Our work

  • To corporates we provide: country risk and investment climate management – including political, policy, regulatory, economic and social risk; country competitive benchmarking; corporate strategy; scenario planning; entreprise resilience and risk management; strategic communications, government relations and policy advocacy; stakeholder management; corporate social investment;

  • To governments we offer: investment climate reform; growth strategies; competitiveness and incentives development; country competitive benchmarking; special economic zones strategy and implementation; spatial development, economic localisation and infrastructure planning; economic diversification and sectoral strategies – including clusters development and demand forecasting; project structuring; project and bankable feasibility development

Eunomix has conducted a large number of projects across Africa and beyond. Here is a sample of private sector and government projects. For additional case studies, please Find out more

Case studies

Private sector

We designed a country risk-resilient strategy and strategy development framework for a South African mining company
We designed a comprehensive corporate strategy and strategy development framework to support the client’s requirement for sustainable growth. The project was motivated by rising challenges to securing investment, addressing investment climate risk, lower PGM prices, and rising costs. The new strategy process streamlines business planning and strategy integration, incorporates a wider range of strategy-relevant factors into a suite of analytic tools, creates enhanced strategic decision-making, and improves performance monitoring and reporting.

We formulated a data-centric country risk scenarios for a blue-chip mining company, which led to a large overseas acquisition
We comprehensively assessed South Africa's long term trajectory, with a diagnosis of key factors and levers affecting current and future country performance. This entailed original research into drivers of country performance at the international and domestic level. We then identified three plausible data-intensive future scenarios. These were implications for the client were extensively assessed, and influenced its diversification and acquisitions strategy, as well as its stakeholder engagement process.

We influenced mineral policy and legislation in South Africa toward regulatory certainty through effective analysis and engagement
We conducted in-depth analysis of the country’s mining legislation and proposed amendments in terms of efficacy toward transformation and growth, compliance with international law, and constitutionality. We then engaged in policy advocacy on its findings, contributing to the 2014 Amendment Act being returned to Parliament by the President. We also provided analyses and submissions on key policies: the BB-BEE codes and the Mining Charter; the application by of safety regulations; etc.

We established a country risk management framework integrated with corporate strategy for a blue-chip coal producer
We developed a comprehensive country risk management toolkit derived from the company’s extensive scenario planning and strategy development expertise. This toolkit comprises: 1) a country risk monitor tracking country performance against 200 other countries on an annual basis; 2) a country risk register identifying key factors affecting the client’s key values at risk; and, 3) a risk rating matrix, identifying priority risks. It is expected that we will develop further country risk management tools, and link this process to corporate strategy formulation and implementation.

We performed a due diligence on acquisition target in high risk jurisdiction in Africa
We conducted an in-depth due diligence on a potentially risky acquisition target operating in a high-risk jurisdiction for a large resources company. The DD comprehensively identified key risk areas arising from the operating environment, the target’s business structure, the nature of the assets owned by the target, the way these assets were acquired, and potential compliance and legal issues. The DD also ascertained the target’s key value proposition. This due diligence played an important role in the client’s decision not to proceed with the acquisition.

We de-risked a mineral supply for a global mobile phone manufacturer in the Democratic Republic of the Congo toward greater custodianship
We conducted a two-phased due diligence for a global mobile phone manufacturer, delivering a country risk assessment for the DRC, specifically related to the mining supply chain, and a focused examination of three selected copper-cobalt mining companies. This was done as a benchmarking incorporating their historical performance, management and reputation. Through our recommendations, the client was able to confidently select a cobalt supplier that met its own standards of integrity and responsibility.

We reviewed and contradicted the UNCTAD 2016 report on trade misinvoicing accusing the South African mining industry of systematic minerals smuggling
We were hired by the Chamber of Mines of South Africa to conduct an independent review of an UNCTAD report which accused the South African mining industry of smuggling over USD 100 billion out of the country over 10 years. We determined that the UNCTAD report displayed deep flaws invalidating its conclusions. The report received widespread attention and led UNCTAD to significantly revise its findings on South Africa. Our report also shed light on the inadequacy of methods used by several institutions to quantify illicit financial flows.

Public sector

We acted as transaction advisor for a public-private partnership for a special economic zone in the DRC
We provided transaction advice for a public-private partnership investment into the Maluku SEZ in the Province of Kinshasa. The project entailed conducting a comprehensive project transaction-readiness assessment, transaction preparation action plan and transaction support. We conducted a number of technical tasks during the project, including: legal and regulatory due diligence, market research, investor relations, business modelling, institutional capacity building, and investment promotion.

We conducted a comprehensive prefeasibility study for two special economic zones in Kenya, with a focus on competitiveness and strategic positioning
We conducted a full prefeasibility for two new SEZs focused on manufacturing and agro-processing. We comprehensively analysed the competitiveness of Kenya relative to a set of countries in three keys sectors through an extensive comparative benchmarking. We also benchmarked the targeted sites against comparator sites in other countries in order to determine its attractiveness. We integrated these elements into a demand forecast to determine the overall financial and economic value proposition of the project and guided key design attributes

We assessed the performance of two industrial development zones in South Africa for one of its funders
We assessed the operational and financial performance of two Industrial Development Zones in order to support their transition to special economic zone status. This project, conducted on behalf of the Provincial Treasury, also entailed a financial performance assessment and a comprehensive comparative benchmarking of the two zones’ operational performance relative to similar zones in Asia and Europe. The purpose of this was to assess the long-term prospects of the zones to achieve financial self-sustainability.

We reviewed the performance of investment incentives to attract foreign direct investment in Lesotho
We provided actionable recommendations in the design of investment incentive scheme, based on lessons learnt from five case studies that are using them to attract and retain FDI in labour-intensive manufacturing, tourism, ICT, and services. We developed a country matrix based on a number of qualitative and quantitative indicators to identify relevant comparator and competitor countries and an in-depth comparative analysis of investment incentive schemes.

We developed the business plan for integrated industrial platforms in Senegal
We developed an analysis of the competitiveness of Senegal’s industrial platforms and prepared inputs and recommendations to the industrial platform program’s business plan and legal and regulatory framework. This was done through a comprehensive qualitative and quantitative benchmarking matrix of comparator and competitor zones/parks; cost-benefit analysis of different options for the industrial platforms.

We established the pre-feasibility on economic and locational strategy for Botswana’s SEZs
We conducted a pre-feasibility study through an economic and locational strategy of Botswana’s future SEZ program. This rested on the development of an innovative methodology to select and rank these opportunities by combining comparative, competitive and locational attributes. The study led the Government of Botswana to establish its SEZ program, which is currently under implementation.

We undertook a pre-feasibility study of a pilot commercialisation project for industrial estates in Lesotho
We undertook a comprehensive assessment of Lesotho’s factory shell programme by analysing the baseline supply of factory shell space, estimating future demand and evaluating the financial performance of the programme. We developed a financial model for commercialised provision of factory shells, proposing a set of options to the government for implementation. This led to the restructuring of the Lesotho National Development Corporation, in progress.

We facilitated the drafting of a national special economic zones strategy in Zimbabwe and supported its adoption by government
We facilitated the creation of a Ministerial Cabinet SEZ strategy, which led to the adoption of a new SEZ law in 2016. In this process, We extensively worked with a panel of senior government officials, guiding them through the process of designing strategy and adopting it. The project entailed consultations with the Minister of Finance and other senior cabinet members. The SEZ strategy is now under implementation.

Eunomix Research

Eunomix Research is a specialised division of Eunomix dedicated to positively contributing to public policy and corporate practices that impact the growth and development of Africa’s resource-rich countries and their communities.

Eunomix Research does this by conducting and distributing research into the public domain. It is committed to producing research that has public value, and that is original and of the highest standard.

Published research

CDE South Africa Growth Series 2: Business's view on growth and its critics.

The South African Center for Enterprise and Development invited Eunomix to comment on the growth proposals submitted by business representative organisations under the B4SA umbrella to the South African government for post-COVID recovery. Eunomix has been critical of this and other proposals. Download our presentation for a snapshot of our views. 


Late-late Development, the Developmental State and South Africa

Our latest groundbreaking analysis of the drivers of state performance derived from our country risk application EunomixGCR, applied to the crisis of development in South Africa. Here, we summarise our country risk analysis model based on 180 countries covering dozens of indicators over two decades. We decipher the path of development, analyse the relationship between natural resources, human capital and democracy. We then conduct a case study of South Africa, discovering why it has underperformed its peers, and on this basis, proposing a new durable development strategy.


The performance of Zambia's mineral rents between 1970 and 2017 - A comparative analysis with Chile

The present report is an update of a 2012 analysis conducted by Eunomix Research on the relationship between mineral rents, mineral prices and economic growth in Sub-Saharan Africa between 1970 and 2010. The report focuses principally on Zambia, a country whose dependency on mining has remained pronounced since independence, and which – like many other resource-rich countries – has experienced pronounced changes in policy.


Mineral Policy Impact on South Africa's Mining. An Economic Analysis

Eunomix Research has completed an independent empirical analysis of the impact mineral policy has had on the performance and socioeconomic contribution of the mining sector in South Africa over the past twenty years. South Africa’s mineral policy interventions over the past two decades have had a detrimental effect on the economic contribution and performance of the sector. Furthermore, these interventions have failed to deliver some of its key socioeconomic objectives. The overall efficacy of South Africa’s mineral policy has been low.


Research summary: The impact of mineral policy on the economic contribution of mining in South Africa

Download a summary facts sheet of the report here.


Final Report - A review of the UNCTAD report on trade misinvoicing, with a full counterfactual on South African exports

At the request of the South African Chamber of Mines, Eunomix Research has conducted an independent, non-peer reviewed, analysis of the UNCTAD study entitled Trade Misinvoicing in Primary Commodities in Developing Countries: The cases of Chile, Cote d'Ivoire, Nigeria, South Africa and Zambia. The UNCTAD study points towards a systematic practice of mis- and underinvoicing among mining companies in these countries, alleging that the mining industry has been engaging in this practice with the direct objective of avoiding taxes or, at the very least, reducing tax burdens in producing countries. Specifically, the report states that mining and oil companies have misappropriated as much as 67% of the export revenues of the countries studied, most of which would occur out of South Africa.


Infographics on the contribution of mining in Rustenburg - 2014 data

In March 2016 Eunomix Research released a study measuring the impact of the platinum mining industry on the socioeconomics of Rustenburg, South Africa. This infographics presents key findings of the study in a concise way. 


Evaluating the socioeconomic impact of platinum mining in Rustenburg

Eunomix Research documented the impact of platinum mining in Rustenburg in South Africa. It looked at the three main platinum companies' direct and indirect economic role and the impact of their social investments. The study found that while their impact has been extensive, there remains space for more strategic directions in responding to underlying socio-economic problems that plague the area. The study was the subject of a full-page article in The Mail & Guardian.


Analysing the contribution to growth of the mineral and oil & gas rent in Sub-Saharan Africa

Eunomix conducted a ground breaking and comprehensive analysis of the long resource rent cycle in Africa between 1970 and 2010. The analysis demonstrated how commodity prices affect the formation of natural resource rents, and impact economic growth. The study, which has been widely distributed, demonstrates and quantifies how government policy can lead to accelerated rent formation as well as destruction – with their attending benefits and costs.


Measuring the impact of Zimbabwe’s beneficiation policy

Eunomix Research conducted an analysis of Zimbabwe’s beneficiation policy and its impact on the economy. This policy, presented by Government as being in keeping with the African Mining Vision, has sought to increase local transformation of minerals through smelting, refining or cutting and polishing. The research documented whether the policy is bearing fruits, and whether its costs are compensated or likely to be compensated by its benefits.