Vol. 1,
issue #60, 3 August 2001
More money needed for South African port
Portnet, the South Africa ports group, says it plans to ask its parent company, Transnet, for more funds to cover the cost of building the initial phase of a new port at Coega, which is near Port Elizabeth.
The cost of the first phase of the new port, to be called Port Ngqura, is reportedly likely to be around Rand 0.4 billion more than originally estimated.
The recent depreciation of the Rand against major currencies has had a major effect on the cost of the dredging work required to build the new port.
South Africa does not have the resources to dredge the port itself, so international dredging contractors will have to be recruited.
Dredging News Online
