Cape Times 2024-08-08

Although it took an impairment knock of $611 million (R11 billion) from its South African coal mining operations in the first half of this year, Glencore has so far invested $175m in the Cape Town oil refinery and related projects after acquiring Astron Energy. Glencore made commitments to invest up to R6bn or $329m with the Competition Tribunal and the South African Economic Development Department, when its 75% acquisition of Astron Energy was given the go-ahead in 2019. Yesterday, Glencore confirmed that Astron Energy “has made several investments amounting to R3.2bn or $175m in qualifying expenditure, related to the Cape Town oil refinery as at September 30, 2023. The refinery was rocked by an explosion in 2020 but Glencore has said in the past few months that it was…

The board of IT service management company Altron yesterday announced the passing of its non-executive director, Robbie Venter, on Tuesday at the age of 64. The board described Venter as a remarkable individual, steadfast in his commitment, generously sharing his wisdom and experience as a member of the Altron board. “His contributions to Altron since 1997 were invaluable, and his presence will be greatly missed. His outstanding contributions and leadership have made a lasting impact on the technology industry, and business at large,” it said. Venter joined the Altron board on May 15, 1997. He was a member of its nomination committee; a member of its remuneration committee, the social, ethics and sustainability committee, and the investment committee. He had extensive experience in senior management positions of which 27 years…

Impala Platinum (Implats) expects to report a loss at the basic earnings-level of between R16.9 billion and R17.8bn in its full-year results due to significant impairments totalling R19.8bn – most of which is the result of write-downs because of lower platinum group metals (PGM) rand pricing, it said yesterday. This comes despite increasing production in the year to June 2024. Electricity issues affected its operations in Zimbabwe, and lower prices were achieved for each PGM ounce, with sharply lower average palladium and rhodium pricing. In dollar terms, it achieved 34% less revenue per ounce sold. Implats said it “navigated several serious challenges and a constrained operating environment to deliver guided production volumes. While its local operations benefited from “a notable reduction in the frequency and intensity of load curtailment in…

MTN, Africa’s largest cellular operator, said yesterday that it would report a headline loss per share of between 271c and 217c, while the basic loss per share would be between 434c and 383c for the half year to June. The JSE-listed mobile operator said while it had encouraging results from both Ghana and Uganda – with South Africa set to show encouraging progress in key areas – the company’s results were adversely affected by several factors, not least of these being further devaluation in the naira against the dollar, which impacted MTN Nigeria’s financials. MTN did note that Nigeria posted a strong underlying operational performance in its first half. The naira devaluation will affect MTN’s results by 90c a share, up from the 4c it reported in the prior comparative…

CIVIL society in the alternative reform agenda of the Just Energy Transition yesterday called on South Africa to join the G77 Group of countries in calling for the COP 29 Summit in September to push demands for a $5 trillion (R92trl) annual downpayment for climate debt owed by the Global North to the Global South. The Group of 77 totals 134 countries with members including Afghanistan, Algeria, Argentina, Benin, Bolivia, Brazil, Chile, Colombia, the Democratic Republic of Congo, the Dominican Republic, Jamaica, Jordan, Kenya, Peru, Trinidad and Tobago, and China. At a webinar co-hosted by the Institute for African Alternatives, participants said there was a need to call for climate damages. “The demand provides a realistic attainable figure in addressing the urgent escalating climate needs. We know it’s doable and…

Everybody wants it. But it’s hard to find, and even harder to keep. While female representation has improved generally across the financial services sector, most board, CEO and C-suite roles remain male-dominated. Whether it is to achieve black economic empowerment targets, driven by a moral imperative or rooted in the fact that diversity is good for business performance, the doors to the industry are certainly open to women. So, why is it so hard to get women into leadership positions? The answer to this vexing question lies in the convergence of various factors. Those financial services companies trying hard to attract, develop and retain female talent must synthesise a sustained, multi-faceted approach, which is not simple or easy. Even before entry-level, there don’t seem to be sufficient South African…