Cape Times 2021-10-26

Dineo Faku dineo.faku@inl.co.za SIBANYE-STILLWATER yesterday ad- vised shareholders that it was in talks to acquire mining assets in Brazil amid reports that it planned to spend $1 billion (R14.8bn) towards the transaction. In a cautionary statement the platinum and gold producer said it has entered into negotiations with affiliates of funds advised by Appian Capital Advisory, regarding the acquisition of both the Santa Rita nickel and the Serrote copper mines, in Brazil. “If these negotiations are successfully concluded, they may have a material effect on the price of the company’s securities. Accordingly, shareholders of Sibanye-Stillwater are advised to exercise caution when dealing in the Company’s securities until a full announcement is made,” the company said. Sibanye-Stillwater made the an- nouncement after international publication Wall Street Journal reported that the…

Dineo Faku dineo.faku@inl.co.za ESKOM’S largest coal suppliers Exxaro and Seriti Resources have agreed to invest in renewable energy projects at Eskom operations, marking progress in the race to reduce greenhouse gas emissions in the production and generation of electricity. The parties said the first phase of the envisaged project pipeline was expected to see the construction of a number of solar photovoltaic facilities both on mine and at Eskom sites. They said these might be behind-the-meter solutions, that was, off-grid or wheeled solutions, or combinations of the two. The parties said they had signed a memorandum of agreement in line with enabling a just energy transition in South Africa by participating in these renewable energy projects at the mines and related Eskom sites, with the aim of creating employment and…

Not clear how soon the emergency power capacity will come onto the grid Siphelele Dludla siphelele.dludla@inl.co.za ESKOM has warned the public to brace for more power cuts for the next 10 months as the capacity outlook for the period ending August 2022 showed that the power system would remain constrained. The struggling power utility yesterday warned the public to expect an increased risk of load shedding while the reliability maintenance programme of its ageing coal fleet was being implemented. Eskom has so far implemented 32 days of loadshedding since April 1 due to increasing breakdowns and low plant availability, and currently there is a nightly Stage 2 loadshedding. Eskom’s energy available factor (EAF) has declined to 65.3 percent this financial year against a target of 70 percent, and…

Siphelele Dludla siphelele.dludla@inl.co.za JSE-LISTED tech group Altron’s share price slid 1.8 percent to R10.82 per share yesterday in intraday trading, despite it pointing to its 2.0 Strategy as starting to bear fruit for the business. Altron’s 2.0 Strategy, introduced last year, is anchored on organic growth supplemented by carefully selected acquisitions in local and international geographies. The group reported a 71 percent jump in operating profit to R173 million for the six months ending August 31. Altron’s headline earnings per share also rose by a significant 238 percent to 11 cents per share for the period. The IT services management company said cash generated from operations rose 79 percent to R527m, with revenue for the six months rising by 2 percent to R3.5…

Philippa Larkin philippa.larkin@inl.co.za SISA NGEBULANA, the founder and chief executive of Rebosis Property Fund, said yesterday that his work was done in sorting out the financial crises at the company and he was retiring with Otis Tshabalala selected as his successor to “steer the firm’s greater future”. Ngebulana founded Rebosis in 2010, which became the first black-owned and managed property fund to list on the JSE. The announcement comes hot on the heels of the company saying last week that it would dispose of its portfolio of office assets worth R6.3 billion, which would bring down the company loan-to-value (LTV) level and optimise its balance sheet to real estate investment trust standards, closing the curtain for Ngebulana’s three-year stint since the board brought him to stabilise the company. In…

Subrat Patnaik, Sanjana Shivdas and David Shepardson TESLA YESTERDAY neared $1 trillion (nearly R15 trillion) in market capitalisation as the company founded by Elon Musk received its biggest order of 100 000 electric rental cars for Hertz. Tesla shares were up 7.5 percent at $978, hitting a new record yesterday, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe. The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars. Interim Hertz chief executive Mark Fields said the order would primarily be Model 3 vehicles.…