” by the level of interest in an investment summit he hosted on Friday and that his plans to lure $100 billion over the next five years are well ahead of target.
With elections due to take place next year, Ramaphosa needs to show he is delivering on pledges to revive an economy mired in recession and create jobs for the 27% of the workforce that is unemployed. Since announcing the investment drive in April, China, the U.K., the U.A.E., Saudi Arabia and Daimler AG’s Mercedes-Benz unit have pledged $35.5 billion.
Bushveld Minerals Ltd (LON:BMN). intends to allocate as much as $170 million over the next three years expanding its capacity to produce and process vanadium