According to its annual report, the CDC, which is responsible for developing the Coega industrial development zone near Port Elizabeth, said its projects had achieved 59 percent empowerment equity participation. Its target was 30 percent.

It said 65 percent of its managers were from historically disadvantaged groups, well over the 30 percent target. Women's equity ownership was at 15 percent rather than the 8 percent target.

There was 64 percent local enterprise participation compared with a target of 30 percent, and "affirmative business enterprises" had got 58 percent of the work.

In his report, CDC chief executive Pepi Silinga said all projects had rolled out as planned and there was now greater certainty over funding.

By the end of June the CDC had awarded contracts worth about R750 million, and 6 133 jobs had been created.

Infrastructure developments that started during the year included a 2 144-bed construction village for expatriate and non-local workers, a full systems interchange on the N2 and main rail line, buildings, and the roadworks and bulk civil services for the industrial development zone's metallurgical cluster. 

The development of the deep-water port itself is being done by the National Ports Authority and not by the CDC.

The CDC is principally funded by the Eastern Cape provincial government, and payments have been made from the government's critical infrastructure fund.

During the year, the CDC increased its fixed asset holding from R44.5 million at the end of June 2002 to R187.8 million.

Its current assets (which include R340.9 million in cash and cash equivalents) grew to R353.8 million from R128.8 million.

The CDC's income, which includes grants from the government, increased from R4.9 million to R53.1 million, while its expenses went from R22.3 million to R165.6 million.

Of this, R127.4 million was for direct contract costs and R30.8 million was for other operating expenses.

Administration expenses were R7.4 million in the year.

The CDC turned in a net loss of R165.6 million in the 2002/03 year compared with a R22.3 million shortfall the year before.

Despite all this, the CDC has yet to sign up a single tenant.

The best prospect so far is French aluminium group Pechiney, which is in the process of being taken over by Canadian firm Alcan, which has plans to build a 460 000 ton a year smelter on the site.