Transnet Group CEO Portia Derby once exercised oversight on state-owned entities (SOEs) as director-general of public enterprises. She now occupies ... the hot seat at a company often described as the “spinal cord” of South Africa’s economy. Meet CEO Derby's executive team at Transnet.
Initial funding of about $4m is needed to complete the company’s purchase of the Ghaghoo mine, which is located in the central Kalahari basin. A previous agreement to buy the mine from Gem Diamonds fell through in February when partner Vast Resources withdrew its financial backing for the purchase.
Gem Diamonds put the mine on care and maintenance in February 2017 after recovery of just under 150,000 carats of diamonds. Getting $6.5m of funding would allow for an update of the feasibility study and create time to seek $20m in debt to get the mine back into operation, Campbell says. He has been in discussions with one unnamed group who he hopes will “eventually deliver.”