Aussies hunt for $700b in Africa mines
AUSTRALIAN mining companies operating in Africa have the potential to unlock almost $700 billion of mineral wealth, an industry group says.
Australia Africa Mining Industry Group (AAMIG) chief executive Trish O’Reilly says there are more than 200 Australian companies involved in mining extraction and services activities in Africa, which will boost economic growth throughout the continent.
“Ground discoveries made by Australian companies amount to $687 billion of value and it is this mineral wealth that Australia can help unlock and translate into socio-economic growth,” Ms O’Reilly told the Africa Downunder mining conference.
More than 1000 resources projects were at various stages of development across 38 African countries. Australia provided world class technology, mining expertise, governance and community development initiatives, Ms O’Reilly said.
Meanwhile, AAMIG continues to focus on combating bribery and corruption and improving security in Africa. AAMIG has also identified cyber security as a key threat to Australia’s resource industry in Africa with talks planned with government intelligence services. STRUGGLING surf group Quiksilver is reportedly seeking a buyer to help keep its head above water.
The chain, founded in Torquay on Victoria’s coast, remains a well-known label around the globe, but has floundered on the back of a string of disappointing sales.
Quiksilver is now based in California and listed on the US bourse.
It is understood to have been holding talks with potential buyers in a bid to resurface from its latest woes.
The brand rode high on the surfer and skateboarding craze in the 1990s and early 2000s, and sponsored bigname players including Tony Hawk and Kelly Slater.
But a misguided move away from surfer fashion and a period of rapid expansion took a toll on the group, as it struggled in the face of rising competition from fast fashion giants such as H&M.
Quiksilver stumbled as it lost its hold on the teen market and the loyalty of some high-profile athletes.
Last year the chain suffered a 13 per cent drop in sales, and chalked up a net loss of $US309.4 million ($442.6 million).
It is the latest fall from grace for a major surfwear brand, with Australian-based rival Billabong last week showing the first signs of emerging from a horror four years.
Billabong reported its first return to profit since 2011 as it started to reap the benefits of an extensive strategy.
The company chalked up a net profit of $4.2 million for the year to June, bouncing back from a $233.7 million loss the previous year.
Billabong went through a major upheaval in 2013 after being at the centre of a drawn-out takeover tussle that stretched on for 18 months.
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