Kobus van der Wath, Founder and Group Managing Director of The Beijing Axis, presented on 'China and Asia's Role in Africa's Mining Future' during the Investing in African Mining Indaba conference in Cape Town, 4 February 2014.
Enjoy Night â˝ 8448380779 âź Call Girls In Gurgaon Sector 48 (Gurgaon)
Â
The Beijing Axis on Africa's Mining Future - Mining Indaba, February 2014
1. Disclaimer
China and Asiaâs Role
in Africaâs Mining Future
This document is issued by The Beijing Axis. While all reasonable care has been taken in the preparation of this document, no
responsibility or liability is accepted for errors or omissions of fact or for any opinions expressed herein. Opinions, projections and
estimates are subject to change without notice. This document is for information purposes only, and solely for private circulation. The
information contained here has been compiled from sources believed to be reliable. While every effort has been made to ensure that the
information is correct and that the views are accurate, The Beijing Axis cannot be held responsible for any loss, irrespective of how it
may arise. In addition, this document does not constitute any offer, recommendation or solicitation to any person to enter into any
transaction or to adopt any investment strategy, nor does it constitute any prediction of likely future movements or events in any form.
Some investments discussed here may not be suitable for all investors. Past performance is not necessarily indicative of future
performance; the value, price or income from investments may fall as well as rise. The Beijing Axis, and/or a connected company may
have a position in any of the investments mentioned in this document. All concerned are advised to form their own independent
judgement with respect to any matter contained in this document.
Kobus van der Wath
Founder and Group Managing Director,
The Beijing Axis
kobus@thebeijingaxis.com
African Mining Indaba
Cape Town, 4 February 2014
International Advisory and Procurement
www.thebeijingaxis.com
The Beijing Axisďş 1
Mining Indaba Booth: 3401 - 3403
The Beijing Axis is an International Advisory, Procurement and Sales
Activation firm
1 Strategy and
2 Procurement
Management Consulting
â˘
â˘
â˘
â˘
Research and analytics
Strategy formulation
Strategy implementation
International sales, distribution
and brand management
Services
â˘
â˘
â˘
â˘
Procurement advisory
Strategic sourcing
Transactional procurement
Outsourced and managed
procurement
3 Commodity
Asia has become a fundamentally important engine of global growth,
consumption, trade and capital â multitude of implications for the mining sector
4 Capital
Trading
⢠Sales and marketing
⢠Procurement
⢠Financial and transaction
structuring
⢠Intelligence
Asia as % of World Total (1990, 2000, 2012)
Advisory
â˘
â˘
â˘
â˘
Origination
Financial advisory
Due diligence
Transaction project
management
GDP1
ROW
GDI as % of GDP
ROW
Asia
Private Consumption
Asia
ROW
Resource Consumption2
ROW
Asia
100%
100%
50%
50%
50%
28%
26%
2000
2012
0%
Exports as % of GDP
ROW
28%
27%
32%
1990
34%
1990
0%
2000
2012
11%
17%
25%
1990
0%
2000
2012
Imports as % of GDP
ROW
Asia
30%
1990
FDI Inflows
Asia
ROW
2000
ROW
100%
100%
2012
50%
50%
Asia
100%
50%
14%
21%
26%
1990
0%
The Beijing Axisďş 2
59%
FDI Outflows
Asia
50%
⢠The Beijing Axis Africa has been integrated within Resolve, an Imperial Logistics company.
Resolve is a newly formed venture that merges Imperial Group companies Volition, e-Logics
and associated Consulting, Technology and Managed Services businesses within the group
43%
0%
100%
⢠The Beijing Axis has formed a strategic partnership with Imperial Logistics, which creates
an end-to-end, integrated supply chain from Asia to Africa and vice versa
Asia
100%
50%
⢠Established in 2002, The Beijing Axis:
o Supports our clientsâ international initiatives with cross-border advisory and procurement solutions
o Thrives in dynamic and challenging emerging and frontier markets
o Emphasises strategy implementation, focused on âactions and transactionsâ
o Collaborates with clients and provides integrated solutions across their value chain
100%
2000
2012
0%
13%
19%
29%
1990
2000
2012
12%
13%
1990
2000
0%
Note (1): âROWâ stands for Rest of World
Note (2): âResource Consumptionâ refers to the consumption of agricultural commodities, mineral and metals, and fossil fuels
Source: CEIC; CRU; UN; Chatnam House; Market Research; The Beijing Axis Analysis
33%
0%
2012
7%
10%
1990
2000
31%
2012
The Beijing Axisďş 3
2. At the highest level
Agenda
China/Asia is still
important
Largest consumer; large
producer; capital provider
and investor; supplier of
equipment and services
Mining industry
executives must
think and act
differently
Africa can/must
leverage Asiaâs rise
to transform itself
Attract capital for
beneficiation; expand
downstream skillsets /
activity; develop long-term,
well managed, mutually
beneficial strategic
relationships
Downstream supply chain;
inbound supply chain;
strategy, planning and
operational excellence;
cost management, competition, partnering
1.
2.
3.
4.
China/Asia Remains Key to Global Resource Demand
China/Asia is a Key Commodity Buyer, Source of Capital and Inbound Supply Chain Partner
Implications for Africa/Global Mining
Final Word
The Beijing Axisďş 4
Source: The Beijing Axis Analysis
The divergence of GDP growth between developed and developing
economies will persist â overall, Asian economies are set to progress &
China growth above 7% is sustainable over short to medium term
The Beijing Axisďş 5
Chinaâs GDP of 9.4 tn accounts for ~12% of the global economy â China,
India and Indonesia account for 40% of developing marketsâ GDP
Four high-level drivers
GDP Growth Rate Comparison for Selected Economies (%, 2010-2016F)
12%
World
Developed Economies
Developing Economies
100%
China
Japan
India
Indonesia
70%
60%
China
India
Indonesia
Developing
6%
World
Developed
3%
Japan grew at
-0.6% in 2011
Japan
Source: IMF; The Beijing Axis Analysis
40%
30%
Others
Africa
Canada
Italy
Russia
Brazil
U.K.
France
Germany
Japan
China
20%
10%
USD 27 tn
Other
Developed
Countries
2011
2012
2013E
2014F
2015F
2016F
The Beijing Axisďş 6
USD 8.2 tn
USD 8.2 tn
USD 8.2 tn
Others
Southwest
Developed
Asia*
Australia
Other
Developing
Countries
Africa
Other
Developing Asia
Indonesia
India
Hunan
Hubei
Sichuan
Liaoning
Hebei
Henan
Zhejiang
Tertiary
Industry
Private
Consumption
Expenditure
South
Secondary
Industry
Shandong
China
China
World GDP in 2012 World GDP in 2012 GDP in Developing
Countries 2012
Note*: Developed Asia includes Japan, South Korea, Taiwan, Singapore and Hong Kong
Source: IMF; National Bureau of Statistics of China; The Beijing Axis Analysis
Jiangsu
Guangdong
USD 8.2 tn
Net Exports
Govt.
Consumption
Expenditure
Northeast
North
Latin
America
Africa
U.S.
Other
Developing
Countries
0%
0%
2010
50%
USD 72 tn
Northwest
80%
China:
7.5+% in 2014
~7% over ensuing 3 years
9%
90%
USD 72 tn
In 2013, China grew at 7.7%
to a GDP of USD 9.4 tn
East
Gross
Capital
Formation
Primary
Industry
China GDP
China GDP
China GDP
China GDP
2012
2012
2012
2012
Regional dynamicsâŚ.Industry breakdownâŚExpenditure approach
The Beijing Axisďş 7
3. China and Indiaâs economic growth will remain prominent â they will add
significant nominal GDP over the next few years, yet the type of growth will differ
Chinaâs and Indiaâs Forecast Nominal GDP (USD bn, 2012-2035F*)
Box indicates additional nominal GDP from now to forecast year
2016F
2020F
2025F
2030F
2035F
China adds 1 Africa
China adds 2.8 Africa
China adds 5.4 Africa
China adds 8.6 Africa
China adds 12.9 Africa
India adds 1.3
India adds 3.5
Growth Moderation Phase
35,000
Year
20122015F
2016F2025F
China
India
7.5%
6%
6.5%
7.5%
China
6.0%
7.0%
18,913
5,655
25,000
2012-2015
2012
Asia
Coal
China
ROW
Asia
Refined Copper
China
100%
Asia
4%
12%
1990
100%
ROW
China
50%
14%
18%
2000
2000
50%
50%
45%
50%
45%
2012
4%
17%
1990
0%
2000
7%
0%
2012
1990
41%
22%
2000
0%
2012
2012
Refined Nickel
100%
ROW
Asia
Chrome Ore
China
ROW
Asia
Refined Zinc
China
100%
ROW
100%
Asia
Gold
China
100%
ROW
Asia
China
2017F: China adds 1 Germany
2012-2027
2022F: Indiaâs
economy doubles
2015F: India adds 1
South Africa
2017
2015F
Note*: Forecast GDP growth rate for each period listed in the graph above
Source: IMF; The Beijing Axis Analysis
2020F
2022
2025F
2027
2027F: India
adds 1 Germany
2033F: India
adds 1 Japan
50%
50%
4%
2000
0%
2012
13%
17%
1990
13%
1990
2030F 2032
50%
50%
48%
41%
0%
2000
8%
20%
1990
2000
0%
2012
46%
7%
16%
1990
0%
2012
2000
28%
2012
2035F
The Beijing Axisďş 8
Agenda
1.
2.
3.
4.
ROW
2029F: China adds 1 US
2012-2033
0
Primary Aluminium
China
100%
1990
2012-2029
2022F: Chinaâs economy doubles
2012-2017
Asia*
50%
2027F: China adds 2 Japans
2012-2022
10,000
5,000
100%
ROW*
Growth Moderation Phase
0%
2012-2027
2012-2022
Steel
China
India
20,000
15,000
China/Asiaâs Share of Global Consumption of Selected Commodities (% 1990, 2000, 2012)
India adds 18.5
Drive to Maturity Phase
India
Continued Acceleration
GDP Per
Capita 2035F
(USD)
2026F2035F
30,000
India adds 11.8
Sustainable Growth Phase
India
Accelerating Growth
40,000
India adds 7.1
China
China/Asia has dramatically increased its share of world consumption of key
metals and minerals over the last two decades â this will not change
Note*: âROWâ stands for Rest of World, âAsiaâ does not include China
Source: World Bank; CNBS; CEIC; Various; The Beijing Axis Analysis
The Beijing Axisďş 9
Asiaâs resource demand is reflected in the rapid increase of its mineral
imports â China is a significant player
Mineral imports reflect all mineral
products excluding mineral fuels,
oils, waxes & bituminous sub
Top 15 Global Mineral Importers (2012)*
China/Asia Remains Key to Global Resource Demand
Mineral Imports/Total Imports (%)
Bubble Size: Mineral Imports = 20 bn
9%
China/Asia is a Key Commodity Buyer, Source of Capital and Inbound Supply Chain Partner
8%
China
7%
Implications for Africa/Global Mining
Mineral imports account for a
significant proportion of total
imports for Asian countries
6%
Final Word
Japan
5%
3%
Spain
2%
Italy
1%
USA
0%
0%
5%
China
The Beijing Axisďş 10
South Korea
Finland
4%
India
Belgium
UK
Chinaâs Mineral Imports (USD bn)
Germany
Canada
2002
2007
2012
CAGR (2002-2012)
5.2
57.1
140.1
39.1%
Russia
France Netherlands
10%
Asian Countries
15%
20%
25%
Other Countries
Note*: âMineral Importsâ includes HS Code 25 and 26 (all mineral products excluding mineral fuels, oils, waxes & bituminous sub)
Source: UN Comtrade; The Beijing Axis Analysis
30%
35%
40%
45%
Mineral Imports CAGR
(%, 2002-2012)
The Beijing Axisďş 11
4. China imports a substantial share of the total mineral exports of Australia,
Brazil and South Africa â rest of Africaâs potential still untapped?
China is seeking to derive 50% of its iron ore imports from Chinese-invested
sources by 2020 â expect more international investment going forward
Top 15 Global Sources (Exporters) of Chinaâs Minerals (2012)*
Imported Iron Ore Owned by China (mn tons, 02-13E)
Mineral Exports to China/Total Mineral Exports (%)
Bubble Size: Mineral Exports to China = 5 bn
80%
70%
60%
50%
40%
30%
20%
10%
China will continue to step-up its iron ore
investments as it aims to achieve an iron
ore self-sufficiency ratio of 50% by 2020
900
800
Top 5 sources
have remained
the same
Chinaâs Top Mineral Imports
Sources (2002-2012)
2002
Rank
1 Australia
2 Brazil
3 Chile
4 Peru
5 South Africa
6 Canada
7 USA
8 Japan
9 Turkey
10 India
20%
2012
Australia
Brazil
South Africa
Chile
Peru
India
Canada
Kazakhstan
Indonesia
Russia
25%
Kazakhstan
Chile
USA
35%
Asian Countries
300
Mexico
Russia
45%
⢠Chinese companies spent USD 1.2 bn on iron ore deals in
2013, down from the five-year peak of USD 2.7 bn in 2010
200
Proximity is not a major
consideration for China, as
countries from the Americas also
account for substantial imports
40%
⢠China imported 819 million tonnes in 2013, an increase of
10.2% from 2012
400
Turkey
Peru
Rest of Africa*
Canada
500
Indonesia
Brazil
⢠China Iron Steel Association announced that China would seek
to derive 40% of ore imports from Chinese-invested
sources by 2015 and 50% by 2020
600
South Africa
Ukraine
30%
African Countries
Australia
â NDRC, 27 January 2014
China imports twothirds of its iron ore
700
India
100
0
50%
55%
60%
Mineral Exports to China
CAGR (%, 2002-2012)
Other Countries
Note*: âMineral Importsâ includes HS Code 25 and 26 (all mineral products excluding mineral fuels, oils, waxes & bituminous sub)
Source: UN Comtrade; The Beijing Axis Analysis
The Beijing Axisďş 12
âChina needs to invest more in overseas
mining projects to improve its pricing
powerâ
02 03 04 05 06 07 08 09 10 11 12 13E
Imported Iron Ore Owned by China
Others
⢠It is estimated that Chinese-invested overseas sources will
bring in 100 to 200 million tonnes of iron ore annually over
the next three to five years
⢠Australia and Africa will remain the key focus markets for iron
ore investments
The Beijing Axisďş 13
Source: Various; China Steel Association; The Beijing Axis Analysis
China/Asia is gradually becoming a prominent source of FDI - Chinaâs
OFDI stock is expected to reach approximately USD 700 billion by 2015;
annual outflows as high as USD 130 billion are expected by 2015-16
Chinaâs overseas mining investments are becoming a global trend - Australia,
Canada and a few selected countries in Africa have been the key focus
OFDI Flows by Region (USD mn; 1992, 2002, 2012)
Map of Selected Chinese Mining Investments Overseas by Country and Value (2005â2013)
1,400
1,200
1,000
800
600
Asian economies,
led by China,
Malaysia and India,
are significant
investors in Africa
1,391 bn
Oceania
Europe
North America
Chinaâs share of Asiaâs OFDI
Latin America has increased from 1.5% in
1992 to 19.4% in 2012
Africa
Asia
531 bn
Flows
17%
13%
2002
Source: UNCTAD; The Beijing Axis Analysis
Asia OFDI
CAGR:
13.5%
Stock
700.0
32
600
500
400
550.8
In 2012 alone, China
invested in 1,309 overseas
projects in 128 countries
31%
2012
100
0
460.6
383.4
317.2
300
245.8
184.0
200
203 bn
1992
0
800
700
400
200
China OFDI Stock and Flows (USD bn, 2002-2015F)
57.2
29.9 33.2 44.8
90.6
117.8
90.2
02 03 04 05 06 07 08 09 10 11 12 13 15F
The Beijing Axisďş 14
Investments in
Canada are two fold:
1) Investments in
Canadian companies
with assets in
Canada or overseas
2) Investments in
Chinese companies
that are registered in
Canada
Investments in Europe
are primarily focused on
companies with assets
outside of Europe
Canada
4
2
2
2
US
Colombia
Russia
Mongolia
Krygyzstan
Sierra Leone
4
1
2
1
3
Brazil
Philippines
Indonesia
DR Congo
Namibia 1
Investments in Africa
have been small in
number but large in size
1
4
Malaysia
3
Liberia
2
Peru
12,500
2,500
500
100
25
Eritrea
1
Ecuador
Total Value of
Deals (USD mn)
1
2
2
9
Singapore
67
Zambia
South Africa
Note: Number mentioned in circle indicates total number of deals: these deals range from 2005-2013 and only include completed transactions
Source: Various; The Beijing Axis Analysis
Australia is the
leading destination for
Chinese overseas
investment in mining
Australia
The Beijing Axisďş 15
5. Over the last decade, Chinaâs exports of major mining equipment and
machinery have grown rapidly as the country transitions towards manufacturing
high-value goods
Developing Asiaâs global exports of major mining equipment and machinery
have also grown rapidly â China leads, but alternatives are rising
Analysis of Chinaâs Exports of Top Mining Equipment* (2012)
Analysis of Developing Asiaâs1 Exports of Top Mining Equipment2 (2012)
Accounts for 61%
of the export
CAGR
Export CAGR for the period 2001-2012 (%)
60%
50%
30% Film â Plain
Industrial
Power
Engine Parts
Special Process Transmission/
Gearboxes
Equipment & Packages
Paints/Marine
Coatings
0%
0%
5%
Fixed Plant & Equipment
Cranes &
Spares
Light Mobile
Equipment
30%
Steel Shot &
Steel Balls
20%
Drilling Machine
Parts
10%
10%
15%
Mobile Equipment
20%
Hydraulic
Excavators
Industrial
Engines
Drilling Machine
Parts
A bubble of this size represents
total export value of USD 5 bn
Paints/Marine
Coatings
Industrial
Engine Parts
0%
30%
Production Consumables
Note*: The top 5 mining-related products in each product category based on total global traded value were selected for comparison
Source: UN Comtrade; The Beijing Axis Analysis
35%
MRO Consumables
40%
45%
50%
Global Market Share
(%)
The Beijing Axisďş 16
Agenda
Power
Transmission/
Gearboxes Instrumentation
and Automation
Special Process
Equipment &
Packages
Cathodes
25%
On-road Passenger
Vehicles
Compressors
Packaging
Pot Shells and
Superstructure
Engines and
Generators
Represents considerable
shift towards the right
40%
On-road Passenger
Steel and
Vehicles
Structural Products
Cathodes
60%
50%
Instrumentation
and Automation
Compressors
40%
10%
A bubble of this size represents
total export value of USD 5 bn
Front End Loaders
Industrial
Engines
Hydraulic
Excavators
20%
Export CAGR for the period 2001-2012 (%)
0%
5%
10%
Fixed Plant & Equipment
Steel Shot &
Steel Balls
Film â
Plain
Cranes &
Spares
15%
Mobile Equipment
Front End
Loaders
20%
Engines and
Generators
Pot Shells and
Superstructure
25%
Production Consumables
Light Mobile
Equipment
Packaging
30%
Steel and
Structural Products
35%
40%
MRO Consumables
Note: (1) âDeveloping Asiaâ includes both developing and emerging Asian economies as per the economic classification
(2) The top 5 mining-related products in each product category based on total global traded value were selected for comparison
Source: UN Comtrade; The Beijing Axis Analysis
45%
50%
Global Market Share
(%)
The Beijing Axisďş 17
Implications for mining players and executives in Africa/globally are clear
Mining Industry Executives Must Think and Act Differently
1.
2.
3.
4.
China/Asia Remains Key to Global Resource Demand
⢠Appreciate the value of strategic intelligence â get close, be informed and strategy led
China/Asia is a Key Commodity Buyer, Source of Capital and Inbound Supply Chain Partner
Implications for Africa/Global Mining
⢠Strategic marketing becomes crucial â get closer to the customer
⢠Gear for the new model in inbound supply chain management â capital equipment and
services, and operations and MRO procurement from Asia
Final Word
⢠Capital choices now relate to a different network â attract strategic capital from
China/Asia
⢠Understand, evaluate and adapt partnership and collaborative models for Africa/the
world
The Beijing Axisďş 18
Source: The Beijing Axis Analysis
The Beijing Axisďş 19
6. Implications for mining players and executives in Africa/globally are clear mining industry executives must think and act differently
Africa can benefit from China/Asiaâs dominant position - leverage Asiaâs rise to
transform its position along the commodity industry value chain
High-level Commodity Industry Value Chain
High-level Commodity Industry Value Chain
1
1
Project
Scoping/
Development
2
3
Mine/Process
4
Trading House/
Intermediary
5
Refiner and
Smelter
Upstream
Strategic market
intelligence must
be the goal,
attracting
strategic capital
and CAPEX
sourcing must be
the differentiator
Manufacturer/
Customer
Upstream
Downstream
Utilising
Chinese/Asian
services,
operating
cost/MRO
management and
strategic
partnerships
become crucial
Strategic
marketing gives
an advantage:
sell directly to
the right customer
and in an active
relationship
framework
Source: The Beijing Axis Analysis
Partner and/or
collaborate with
Asian players, and
attract capital for
beneficiation i.e.
export value add
instead of ore
The Beijing Axisďş 20
2
3
4
Trading House/
Intermediary
Mine/Process
5
Refiner and
Smelter
Manufacturer/
Customer
Downstream
Africaâs future
position?
⢠Develop strategic relationships/sell directly to refiners/smelters
Own end user
relationships,
develop longterm
relationships and
understand the
variability,
volatility and
exceptions
⢠Develop long-term, well managed, mutually beneficial relationships with Chinese/Asian partners,
competitors and stakeholders
⢠Attract capital from China/Asia for beneficiation - export value add instead of ore
⢠Attract capital from China/Asia to develop infrastructure to support refining/smelting projects
⢠Expand skillsets along the downstream value chain
The Beijing Axisďş 21
Source: The Beijing Axis Analysis
China/Asiaâs rise to prominence has altered the global industry landscape â
multiple implications for the mining industry
Summary
Agenda
China/Asia Remains Key to Global Resource Demand
China/Asia Remains Key to
Global Resource Demand
China/Asia is a Key Commodity
Buyer, Source of Capital and
Inbound Supply Chain Partner
⢠Developing economies in Asia
are transforming the global
economic landscape
Implications for Africa/Global Mining
Final Word
⢠Asian countries are important
trading partners for Africa/the
world
⢠China has led Asiaâs growth story
China/Asia is a Key Commodity Buyer, Source of Capital and Inbound Supply Chain Partner
Key Messages
1.
2.
3.
4.
Project
Scoping/
Development
⢠China/Asia continues to be the
largest importer of commodities
and minerals
⢠China merely represents one
facet of the Asia story â India
and Indonesia are other
prominent developing Asian
economies
⢠China/Asiaâs appetite for
resources will continue on an
upward curve over the next
horizon and beyond
The Beijing Axisďş 22
Source: The Beijing Axis Analysis
⢠China/Asia is becoming a global
source of capital, especially for
the mining and energy sector
⢠China/Asia stands out as a key
sourcing destination for a large
number of mining categories,
packages, and products
Implications for Africa/Global
Mining
⢠Appreciate the value of strategic
intelligence
⢠Strategic marketing becomes
crucial â get closer to the
customers
⢠Gear for new models in inbound
supply chain management
⢠Capital choices now relate to a
different network â attract
strategic capital from China/Asia
⢠Understand, evaluate and adapt
partnership and collaborative
models for Africa
The Beijing Axisďş 23
7. At the highest level
International Advisory and Procurement
China/Asia is still
important
Largest consumer; large
producer; capital provider
and investor; supplier of
equipment and services
Comprehensive View
Source: The Beijing Axis Analysis
Mining industry
executives must
think and act
differently
Downstream supply chain;
inbound supply chain;
strategy, planning and
operational excellence;
cost management, competition, partnering
Strategic Advantage
Africa can/must
leverage Asiaâs rise
to transform itself
Attract capital for
beneficiation; expand
downstream skillsets /
activity; develop long-term,
well managed, mutually
beneficial strategic
relationships
Development Trajectory
The Beijing Axisďş 24
Beijing
The Beijing Axis
Phoenix Place Tower A, Unit 2306-2307, 5A Shuguang Xili, Chaoyang, Beijing 100028, China
Tel: +86 10 6440 2106
china@thebeijingaxis.com
THANK YOU!
Singapore
The Beijing Axis Group
Level 42, Suntec Tower 3, 8 Temasek Boulevard, 038988 Singapore
Tel: +65 6829 2189
singapore@thebeijingaxis.com
Perth
The Beijing Axis
Level 11 Brookfield Place, 125 St Georges Terrace, Perth, Western Australia 6000, Australia
Tel: +61 8 6189 8637
australia@thebeijingaxis.com
Mumbai
The India Axis (a member company)
Level 7, Vibgyor Towers, Bandra Kurla Complex, Bandra (East), Mumbai 400072, India
Tel: +91 88 0063 9399
india@thebeijingaxis.com
Johannesburg
The Beijing Axis Africa
Gijima Office Park, Jupiter Building, 47 Landmarks Avenue, Kosmosdal, Samrand, South Africa
Tel: + 27 (0) 12 492 1001
southafrica@thebeijingaxis.com
COPYRIGHTŠ The Beijing Axis Ltd. 2014. No part of this publication may be reproduced or transmitted in any form
or by any means without prior written consent of The Beijing Axis.
Kobus van der Wath
Founder and Group Managing
Director, The Beijing Axis
kobus@thebeijingaxis.com
www.thebeijingaxis.com