Company News in Brief

Mozambique unrest weighs on South32 subsidiary Diversified mining group South32 said in an update for its half-year to end December on Monday it was keeping its 2025 guidance for operations, though guidance for its Mozal Aluminium smelter in Mozambique remains withdrawn due to the threat of unrest in the country. In December, the transport of raw materials to the smelter was disrupted by road blockages. But in recent weeks, the group has re-built alumina stocks at the smelter as it successfully implemented contingency plans and road blockages eased. "While Mozal Aluminium has continued to operate and export aluminium to customers during this period, any escalation in civil unrest has the potential to impact our critical trucking activity and operations," it said. Meanwhile, SA manganese saleable production decreased by 3% as the group reduced its higher cost trucking and undertook a temporary shut at its Wessels mine in the December quarter, in response to market conditions. The group has kept its SA manganese production guidance for 2025 unchanged but said it will continue to monitor and respond to market conditions.-FIN24 Business rescue practitioners rallying Murray & Roberts Embattled construction and engineering group Murray & Roberts said on Monday it has received strong support from capital markets amid a rescue process for energy unit Optipower in the form of R130 million of post-commencement financing. This refers to funding provided to a company after it enters business rescue and which enables it to work through the process. "These investors are well capitalised and have expressed their appreciation of Murray & Roberts' expertise as a provider of mining contracting services, which rivals the best in the world, and the importance of preserving this capability," it said.-FIN24 SA banking sector poised for good 2025S&P Global ratings said in its SA Banking Outlook 2025 report on Friday that it expects that the sector will maintain strong average return on equity of 15%-16%, despite lower interest rates, supported by higher credit growth, noninterest income, and lower provisioning. Improving economic reform momentum driven by the Government of National Unity (GNU), combined with continued progress in addressing infrastructure deficiencies, could bolster South Africa's economic prospects, it said.-FIN24 ACSA secures fuel for OR Tambo Airports Company South Africa said on Monday that following the fire at the National Petroleum Refiners of South Africa refinery on 4 January, which is impacting the production of fuel nationally, the industry has secured enough supply for OR Tambo International Airport for January and is collaborating to mitigate any disruption during the month of February.-FIN24 Trustco considers JSE delistingNamibian investment holding company Trustco said on Monday it is considering delisting from the JSE, as well as from the Nambian Stock Exchange and the US OTCQX. The company issued a cautionary announcement in which it said its board is considering a number of steps for the process, including a formal offer that will be communicated to shareholders. In November last year, the group had also announced it had filed initial paperwork in the US as it looks to upgrade its primary listing to the Nasdaq.-FIN24 Tik Tok restores US services amid ban TikTok restored service in the United States Sunday after briefly going dark, as a law banning the wildly popular app on national security grounds came into effect. The video-sharing platform credited President-elect Donald Trump, who retakes power on Monday, for making the reversal possible - though the outgoing administration of President Joe Biden had earlier said that it would not enforce any ban. TikTok had shut down in the United States late Saturday as a deadline loomed for its Chinese owners ByteDance to sell its US subsidiary to non-Chinese buyers. Earlier Sunday, as millions of dismayed users found themselves barred from the app, Trump promised to issue an executive order delaying the ban to allow time to "make a deal". - AFPBitcoin hits record high Bitcoin hit a record high above $109 000 (R2 million) on Monday as Donald Trump, who has signalled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president. Bitcoin surged to an all-time peak of $109 241 ahead of Trump's inauguration ceremony, before falling back to around $107 500. The world's biggest cryptocurrency has soared since Trump won the presidential election in November, with bitcoin surpassing $100 000 for the first time in early December. - AFP

Company News in Brief

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Namibian Sun 2025-03-12

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Company News in Brief

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Namibian Sun 2025-03-12

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