Cape Times 2021-09-03

Plans to boost base metal refinery capacity, extends life of Marula Mine Dineo Faku dineo.faku@inl.co.za IMPALA Platinum (Implats) yesterday posted its highest dividend on record during the year to the end of June on elevated metal prices, and said it planned to boost its base metal refinery capacity and extend the life of Marula Mine in Limpopo. Implats, which operates mines in South Africa, Zimbabwe (Zimplats) and Canada, said management plans to increase its base metal smelting capacity. Chief executive Nico Muller said Implats was conducting a study that sought to find the best way to increase refining capacity in the group, and this could take various forms, most likely a combination of increasing capacity in Springs and restarting the Zimplats facility. “Our ambition for establishing a base metal refinery…

Edward West edward.west@inl.co.za DISCOVERY reported a robust operational performance during the Covid-19 environment in the year to June 30, despite a R2.4 billion hit to its operating profit from higher-than-expected Covid-19 mortality claims, as it also announced that it would make it a mandatory policy for its employees to be vaccinated. Chief executive Adrian Gore said a capital raise was being considered specifically to fund the expansion of its investment in Ping An Health Insurance (PAH) in China, Discovery’s contribution to which would be R1.5bn. The health- and wellness-focused financial services group yesterday reported a 7 percent increase in normalised profit from operations to R6.49bn. Gore said Discovery had posted a strong operating performance across all its businesses, despite the pandemic that had manifested in a far higher…

Siphelele Dludla siphelele.dludla@inl.co.za THE RAND CONTINUED to appreciate for the ninth consecutive day yesterday, strengthening to R14.32 against the dollar as the greenback remained on the backfoot. Sentiment has been dented by some disappointing US economic data releases in August and continued reports of supply chain bottlenecks, driving investors to riskier currencies. The rand hovered around its strongest level since early August as investors turned to riskier currencies after poor US jobs data and fears of the end of the economic stimulus. However, by 5pm the rand had fallen 3c to the dollar at R14.40 from the previous day at the corresponding time. The ADP private payrolls August report on Wednesday showed a disappointing 375 000 increase in employment created in the private sector, far below the estimated 625…

EDWARD WEST edward.west@inl.co.za SANTAM, the short-term insurer, would pay out a dividend of 432 cents a share for the six months to June following a steady performance impacted by contingency business interruption (CBI) claims and claims on corporate fires. Gross premiums written increased 10 percent to R20.07 billion. Chief financial officer Hennie Nel said they were satisfied with the results in that, while the company “did not shoot the lights out”, it had done well in an environment where there were no big natural catastrophes, and claims were returning to normal levels. The underwriting margin of 6.7 percent, he said, was “reasonably strong” and about midway between the group’s targeted margin. He said possibly the biggest challenge the group faced currently was uncertainty in the low-performing…

From page 1 But Solomons-Johannes said: “The manhole covers are replaced with plastic that has a wrong design and does not fit. They are too big, meaning they move, not that they get stolen. Tenders are a disaster. They lapsed, stopping road repair work. The community didn’t steal them. “The City did shoddy work endangering the lives of residents and motorists. “Our poor communities must be happy with this type of work but you don’t see this in Constantia or Sea Point,’’ he said. Right2Know Campaign national coordinator Axolile Notywala said this portrays the attitude of the City towards coloured and black communities. “If you drive around in the different communities and suburbs it is indeed a tale of two cities. “In Khayelitsha streets are flowing with sewage and…

From page 1 “So they decided to go ahead in spite of how the committee feels. “They didn’t even consult with the people that live in that area. “We didn’t want that, it was a slap in our faces,” he said. Community activist Kurt Ziervogel said they do not want their heritage contaminated or rubbished by the DA. “My mother was born and raised in that area. They were forcibly removed under the Group Areas Act. After all it was the mayor’s forefathers that were responsible for claiming land from us and forcing my family out of the area. “My grandfather Oscar Nystrom and many other fishermen are celebrated in the museum. “The late Gerald Stoffberg was responsible for setting up the museum, with no help from the municipality. If…