African Exploration Mining and Finance Corporation
{{Short description|State-owned mining company of South Africa}}
{{Redirect|AEMFC|the fuel cell with the same acronym|Alkaline anion exchange membrane fuel cells}}{{Use dmy dates|date=March 2018}}{{Use South African English|date = September 2023}}
{{Infobox company
| name = African Exploration Mining and Finance Corporation
| logo = African Exploration Mining and Finance Corporation logo.svg
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| trading_name = African Exploration Mining and Finance Corporation (SOC) LTD
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| foundation = {{Start date and age|1944|df=yes}}
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| location_city =
| location_country = South Africa
| location = 74 Waterfall Drive, Waterfall City, 2090, City of Johannesburg Metropolitan Municipality, Gauteng
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| assets = {{Unbulleted list|{{Increase}} {{ZAR|1 034 045 000}} (2019)| R 764 461 000 (2018)}}{{Cite web |title=2019 AEMFC Audited Annual Report |url=https://www.aemfc.co.za/images/reports/2019-AEMFC-Audited-Annual-Report.pdf}}
| equity = R 361 million
| equity_year = 2019
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| parent = CEF, a parastatal owned by the government of South Africa
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| homepage = {{URL|www.aemfc.co.za/}}
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The African Exploration Mining and Finance Corporation (AEMFC) is a state-controlled mining business in South Africa.
History
The AEMFC was launched by Jacob Zuma, the former president of South Africa, prompting concerns that the state might attempt to nationalise parts of the mining industry.{{cite news|url=https://www.bbc.co.uk/news/business-12591324|accessdate=2011-02-28|title=BBC News - South Africa launches state-owned mining company|work=BBC News |date=2011-02-28| archiveurl= https://web.archive.org/web/20110227164026/http://www.bbc.co.uk/news/business-12591324| archivedate= 27 February 2011 | url-status= live}}
First established in 1944, it lay dormant for years, before beginning activities in 2007. It has been granted mining and prospecting rights, in competition with other mining companies.{{cite web|url=http://www.miningweekly.com/article/aemfc-granted-mining-and-prospecting-rights-minister-2010-10-11|accessdate=2011-02-28|title=AEMFC granted mining and prospecting rights|date=2011-02-28}} AEMFC is, officially, subsidiary to the Central Energy Fund.
In February 2011, the AEMFC launched a coal mining project in Mpumalanga, which is expected to produce 1.68 million tons of coal per year.{{cite web|url=http://www.iol.co.za/business/business-news/aemfc-is-new-hope-for-bee-mine-firms-1.1033180|accessdate=2011-02-28|title=AEMFC is new hope for BEE mine firms| publisher =IOL |date=2011-02-28}}
{{As of|October 2012}}, AEMFC was still loss-making, but gets interest-free loans from the Central Energy Fund (R209M as of 2016). Performance of its coal, limestone, and uranium mines has been disappointing.{{cite news|url=http://www.miningmx.com/page/news/energy/1433254-AEMFC-readies-for-second-mine-as-losses-mount#.UQvAVr9yGE0|title=AEMFC readies for second mine as losses mount|date=18 October 2012|work=Mining MX|accessdate=1 February 2013}} It moved into profit, by March 2013 stating a profit of R77M per year, and an equity of R490K, despite a loss of 54 409 tonnes of uninsured coal which was burned.{{cite web |title=African Exploration Mining and Finance Corporation (SOC) Limited - Annual Report |url=http://www.aemfc.co.za/images/reports/2013-AEMFC-Annual-Report.pdf |date=31 March 2013}}
Activities
AEMFC owns the Vlakfontein coal mine in Ogies which supplies the Kendal Power Station run by Eskom.