Star 2021-08-02

Sibanye advances battery metals strategy with R1.12bn acquisition Dineo Faku dineo.faku@inl.co.za SIBANYE-Stillwater said on Friday it will pay €65 million (R1.12 billion) for a smelting facility from French mining and metallurgy company Eramet SA as it advances its battery metals strategy. The acquisition is the second step of Sibanye’s battery metals strategy and comes five months after an investment into a Finnish-based lithium company. Sibanye, the precious metal giant, said it would pay cash for the acquisition of a 100 percent stake in Eramet’s Sandouville nickel hydrometallurgical processing facility through an exclusive put option agreement. Chief executive Neal Froneman said the transaction was an important step in getting further downstream exposure to the battery metals value chain. “The Sandouville facility is ideally located close to the European end-user markets and…

SARB defends Covid-19 loan as backstop for banking sector Siphelele Dludla siphelele.dludla@inl.co.za The South African Reserve Bank (SARB) has defended the R200 billion Covid-19 Loan Guarantee Scheme in spite of its low uptake by distressed businesses. SARB governor Lesetja Kganyago said on Friday that in spite of the criticism surrounding the low uptake of the loan guarantees, the banking sector had responded swiftly to assist with the shocks of the pandemic. Thousands of businesses were severely affected when cash flow was restricted by the lockdown measures aimed at curbing the spread of the Covid-19 virus since the end of March 2020. The Covid-19 Loan Guarantee Scheme came to an end on July 11, with 15 012 loans valued at R18.43bn approved – less than 10 percent of…

Irongate rejects 360 Capital Group’s directors to be represented on company’s board EDWARD WEST edward.west@inl.co.za THE BOARD of the Irongate Group (IAP) has said it does not want the directors of its 19.11 percent shareholder 360 Capital Group to be represented on the board of the Australia Stock Exchange- and JSE-listed property group. “The board of IAP has recommended security holders vote against the election of two 360 Capital Group executives to the board at the upcoming annual general meeting on August 31,” a statement said on Friday. Australia-based 360 Capital Group, including its associated entities, hold between them 19.11 percent of the shares issued in IAP. Its two nominees, Tony Pitt and James Storey, are also executives of 360 Capital Group. 360 Capital Group could not be…

EDWARD WEST edward.west@inl.co.za TRIBUTES have poured in following the passing of Toyota South Africa (TSA) chairperson Dr Johan van Zyl, or “The Doc” as he was affectionately known, who died at the age of 63 on Friday evening in Pretoria from Covid-w19-related complications. “‘The Doc’ had an uncanny sense of knowing just what consumers wanted and was able to instil this thinking in all his colleagues, which is why he had such a profound impact on the Toyota family,” Andrew Kirby, the current president and chief executive of Toyota South Africa Motors, said. Van Zyl began his career with the company in 1993 as director for vehicle sales and dealer network. He was appointed president and chief operating officer of TSA in 2002, and president and chief executive in 2003.…

EOH positioned to broaden its international footprint Edward West edward.west@inl.co.za EOH HOLDINGS said on Friday that it was positioned to grow its footprint in the UK, Europe and the Middle East. In a pre-close statement, the IT group, which is pursuing legal claims of R6.4 billion against four former directors for alleged involvement in tender fraud some years back, said it had “built a sustainable business with clear alignment and focus, allowing us to better serve more than 5 000 enterprise customers, the government and citizens with technology and digital enablement that is critical to our country’s future success. “Our turnaround plan remains on track and is underpinned by stable revenue and quality earnings.” EOH’s shares closed 2.55 percent lower at R6.50 on Friday. However, Friday’s price was 44.2 percent…

Dineo Faku dineo.faku@inl.co.za GOLD Fields, which operates gold mines across three continents, expects a spike of up to 156 percent in basic earnings for the six months ended June 2021 thanks to a firmer gold price. “The increase in earnings for the period is driven largely by an increase in revenue in both a higher gold price received and an increase in gold sold; a reduction in the loss on financial instruments; partially offset by higher net operating costs and higher tax,” said Gold Fields on Friday. Basic earnings a share for the six months under review are expected to be up to 46 US cents (R6.72) a share, an increase of up to 156 percent from the 18 US cents in basic earnings a share reported for…