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> June 2005 - This Month in South, Southern and East

THIS MONTH IN SOUTH, SOUTHERN AND EASTERN AFRICA

JUNE 2005


This document is produced by the Canadian High Commission Trade Office in Johannesburg, in collaboration with other High Commissions in the Southern and East African region and contains information which would be of interest to persons interested in developing their business links with South Africa and southern and eastern Africa.


CANADIAN BUSINESS NEWS


Business Day, 3 June: Canada has the worlds most active stock exchange for mining companies, with the Toronto stock exchange being home to a cluster of companies with mining interests in South Africa. Increasingly too, it is becoming a favoured destination for South Africa mining companies wishing to raise capital offshore. Independent mining analyst George Grohmann says Canadas restrictive legislation on mining, particularly relating to the environment, means that the countrys investors have also been looking elsewhere to place their funds. Toronto-based South African mining lawyer Darryl Levitt of Fasken Martineau says that of the 2797 active mining projects carried on by Toronto stock exchange (TSX)-listed mining companies in January this year, 47% were outside North America. TSX listed companies with interests in SA and the southern African region include AfriOre, Bema Gold, Great Basin Gold, IAMGold, Southern Era, Thistle Mining, Anooraq, Monroe Metals, Platinum Group Metals and Vaaldiam Resources.
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The Star, 14 June 2005: Toronto-listed Platinum Group Metals (PTM) would decide by June 2006 on a secondary listing on the JSE Securities Exchange, John Gould, PTMs chief executive said yesterday. Gould said the company had graduated from the venture capital board to the main board of the Toronto stock exchange. Noah Greenhill, the manager of the JSEs alternative market, AltX, was a guest speaker at yesterdays celebratory lunch. He asked why a company with SA assets had to travel thousands of kilometres for a listing when SA had decent regulations, world-class trading platforms, and a clearing and settlement system ranked among the worlds top 10. The most common reason given by firms for their journey to Toronto or to Londons Alternative Investment Market - two primary destinations for small mining companies in particular - was access to capital, Greenhill said. But he also said there was no reason PTM would not be able to access capital if it were listed on the JSE. Relaxations in exchange control meant private SA investors had unlimited opportunities to own shares in an international company that was listed locally. Greenhill admitted that we may have to work a little harder to raise the capital here but went on to suggest there was a moral imperative to develop the financial markets of southern Africa as part of greater corporate citizenship responsibilities in terms of the New Partnership for Africas Development and its goals. PTM plans to build a platinum mine with its joint venture partners, empowerment partner Africa Wide and the worlds largest platinum producer, Anglo Platinum. PTM would need investments of between R800 million and R1 billion to build the Western Bushveld joint venture mine, money Gould would like to raise in SA.
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The Star, 24 June: Phumzile Mlambo-Ngcuka was sworn in as democratic South Africa's first woman deputy president yesterday, hours after jetting into the country from New York. Mlambo-Ngcuka had earlier joined President Thabo Mbeki at the ANC's parliamentary caucus meeting, where she received a resounding welcome. "I look forward to serving South Africa in the best possible way," Mlambo-Ngcuka said. Significantly, she took her oath of office in isiZulu, while her successor as minerals and energy minister, Lindiwe Hendricks, as well as the two new deputy ministers of trade and industry, Elizabeth Thabethe and Rod Davies, opted for English.
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Business Day, 27 June: Etruscan to reopen diamond mine. Etruscan Resources had won a SA government permit to restart a 15 000 carat-a-year diamond mine near Ventersdorp that has been idle for a year, the Canadian group announced on 24 June.
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Speaking at the southern African Mining Conference, Michael Jones, President of Toronto-listed Platinum Group Metals (PTM) encouraged potential foreign investors to recognise South Africa as a country of opportunities when it came to mining. Jones said the new minerals legislation was the reason for those opportunities, particularly in the platinum sector and he demonstrated that the Toronto Stock Exchange was formidable source of financing for junior companies. Although Jones recognised that the new mining legislation was costly for investors, he stressed that the government's requests for community involvement, local procurement and beneficiation were familiar to Canadian investors who faced similar legislation at home. Jones highlighted that the main issues were related to risk perception, distance between Canada & RSA and problems linked to the implementation of the new minerals legislation. PTM plans to build a platinum mine on the western limb of the Bushveld Complex with its empowerment partner, Africa Wide and Anglo Platinum . PTM and Angloplats each hold 37% of the JV, while Africa Wide holds 26% . PTM is considering local listing on the JSE to raise additional capital for the construction of this mine. Such listing could be implemented by June next year.


SOUTH AFRICAN BUSINESS NEWS


Africa Monitor, June: The stable business environment that attracted the UKs Barclays Bank interest is partially a function of SAs comparatively strong political environment. Its long-term political rating is 73.0, 37th out of the 126 states rated by BMI, and one of the highest in Africa. True, problems persist, notably the comparatively large income inequality due to the high level of structural unemployment as a result of many decades of racist education, training and resource allocation, as well as the relatively poor record on law and order. However, the states strong democratic foundations and clearly defined governmental structures - notwithstanding recent concerns about the independence of the judiciary - means that SA is well positioned to build on the past decade of good governance. This should be sufficient to offset fears of perpetual ANC political dominance in the eyes of foreign investors, thereby reducing the weight of political risk inherent in any investment decision.
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Business Day, 3 June: Economic confidence surged to new highs last month, buoyed by expectations that the rands current weakening trend would be short-lived, allowing the Reserve Bank to cut interest rates further this year. A survey of 15 economists, released yesterday, showed that the Reuters Econometer jumped to 263,13 in May, up from 240,43 in April. The econometer is a confidence measure drawn from six weighted indicators to gauge the outlook for SAs economy. The rand is expected to stage a comeback later this year, as the US faces the problem of financing its twin deficits. Analysts have indicated that inflationary pressures in SA are expected to remain benign, with the Banks targeted measure of inflation, CPIX (consumer information less mortgage costs), expected to average 4,24% this year, compared with Aprils forecasts of 4,37%. Inflation rose to 3,8% year on year in April, from 3,6% in March. The South African economy grew at 3,5% in the first quarter of 2005, even as a strong rand continued to hammer the countrys manufacturing sector.
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Business Day, 6 June: Management of the Coega industrial development zone near Port Elizabeth says it expects three to four of the 70 projects it has attracted to come to fruition very soon. This follows Coegas lengthy negotiations with Alcan of Canada to construct a $2 bn aluminium smelter in the zone and its announcement of its first investment last month. Belgian textile producer Sander announced it would be putting up a R200m plant that would employ about 1200 people. Negotiations on the smelter have been protracted and were prolonged by French group Pechiney, which originally looked at putting up an aluminium smelter before being taken over by the Canadian company. Silinga said that it was not surprising that negotiations had been lengthy, considering that the R13,6 bn investment by Alcan would be the second-largest by a foreign company in SA.
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Business Day, 14 June: Southern Africa could have a single entry visa by 2008 - in time for the 2010 Soccer World Cup in SA - Environmental Affairs and Tourism Minister Marthinus van Schalkwyk said yesterday. The move would allow football fans to move to neighbouring countries easily and would also ensure that the economic benefits of the World Cup were spread across the Southern African Development Community (SADC) countries. Van Schalkwyk was speaking after a meeting with environment and tourism ministers from Swaziland, Zimbabwe, Zambia, Lesotho, Botswana, Namibia and Mozambique. They held discussions on southern Africas strategy to maximise tourism benefits of the regions transfrontier parks ahead of the 2010 World Cup - and beyond. The ministers agreed on the need for a single visa as one of the measures necessary to unlock the tourism potential of the region. The SADC secretariat would soon invite tenders for a study on the single visa. The ministers had agreed to use the 2010 World Cup as an opportunity to showcase trans-frontier parks in the region.
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Business Day, 17 June: The shareholders of the much-delayed second network operator (SNO) have given the assurance that preparations for the licensing of the telecoms provider are proceeding at a rapid pace. The chairman of the steering committee Karl Socikwa said yesterday that shareholders were working hard to fine-tune their business model before submitting it to the communications regulator, the Independent Communications Authority of SA (Icasa). The launch of the second fixed-line operator is expected to end the de-facto monopoly of the incumbent operator Telkom. The expectation is that the entry into the market of the SNO will significantly lower the costs of telecommunications and improve the ability of SA businesses to compete in the worlds major markets. Socikwa said the second operator would be launched towards the end of the year - more than three years later than originally scheduled.
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Business Day, 24 June: The caring face of the mining industry is to be showcased in a new annual SA-based conference, the first of which will take place in Cape Town in September. The Global Mining Conference is to be organised by the SA Mining Development Association, which mainly represents the interests of junior miners, and it will be a way for the association both to boost its own profile and to lead a discussion on transformation in the global mining industry.
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The Star, 27 June: The revised broad-based black economic empowerment (BEE) codes of good practice that were unveiled on 24 June by the Dept. Of Trade and Industry have been welcomed. Vuyo Jack, the Chief Executive of Empowerdex, the agency that does empowerment ratings, said the revised codes gave black investors more clout because the modified flow-through principle and ownership criteria allowed them to raise investment funds from non-black financiers and have their shares immediately counted in companies empowerment ratings. Mandisi Mpahlwa, the Minister of Trade and Industry, said that in terms of the new draft codes, companies would obtain full ownership points on the date of the transaction regardless of the financing structure used. The government has set a target of 25% black equity ownership within 10 years. The target for black women is 10% over the same period. In terms of the modified flow-through principle, if a black investor has more than 50% in company A and company A invests in company B, the black investor will be deemed to have 100% control of company A. This will improve company Bs empowerment rating considerably, helping it to win contracts. This will apply for five years after the codes are gazetted. The draft codes also give companies empowerment points when they sell assets to black investors.
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DEVELOPMENTS IN THE SOUTHERN AFRICAN REGION


Africa Monitor, June 2005: The IMF is bullish about Zambias long-term economic prospects. Business Monitor International (BMI) View: The outlook has improved but major risks remain. Politics can still interfere with economic probity, and vulnerability to world commodity markets remains a key issue.

Zambias economic performance has been highly erratic in the past. The main problem has been the over-dependence on copper exports, which have fallen but still constitute about 50% of the total. The country has also been prone to the increasingly frequent droughts that afflict the southern African region. Nonetheless, economic growth over the last five years has averaged about 4.5% in real terms and has been fairly broadly based. Real GDP is seen as growing at a steady rate of around 5% per year, inflation will fall to single digits in about two years time, and the exchange rate is projected to stay at around its current level. The IMF foresees strong growth in mineral and agricultural exports, and an improving balance of payments performance over time. However, BMI believes it is too optimistic. Historically, Zambias economic performance has been uneven and it remains to be seen whether political reversals and downturns in world commodity markets can be weathered. Nonetheless, the countrys prospects are brighter than at any time in the recent past.
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The Star, 8 June: Canadian mineral explorer Pan-African Mining had found high grade gold deposits in Madagascar and saw positive signs they could be commercial extracted, its chief executive said yesterday. Irwin Olian said we are hoping this is going to be a major mine, a $100 million-plus (R670 million) investment. But it depends on the extent of the deposit.
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The Star, 10 June: Mauritius would launch a new stock market by June 2006 in an effort to attract foreign investors to medium-sized companies in sectors from tourism to financial services, the Indian Ocean island's exchange said yesterday. The bourse will replace the unregulated over-the-counter market and will run in parallel with the main Semdex market, which is trading near record highs after recent interest rate cuts. The exchange is seeking new ways to lure foreign investors to one of Africa's better-performing economies, although a complex system of long-standing cross-holdings among blue chips on the main market has undermined liquidity.
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SA Builder: Driven by an urgent need to meet growing passenger and cargo volumes, a number of African governments have recently made the strategic decision to invest in the upgrading and expansion of their respective airports. Also, with the prospect of new large aircraft being utilised on routes into Africa, such as the Airbus A380 which is expected to enter service towards to end of 2006, existing infrastructure at most airports on the continent will not be able to accommodate these new generation aircraft. Competition between international airports to serve as regional hubs is also motivating increased infrastructure spending. East Africa in particular is likely to become a key destination for both contractors and consultants with experience in airport projects. In Kenya, the single most important planned investment is the expansion and upgrading of Jomo Kenyatta International Airport in Nairobi. To address this situation, the Canadian firm Queens Quay Architects has produced detailed engineering designs for a US$115 million upgrade. Meanwhile, in Tanzania, rehabilitation of airport pavements (runway, apron and taxiway) at Dar es Salaam International Airport, for which US$31 million has been budgeted, is to be undertaken. A further US$47 million has been earmarked for a second phase of development. In Uganda, which remains heavily reliant on its airports, the Civil Aviation Authority has put forward a draft of planned projects that will for the most part be structured as public-private partnerships.
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Engineering News, 17-23 June: MALAWI: The Malawi government is inviting expressions of interest from consulting firms to provide consultancy services for a $9 million project to improve fishing activities on Lake Malawi. The project - dubbed the Lake Malawi artisanal development project - is being funded by the African Development Bank (ADB). The services being sought for the project are in the areas of finance, procurement, monitoring, evaluation and civil engineering. The Dept of Fishers in Malawis Ministry of Mines, Natural Resources and the Environment says the job is open to consultants from source countries recommended by the ADB.
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Engineering News, 24-30 June: Three East African states have outlined their commitment to create an environment that will open the region to direct foreign investment. In their respective budgets presented on 8 June, the finance ministers of Kenya, Uganda and Tanzania promised to create an environment that is conducive to investment. Being the first budget after the implementation of the regions customs union in January, the ministers moved to consolidate the gains of the protocol by removing duty on major commodities entering the region. The three ministers also outlined their respective governments commitment to improving infrastructure in a bid to attract investment.
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Business Day, 29 June: Namibian cellular sale "by year-end. Namibia hopes to sell off a 34% stake in its state-owned cellphone monopoly by the end of the year to a regional or international player, an official involved in the privatisation said yesterday. The sale will go hand-in-hand with the transfer of a further 15% of shares in Mobile Telecommunications to black economic empowerment partners, said Robert Offner, finance manager at the company's parent, Namibia Post and Telecommunications. Interested parties have until July 15 to express interest. Bids from companies that already have links with Mobile Telecommunications could be more attractive. The country's phone systems are wholly government-owned through Namibia Post & Telecommunications, with Telecom Namibia running fixed-line services and Mobile Telecommunications handling cellular services. Namibia Post and Telecommunications also owns the postal service. Mobile Telecommunications was formed in conjunction with former Swedish partners including Telia in the 1990s.
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Indian Ocean Newsletter: In November 2005, the Canadian company Dynatec Corp. will choose its two partners for the nickel and cobalt production project located in Ambatovy, 80km east of Antananarivo. Dynatec is planning to work the mine from 2007, producing 60,000 tonnes of nickel, 5,600 tonnes of cobalt and 186,000 tonnes of ammonium sulphate a year. Four companies are negotiating with Dynatec for the Madagascar project: there are two South African mining companies, Impala Platinum Holdings and Anglo American Corp; the Chinese state company Shangal Bao Steel and the Japanese group Sumitomo. Dynatec has gone into the second phase of its feasibility study of the detailed engineering of the project. The Canadian company SNC Lavalin Engineers and Constructors Inc will be in charge of this study. The total investment necessary for this project is estimated at US$2.253 billion. Half of this sum will come from Dynatecs own funds and the other half will come from loans.
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The Artumas Group Inc, a Canadian company, will be one of the first Canadian firms (along with Questerre Energy Corp) to be listed on the Oslo Stock Exchange. Artumas had already privately raised US$28 million in Canada and the UK, and is no to raise US$40 million through an IPO on the Oslo Stock Exchange this month. It is planning to use these funds to develop its Mnazi Bay Gas to electricity project in Tanzania.
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The Indian Ocean Newsletter reports a series of opportunities for Canada existing in Madagascar following a marketing mission from Canada that took place recently. In the energy sector, Hydro Quebec represented in the mission, is currently in negotiation with the French firm Hydelec BPA for a partnership to develop hydro-electric power stations in Madagascar. For its part, the Malagasy national company JIRAMA (water and electricity) run by a German firm Lahmeyer, is considering working in the renewable energy sector with Quebec firm Plastique Gagnon Eolien.
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The Barrick Gold Corp plans to invest US$13 million this year in exploration of new resources. The exploration will be carried out on the various mineral properties licenced to Barrick. This plan is different from the companys two mines of Bulyanhulu, and the latest entrant, the Tulawaka Gold Mine, which was opened on 20 June 2005. According to the Barrick Gold Corp Vice President responsible for Australia and Africa, Mr John Shipp, already two evaluation projects are currently being undertaken at Buzwagi, 75km west of Tulawaka and the Kabanga Nickel project, where Barrick has joined with Falconbridge to fast-track the development of the mine. Falconbridge has announced a US$50 million exploration and evaluation programme on the property, dubbed one of the worlds most exciting undeveloped nickel deposit.
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According to Dr Maua Daftari, the Deputy Minister for Communications and Transport, a railway line would be built to connect Mtwara, Songea and Manda in line with the Mtwara Corridor Development initiative, involving neighbouring Mozambique, Malawi and Zambia. The railway line which would link Tanzania, Malawi and Zambia, would be executed by private investors or else by joint venture between the private and the public sectors.
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On 20 June 2005, President Benjamin Mkapa opened Tanzanias newest open case gold mine, Tulawaka in Biharamulo District, Kagera region. The new gold mine is just 120km from Kahama Mining Corp Ltds Bulyanhulu mine and is Barrick Gold Corps second investment in Tanzania. Tulawaka is a joint venture between Pangea Minerals Ltd (a wholly owned subsidiary of Barrick Gold Corp), 70% and Northern Mining Exploration (30%).
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The Commonwealth Business Councils East Africa Investment Forum will be held in Dar es Salaam from 20-22 July 2005. The forum, the first of its kind in East Africa, will bring together about 200 government and business leaders from the region and beyond. Some of the keynote speakers will be Presidents Benjamin Mkapa of Tanzania, Mwai Kibaki of Kenya and Yoweri Museveni of Uganda, ministers of finance, trade and development, chairmen and chief executives of business and industry leaders. The event will focus on new opportunities for investment partnerships across the region and building up trade infrastructure. It will also discuss growth through global partnerships, harnessing ICT to enhance business and public sector effectiveness, banking and financial services, agro-processing and accessing finance for infrastructure development.
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KEY UPCOMING EVENTS


THE DAR ES SALAAM INTERNATIONAL TRADE FAIR takes place from 30 June - 10 July 2005 at the Mwalimu Nyerere Trade Fair Grounds. Contact the Board of External Trade for further details on fax: 255-741-268 540, email: betis@intafrica.com.
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THE INTERNATIONAL AGRICULTURAL SHOW takes place at the Nzuguni Agricultural Show Grounds, Dodoma, Tanzania from 1-10 August 2005. Contact the Tanzania Agricultural Society (TASO) on fax: 255-212 2923 for further information.
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THE ZIMBABWE INTERNATIONAL FILM FESTIVAL takes place from 26 August - 4 September 2005. The ten-day event will celebrate filmmakers diversity and the growth of film industries in Africa and around the world. For further information, visit: www.ziff.co.za.
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WITFOR 2005 (World Information Technology Forum) will take place in Gaborone, Botswana from 31 August to 2 September. It is hosted by the government of Botswana in collaboration with the International Federation for Information Processing (IFIP). WITFOR is a state-of-the-art, high-level international forum, aimed at ICT policy-makers and practitioners. Contact the WITFOR Secretariat for further information on tel: (+267) 361 0384, fax: (+267) 391 0382, email: witfor@gov.bw or visit www.witfor.org.bw.
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THE HIGHWAY AFRICA CONFERENCE will take place from 12-14 September 2005 in Grahamstown, South Africa. This is the largest gathering of African journalists in the world and focuses on the interplay between media/journalism and information and communication technologies. Contact Chris Kabwato, Director, Highway Africa for further information on c.kabwato@ru.ac.za.
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THE SA Mining & Development Association/SAMDA GLOBAL MINING CONFERENCE takes place from 19-20 September in Cape Town, at the Arabella Sheraton. The theme of the conference will be Global Transformation in Mining and speakers will include ministers, heads of global mining companies, the Dept of Minerals & Energy, Reserve Bank, SA Receiver of Revenue, senior mining executives, financial institutions, mining lawyers, suppliers and NGOs. For further details, visit www.samda.co.za.
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THE 18TH WORLD PETROLEUM CONGRESS AND THE SOUTH AFRICAN INTERNATIONAL OIL AND GAS EXHIBITION will take place from 25-29 September 2005 in Johannesburg at the Sandton Convention Centre. This Pan-African event will attract high profile delegations from the whole of Africa and the Middle-East. The Canadian delegation will be led by the Government of Alberta who will host a Canadian pavilion at the exhibition. a For further information, contact Imogen Mkhize, CEO on tel: 2711-535 7205, fax: 2711-883 1333.
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ACT 2005 (THE 7TH ANNUAL AFRICAN COMPUTING & TELECOMMUNICATIONS SUMMIT) will take place from 4-7 October 2005 at the Crowne Plaza Hotel, Sandton, Johannesburg. It is the continents top gathering of IT users, suppliers, service providers, policy-makers and innovators. For further details visit AITEC at www.aitecafrica.com or contact them via email: info@aitecafrica.com.
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BIOTECH AFRICA 2005 (biotechnology, life sciences and medical equipment industry) takes place from 18-20 October 2005. In conjunction with this, the first Bio and Med Investment and Strategic Partnering conference, LIFEsparks 2005, takes place from 19-20 October 2005 at the Sandton Convention Centre, Johannesburg.. For further information, visit www.southgro.co.za or contact Southgro Investor Relations at info@southgro.co.za.
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PROPAK CAPE 2005 (Promotion through Packaging) will take place from 18-20 October 2005 at the Cape Town International Convention Centre. This is the Capes largest packaging, processing, plastics and printing exhibition. For more information, contact Specialised Exhibitions on tel: 2711-835 1565, fax: 2711-496 1161, email: specialised@specialised.com, or visit their website: www.specialised.com.
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THE AFRICAN AIRPORT SUPPLY EXPO will take place from 19-21 October 2005 at the Sandton Convention Centre, Johannesburg. This expo will exhibit the full range of products, services and technologies critical for the efficient and profitable management and development of African airports. For further information, contact David Graham at International Trade Projects on tel: 2711-486 0585, email: david@tradeprojects.co.za
or visit www.airportshowcase.com. Contact Exhibitions for Africa for further information on : webadm@exhibitafrica.co.za.
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AFRICA GIS 2005 will take place at the CSIR International Convention Centre, Tshwane (Pretoria), South Africa, from 30 October to 4 November 2005. This conference offers a unique opportunity and platform for organizations to showcase their respective experiences, expertise and achievements to a wide-ranging audience from the African continent who share common interests in the geo-information field. For more information, visit www.africagis2005.org.za . Natural Resources Canada (Earth Sciences Sector) and the Canadian Space Agency will be leading a Canada Trade Mission to this conference. For further information on participating, contact Omar Allam at Natural Resources Canada on: fax: 613-995 8737, email: oallam@nrcan.gc.ca.
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THE MINING INDABA 2006 INVESTING IN AFRICAN MINING conference will take place on February 7-9, 2006 at the Cape Town International Convention Centre Convention Square. A professional three-day conference, this is Africa's most important mining event and it attracts each year, the world's leading gathering of global policy makers and international finance. To date, the Mining INDABA has raised billions of dollars and introduced the international investment community to mining interests throughout Africa. For further details, visit the organisers, International Investment Conferences at www.iiconf.com.
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MINEAFRICA will be held from 5-8 March 2006 in Toronto, Canada during the PDAC (Prospectors & Developers Assoc of Canada) trade show. This is an innovative marketing opportunity for African countries and companies seeking mining investment. For further details, contact APOC Inc on tel: 416-588 7749 or fax: 416-588 7504. Email: bruce@mineafrica.com Web www.mineafrica.com
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GLOBE 2006 will be held from 29-31 March 2006 in Vancouver, Canada . It serves as an important global platform for Canada to showcase its capabilities in environmental management and technology. Leading-edge companies from Canada will be presenting a wide range of environmental solutions at the Globe 2006 Trade Fair. For further information, visit: www.globe2006.com.
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THE EXPORT AFRICA EXHIBITION 2006, INCORPORATING IMPORT AFRICA 2005 will take place from 24-27 May 2006 at Gallagher Estate, Midrand. This is a multi-sectoral export exhibition and aims to become Africas premier annual export and import trading hub. This event offers world traders a platform from which to exhibit their products and services to an audience of global buyers and investors, and the opportunity to conclude meaningful business transactions. For further information, contact Charmaine Schmahl on tel: 27(0) 82 781 6815, fax: 2711-678 0838 or email: charmaine@exportafrica2005.co.za.
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Information on other Trade Fairs is available on our website at http://www.canada.co.za.
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Please note that while every effort has been made to ensure the accuracy of the information contained in this bulletin, the Canadian High Commission Trade Office will not be held responsible for any loss or inconvenience resulting from the application of this information.

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