Star 2024-02-06

THE GOVERNMENT yesterday outlined measures it hopes will deal with the crime, energy and logistics problems that are seriously crimping investment, profitability and output in mining. President Cyril Ramaphosa said at the Mining Indaba in Cape Town yesterday that securing the supply of electri- city was the first of four objectives being implemented to develop the sector and make it more competitive. Mineral Resources and Energy Minister Gwede Mantashe said at the event that commodity price volatility, high energy prices, geopolitical tensions and a global cost of living crisis were dampening the business environment for mining companies. Also, locally, the energy crisis and port and rail bottlenecks had put pressure on miners’ operational costs. Illegal mining, cable theft and infrastructure vandalism also placed a further strain on mining output and…

After MultiChoice spurns the R105 per share valuation there may be little alternative FRENCH entertainment giant Canal+ may be forced to make a mandatory offer for MultiChoice if it decides against raising its R105 per share offer that has been turned down by the South African operator of DStv. MultiChoice said yesterday that its board had considered and decided against the offer by Canal+ as the R105 offered significantly undervalued the company, which also has operations across Africa and offers streaming services via Showmax. “After careful consideration, the board has concluded that the proposed offer price of R105 in cash significantly undervalues the group and its future prospects. MultiChoice has recently conducted a valuation exercise, which has valued MultiChoice significantly above R105 a share,” MultiChoice said yesterday. There was widespread…

THE NATIONAL Union of Mineworkers (NUM) says a court settlement that gives control of the Optimum Coal Mine and the Optimum Coal Terminal into the hands of Liberty Coal will save more than 500 jobs through resumption of production at the Mpumalanga operation previously controlled by the Gupta family. Controversy has dogged Optimum Coal Mine ever since the Gupta family was disgraced as corrupt and having captured State institutions to push through their businesses and deals. The National Prosecuting Authority (NPA) last week obtained a court application in its favour for two forfeiture orders on the grounds that the Guptas bought the mine with proceeds from corruption. Liberty Coal and the NPA jointly approached the Gauteng High Court, Pretoria, with the support of various other vested parties for an order…

ANGLO American may consider deeper cost-cutting measures unless market conditions improve after a fall in prices for platinum-group metals and a cyclical downturn that is the worst in 35 years, CEO Duncan Wanblad said yesterday. The diversified miner announced sweeping cuts last year to save about $1.8 billion (about R34 billion). Speaking on the sidelines of the African Mining Indaba in Cape Town, Wanblad told Reuters in an interview he did not see signs of any early recovery in the platinum group metals (PGMs), although diamond prices showed signs of strengthening. “To the extent that market conditions continue, we will have to cut deeper and we will just knuckle down and get it done,” Wanblad said. Platinum fell below $840/oz in November last year, the lowest since September 2022,…

THE TRIAL of an alleged bitcoin creator opened in London yesterday, seeking to determine whether an Australian computer scientist invented the world’s most popular cryptocurrency. Craig Wright, 53, says he is Satoshi Nakamoto, the pseudonym of bitcoin’s creator and author of a white paper that introduced the cryptocurrency to the world in 2008. Wearing a striped suit, Wright sat impassive in court yesterday as he listened to the outline of the case against him. The Crypto Open Patent Alliance (Copa), a non-prof set up to keep cryptocurrency technology free from patents, is suing Wright over his claims first made in 2016. The trial at London’s High Court, presided over by judge James Mellor, is expected to last until mid-March. “Over a period of nearly 10 years ... (Wright had) the…

SCHNEIDER Electric is ready to partner with mining companies, both large and small, to provide sustain- able solutions that will help to reduce costs, improve resilience and protect the environment, Rob Moffitt, the president of Schneider Electric’s global Mining, Minerals and Metals (MMM) Segment told Business Report in an exclusive interview at this year’s African Mining Indaba 2024 in Cape Town yesterday. “The three Ms I focus on cover the mining, metals, cement and glass industries, which collectively account for some 21% of global carbon dioxide emissions. “These industries are the foundation blocks of society and our mission is to collaboratively ensure a profitable future,” he said. This aim is in line with this year’s Mining Indada theme of “Embracing the power of positive disruption: A bold new future for…