Star 2024-08-13

Renergen, owner of South Africa’s first onshore helium and liquid natural gas (LNG) production facility in Virginia in the Free State, saw its share price shoot up more than 28% yesterday morning after it announced its liquid helium production line was fully operational. “We can now declare South Africa one of a select few countries worldwide to produce liquid helium for the global market,” CEO Stefano Marani said in a statement. Renergen’s share price shot up 28.1% to R11.03 on the JSE yesterday morning after the initial release of the production announcement on Friday in Australia, as local markets were closed on the day. On the Australian stock exchange, the share price went up over 28% to AU$0.99 per share by late Friday afternoon. Renergen has been a favoured stock…

Gold Fields is buying out Canadian-listed Osisko Mining Inc’s 50% interest in the Windfall project that the two companies jointly control for $1.57 billion (R28.6bn). The JSE and New York dually-listed gold miner said on Thursday that it expects headline earnings per share for the interim period to June, 2024 to be lower by at least 25% compared to the previous contrasting period on the back of lower gold production. However, the company expects to bump up its output in the second half-year period. Now, Gold Fields has set its sights on acquiring the remaining 50% it does not already own in the Windfall project through the acquisition of all of the issued and outstanding common shares in Osisko. Gold Fields and Osisko entered into the Windfall project joint…

Sasol, the fuel and chemicals-from-coal group has warned of sharp losses in its year to end June due in no small measure to a R45.5 billion impairment at its Chemicals America business. Sasol said in a trading statement yesterday that headline earnings per share were expected to be between 59% and 77% lower at between R12.28 and R21.95 per share due to challenging market conditions, notably pressure from low chemicals prices and tight margins. The grim outlook sent the share price falling by 2.10% to R127.50 per share on the JSE, a price that is already half the price of a year ago. Abax Investments portfolio manager Mish-al Emeran said the material impairments at Sasol’s Chemicals America business includes all Sasol’s chemicals operations in the US, not only the cracker…

Spatial inequities in the City of Cape Town are compounding the alarmingly high levels of food insecurity. This is according to the State of the City Food System Report released yesterday by University of Cape Town (UCT) researchers Gareth Haysom and Associate Professor Jane Battersby. The report found that accessing food in Cape Town was a constant uphill battle, especially for those who did not have nearly enough to feed themselves and their families. The report argued there was more than enough healthy food in the food system, but food was inaccessible to those who needed it most, Haysom said. The report was one of 15 analysing urban food systems across various cities. Haysom said the research was conducted in northern, western, eastern, and southern Africa, making it the first…

RGS Group has applauded the outcome of the vote on Friday by Tongaat Hulett shareholders as a decisive victory for shareholder activism and corporate governance, benefiting all employees, creditors, stakeholders, and South Africans. This comes as the majority of shareholders of Tongaat Hulett voted against the proposed debt-to-equity conversion that would have handed a 97.3% controlling share of the company to the Vision Group. This decision arises amid questions over Vision Group’s failure to meet the financial requirements outlined in the adopted business rescue plan, a condition that was integral to the proposed deal. RSG yesterday said with this vote complete, it was now time for the Vision Group to lay its true cards on the table and demonstrate its financial capability to implement the adopted business rescue plan as…

Data from a new Pulse Report, under the auspices of the government-initiated national logistics crisis committee (NLCC) tracking logistics logjams, will provide weekly statistics so that obstacles affecting South Africa’s logistics network can be identified, and the results of interventions tracked. The report comes against the backdrop of Transnet implementing a turnaround plan to enhance competitiveness of its ports, recover rail volumes, and improve operating efficiency, and at a time when South Africa’s roads are characterised by a lack of maintenance and many potholes. The NLCC was established by the Presidency in 2023 to address the state of logistics in South Africa, costing the country around R1.5 billion per day. Jayce Lane, managing director of Crickmay & Associates, which compiled the report, said supply chain corridors’ competitiveness is impacted…