Star 2025-08-19

The Minerals Council South Africa has raised concerns regarding the recently published Mineral Resources Development Bill, arguing it fails to foster an environment conducive to investment and job creation. The draft Mineral Resources Development Bill, published for public comment in May until 13 August, aims to transform South Africa's mining industry by strengthening regulations, promoting inclusive growth, and enhancing the legal governance of mineral exploitation. The Bill addresses various aspects of the mining sector, including artisanal and small-scale mining, transfer of mining rights, and empowerment requirements. However, concerns remain regarding the impact on agricultural land, investor confidence, and the potential for unintended consequences. Speaking during a media briefing on Monday, Minerals Council’s CEO Mzila Mthenjane emphasised that the bill, in its current form, cannot drive the necessary transformation and…

Thungela has net cash holdings of R6.3 billion, and is in a position to pursue strategic investments Thungela Resources remains in a strong financial position despite an 80% plunge in interim profits for the period to end June, with its stronger balance helping it to continue with strategic investments after paying a R2 per share half-year dividend. Shares in Thungela were 2.74% weaker at R88.17 in afternoon trade on the JSE on Monday, extending the stock’s 6% and 5% fall in the past seven and 30 days, respectively. Headline earnings per share (HEPS) for the half-year period to June 30 fell by 80% to 192 cents on the back of lower coal prices on global markets, although its strong balance sheet brightened up future prospects. “Despite challenging markets, Thungela’s balance…

Absa Group’s frequent leadership changes over the past few years mean its business units and operations may be running on “auto-pilot,” and the bank’s strategy will be sharpened over the next two months, the bank’s CEO Kenny Fihla said on Monday. Speaking at the bank’s online interim results presentation, Fihla, who has been CEO since June 17, said there were a “whole range of initiatives” underway at the group, which gave him confidence that it would reach a return on equity (ROE) of 16% - although the ROE target for the 2026 financial year had not formally been set yet. However, he said these initiatives were designed to stabilise the group, and a “reset” was needed to “sharpen the focus” of the organisation. He said since he had become CEO,…

The Industrial Development Corporation (IDC) has denied reports that it has made an expression of interest to an identified strategic partner to take over operations of Goodyear tyres manufacturing plant in Kariega, Eastern Cape. This comes after the National Union of Metalworkers of South Africa (Numsa) on Monday announced that the IDC had made an offer to buy the plant as Goodyear was very upfront that it will not allow anybody to use their intellectual property to manufacture tyres. However, the IDC told Business Report that it acknowledged the challenges currently facing Goodyear in Kariega and was monitoring the situation as a key stakeholder in South Africa’s automotive sector. "At present, IDC has not made any formal or informal offer to purchase, finance, or partner with Goodyear. We note recent…

The phenomenon of directors serving on multiple boards, known as interlocking directorships, is one of governance’s most enduring features. Celebrated for connecting organisations to wider networks and knowledge, interlocks are also criticised for perpetuating power imbalances and governance failures. In truth, they are neither good nor bad. Their value depends on how they are governed. Boards face a central question: when do interlocks enrich governance, and when do they undermine it, if ever? In an era where scrutiny of boards has never been higher, interlocking directorships raise questions about fairness, inclusivity and accountability. Shareholders, regulators and the public increasingly want to know not only who sits on boards, but how many other commitments they carry and what networks shape their judgement. This is no longer a niche governance debate; it…

The article by the CEO of the Beer Association of South Africa, Charlene Louw, titled Minimum Pricing on Alcohol: A risky shortcut South Africa can’t afford, is a veiled admission that the business model of the liquor industry — producers and retailers — relies heavily on plying poor consumers with cheap alcohol. The consequence is an alcohol-related death rate in poorer communities that is 4½ times higher than wealthier ones. Louw argues that minimum unit pricing (MUP) will hurt the poor. Truth is that the poor are already hurt — very badly – by the very industry now saying it has their interests at heart. Louw maintains that “the impact of MUP on small businesses, SMME brewers and township retailers could be catastrophic”. Well, only if those businesses are instruments…