South African Companies Unlock sub-Saharan Africa

Versed in the highs and lows of emerging-market development, SABMiller, Standard Bank, and others are expanding across the continent and beyond.

Name a global economic woe, and chances are Charles Needham is dealing with it. Market turmoil has knocked 80% off the shares of South Africa's Metorex, the mining company he runs. The plunge in global commodities is slamming prices for the copper, cobalt, and other minerals Metorex unearths across Africa. The credit crisis makes it harder to raise money. And fighting has again broken out in the Democratic Republic of Congo, where Metorex has a mine and several projects in development.

Such problems might send many executives to the window ledge. Yet Needham appears unruffled as he sits down at a conference table in the company's modest offices in a Johannesburg suburb. The combat in northeast Congo, he notes, is far from Metorex's mine. Commodity prices are still high, in historical terms. And Needham is confident he can raise enough capital, drawing on relationships with South African banks. "These are the kinds of things you deal with, doing business in Africa," he says.

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