Star 2024-08-30

KUMBA Iron Ore is investing a further R7.6 billion in an ultra-high-dense- media-separation (UHDMS) processing technology that is expected to extend the life of its Sishen mining operation while also bumping up the mine’s proportion of production from 18% to 55%. This follows the completion of a full technical review of the UHDMS processing technology project at Kumba’s Sishen mine in the Northern Cape. “Kumba is pleased to announce board approval for a further R7.6bn investment in the UHDMS project, in addition to the R3.6bn previously approved in February 2021,” the company said yesterday. This brings up the total capital investment by Kumba into this project to R11.2bn. The company has already spent R1.8bn on the project’s detailed engineering design, earthworks and technical reviews. The remaining R9.4bn is set…

BRICS’ New Development Bank (NDB) will this week announce significant financial commitments to help South Africa bridge its infrastructure deficit as the bank’s Ninth Annual Meeting kicked off in Cape Town yesterday. The meeting is set to provide a platform for discussing how the NDB, in collaboration with national governments, the private sector, civil society, and other development institutions, can enhance its ability to promote sustainable projects in emerging markets and developing countries. The NDB this week said its key role in promoting infrastructure and sustainable development of its member countries was recognised in the Johannesburg II Declaration in March this year. “By hosting our 9th Annual Meeting in South Africa, we aim to connect, learn and reflect and deliver on the ask by our member countries to support effective…

JSE-LISTED Blue Label Telecoms’ bid to increase its shareholding in mobile operator Cell C is moving closer to the finish line, with regulatory hearings set to be completed by the end of the year. Blue Label, which distributes prepaid products as well as virtual merchandise and value-added services, yesterday reported revenue of R89.3 billion in the year to May when PIN-less top-ups – a recent line of offerings – are included. This compares with R76.8bn reported last year. Excluding PIN-less top-ups, revenue would have been R14.6bn. Headline earnings per share came in at 76.08 cents, a year-on-year gain of 40%. However, excluding a positive contri- bution of R66 million in the current year and a negative amount of R523m in the prior year, mostly because of Cell C’s…

The INDUSTRIAL Development Corporation (IDC) disbursed R15.9 billion into the economy in the year to March 31, 11% below last year, but a “result we are proud of” considering the tough economic environment and that last year’s result was a record year, interim CEO Andrew Jarvis said yesterday. He said in an online presentation the institution had maintained its liquidity and balance sheet strength through the year, despite headwinds such as loadshedding, logistics issues in the country, a low commodity price and investment environment, and high interest rates. The 2023 result was boosted to record levels by pent-up investment demand following the pandemic. However, they were seeing “green shoots” in the fixed investment space. He said during 2024 the institution had remained true to its mandate to drive and…

IMPALA Platinum (Implats), which has skipped a dividend payment for the year to June 2024, saw headline earnings dip by 87% to R2.4 billion amid weaker platinum group metals (PGM) prices, although chief executive Nico Muller is looking to possible interest rate cuts to drive positive economic sentiment, which in turn would be expected to boost buying behaviour. Although the global market for PGM is projected to remain in deficit, Muller said during an earnings call yesterday that “a reduction in interest rates will create improved sentiment and incentivise buying behaviour” from key customers. “I personally believe there will be support for PGM price increases when that happens. PGM prices are not driven only by market fundamentals but by global economic sentiment,” said Muller. Implats and other PGM miners…

SOUTH32 raised its manganese and aluminium production in South Africa during the full year to the end of June 2024, despite lower prices and higher costs related to the use of trucks, with the company exploring low-carbon energy solutions. Shares in South32 inched up by 0.79% to close at R37.005 per share on the JSE yesterday, extending the stock’s 2.68% strengthening in the past seven days on the same bourse. Graham Kerr, the chief executive of South32, flagged congestion at Port Elizabeth where “challenges about actually getting the throughput that you would normally expect to get on the rail line” are persisting. “I do believe there’s an opportunity for us to get more volume on the actual rail, but until they sort out the congestion at Port Elizabeth, we’re not…