Ricochet News

Transnet Port Terminals to spend R3.4 billion at Eastern Cape ports

SEPTEMBER 23, 2014
Transnet Port Terminals to spend R3.4 billion at Eastern Cape ports

Transnet Port Terminals (TPT) will spend more than R3.4 billion at the three Eastern Cape ports of Port Elizabeth, Ngqura and East London over the next 10 years.

TPT CEO Karl Socikwa said in a recent presentation that more than R2.9 billion of the funding would be spent for container traffic; R432 million for manganese exports and R70 million for bulk.

Socikwa said that over the next 10 years TPT would spend more than R46 billion through its capital investment plan as part of “Preparing our Ports for an Onslaught of Trade”.

An indication of the acceleration in the amounts being spent is that in the five years between R2001/2 and 2005/06, Transnet Port Terminals spent just less than R2.4 billion, a figure that rose at R10.3 billion in the five years to 2010/11

In 2001/02 just R131 million was spent while in the current 2014/15 financial year capital spending will reach more than R1.9 billion.

In the last financial year, Socikwa said TPT had handled a total of 4.5 million containers; 77.1 million tons of bulk cargo; 11.2 million tons of break-bulk and 700 000 new automotive vehicles.

The R3.4 billon to be ploughed into the Eastern Cape ports by Transnet Port Terminals is not the only capital investment in the three Eastern Cape ports over the course of the next decade.

Transnet National Ports Authority (TNPA) CEO Tau Morwe announced recently that R14.7 billion would be spent in the seven years to 2021/12 at the Port of Ngqura expanding the port and preparing for the relocation of the manganese facility from Port Elizabeth.

Over the same period R1.5 billion will be spent at Port Elizabeth that will include expanding the automotive facility once the manganese has been relocated.

R2.7 billion will be spent at East London over the seven-year period. - metrominutes


IMAGE sourced from led.co.za