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Edward West edward.west@inl.co.za JUNIOR helium miner Renergen, which has seen its share price rocket 192 percent over a year, plans to go into commercial production in April 2022, chief executive Stefano Marani said yesterday. The share price traded at R37.59 per share yesterday morning on the JSE, well up from R12.75 a year ago. The company said after a sharp upward revision of its helium reserves late last year, that it was potentially one of the biggest helium producers, with the richest concentrates of the gas. Helium is a rare element used for space exploration, rocketry, high level scientific applications, in the medical industry for MRI machines, fibre optics, electronics, telecommunications, superconductivity, underwater breathing, welding, nuclear power stations and lifting balloons. Marani said in response to Business Report questions…
Mnambithi Terminals will also develop and operate a liquid bulk terminal in Durban Siphelele Dludla siphelele.dludla@inl.co.za THE GOVERNMENT has turned its gaze sharply towards the oceans economy in a bid to attract new investment that could help South Africa’s recovery from the adverse effects of the Covid-19 pandemic. Transport Minister Fikile Mbalula yesterday unveiled multimillion-rand investments in three major South African ports to shore up the Operation Phakisa initiative. Operation Phakisa focuses on unlocking the economic potential of South Africa’s oceans which could contribute up to R177 billion to the economy by 2033 through marine transport, manufacturing, offshore oil and gas exploration, aquaculture, marine tourism, and create up to 1 million direct jobs. Mbalula yesterday said the ports infrastructure had been identified as a strategic area to drive…
Siphelele Dludla siphelele.dludla@inl.co.za GLOBAL oil prices remained elevated at seven-year highs, driven by rising geopolitical tensions, which stoked fears of supply disruptions and saw investors looking for safe havens. The Brent crude price rose above the $88 a barrel mark early yesterday, briefly dipping below $87 (R1 313) in the afternoon, as the world’s biggest oil producers were seemingly on the verge of going to war. High oil prices could spell disaster for South African consumers as the price of petrol could rise back above the R20-mark a litre. Russia’s looming invasion of Ukraine took another step yesterday as the US ordered the departure of family members of staff at its Ukraine embassy, and the voluntary departure of employees. The US is reportedly considering deploying several thousand troops to…
Banele Ginindza banele.ginindza@inl.co.za SEVERAL labour organisations are gearing up for a major solidarity action on Thursday on Clover companies and stores stocking the company’s products as a protracted strike for wage increments and against retrenchments soldiers on into its 10th week. The South African Federation of Trade Unions (Saftu), the Food and Allied Workers Union and the General Industrial Workers Union, along with the National Union of Metal Workers (Numsa) have resolved to pile pressure on Clover in a national and international day of action, which will include protesting at various embassies. The unions are protesting the closure of several factories and retrenchments – Clover closed two factories in the Western Cape in 2020 and intends to close four more factories in Gauteng, the Free State and in the North…
Dieketseng Maleke dieketseng.maleke@inl.co.za PRECIOUS metal producer Sibanye- Stillwater yesterday announced that it had terminated a R15 billion deal to acquire two mines in Brazil due to a geotechnical event, which would have a “material (effect) and (be) adverse to the business” in a blow to its battery material ambitions. Sibanye had planned to buy Santa Rita, one of the top nickel mines, and Serrote copper mine, as well as a 5 percent net smelter royalty over potential future underground production at Santa Rita. The dissolving of the contract comes just over two months since Sibanye signed definitive agreements with Appian Capital Advisory in October. It said it was advised by Appian Capital Advisory that subsequent to the signing of the Atlantic Nickel SPA and the MVV SPA, a…
Edward West edward.west@inl.co.za STEINHOFF International Holdings NV (SIHNV) together with its subsidiaries and the former South African holding company of the Steinhoff Group, Steinhoff International Holdings Proprietary (SIPHPL), said the application for the approval of its global settlement offer was heard by the Western Cape High Court yesterday. The court granted SIHPL’s request and granted an order approving and sanctioning the proposal. The Settlement Effective Date was expected to occur on or about February 15, SIHNV said in an update yesterday. Implementation of the global settlement requires numerous steps to be taken and payments to be made on and around the settlement effective date. Formal withdrawal of litigation that had been settled, including the withdrawal of a liquidation application against SIHNV, will also occur immediately following the Settlement Effective Date.…
