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Dineo Faku dineo.faku@inl.co.za ANGLOGOLD Ashanti’s earnings shot through the roof during the quarter ended March 2021 on the higher gold price, despite production taking a hit on the Covid-19 pandemic and concerns of a higher-than-normal employee turnover rate. AngloGold said yesterday that headline earnings for the quarter rose 42 percent to $203 million (R2.85 billion, or 48 US cents a share, compared with $143m, or 34 US cents a share, a year earlier after benefiting from the higher gold price and lower finance costs, partially offset by lower gold production and higher costs. AngloGold, which sold Mponeng, its remaining South African mine, said production from continuing operations declined to 588 000 ounces at a total cash cost of $999 an ounce during the March quarter,…
SANDILE MCHUNU sandile.mchunu@inl.co.za JSE-LISTED health and beauty retailer Clicks Group is set to hold the largest retail pharmacy network in South Africa, with a portfolio of 632 pharmacies in the country, after it announced the acquisition of the retail pharmacy business of Pick n Pay, including 25 of its in-store pharmacies. The acquired pharmacies will be rebranded to Clicks and the acquisition will help the health and beauty retailer to stretch its pharmacy footprints further compared to its direct competitor, Dis-Chem Pharmacies. Dis-Chem grew The Local Choice to 110 pharmacies at the end of August last year. Clicks chief executive Vikesh Ramsunder said yesterday that the acquisition of the pharmacy chain from Pick n Pay accelerated the strategy of extending the convenience and accessibility of the Clicks pharmacy network. “Currently…
Siphelele Dludla siphelele.dludla@in.co.za A WAGE dispute is looming between public sector workers unions and the government as negotiations have deadlocked at the bargaining council, which could threaten efficient service delivery. This after the unions yesterday seemingly refused to move from their demands and the government from its offer, respectively, as wage negotiations resumed for the fourth round. Public sector workers unions are demanding 7 percent salary increases, among other demands, while the government remains steadfast in its zero percent salary offer. Analysts have warned that raising workers salaries above inflation amid deteriorating fiscus could see South Africa’s sovereign credit ratings status degraded further into junk. The public sector wage bill is among three of the fastest-growing government expenditures. The Public Servants Association (PSA), which represents more than 235…
The NATIONAL Energy Regulator of South Africa (Nersa) has decided to oppose the high court application filed by electricity utility Eskom against it, the energy regulator said yesterday. Nersa cited factual matrix and applicable regulatory, and legal principles as reasons to oppose the application. According to Nersa, it held a meeting on April 28, and it resolved to oppose the high court application to review and set aside the Energy Regulator’s decision of the approval of a Regulatory Clearing Account balance of R13.271 billion for the 2018/19 financial year, and the Energy Regulator’s decision to grant Eskom’s supplementary revenue balance of R1.288bn in respect of the 2018/19 financial year. The regulator said it had received Eskom’s judicial review application on April 12. “Nersa further considered the impact of Eskom’s continuous…
COCA-COLA Beverages Africa (CCBA) has acquired Maluti Mountain Breweries’ interest in the soft drinks business, which was now part of a newly formed entity called Coca-Cola Beverages Lesotho, following a reorganisation, CCBA said in a statement yesterday. The other key shareholders in the venture were the Lesotho National Development Corporation (LNDC) and the Ministry of Finance. The deal was signed on October 6, 2020, and all regulatory approvals were obtained. The non-alcoholic, ready to drink business in Lesotho would be referred to as Coca-Cola Beverages Lesotho (CCBL) and would operate as a subsidiary of CCBA, with management control. The entity started distributing Coca-Cola products from yesterday. “We are committed to growing the soft drinks industry and the business in Lesotho and will endeavour to launch new products into the Lesotho…
EDWARD WEST edward.west@inl.co.za RAUBEX Group, the roads, earthworks, infrastructure and materials group, recovered in the second half of the year to February 28 and its order book was at record levels, chief executive Rudolf Fourie said yesterday. He said there had been an increase in tender activity – the group had picked up significant house building contracts, and also planned to be a part of the fifth bidding window of the renewable energy programme towards the end of the year, said Fourie. Raubex operates across South Africa, Botswana, Cameroon, Mozambique, Namibia, Zambia, Zimbabwe and Australia. The order book was up sharply to R17.12 billion from R10.14bn, with a number of new bids being adjudicated. The share price was up 4.32 percent to R25.75 yesterday morning, closing the day at…
