Company News in Brief

Anglo rail subsidiary performance deterioratesAnglo American subsidiary Kumba Iron Ore reported that rail performance deteriorated by 2% in its 2024 year, and consequently, sales decreased by 2% to 36.3 million tonnes, though this was within guidance. The group also felt pressure on prices, and headline earnings for the period are expected to be decline to between R11.7 billion and just under R13 billion from R22.7 billion previously. The outlook for Kumba's production for the period 2025 to 2027 has been updated, subject to Transnet's logistics performance. "We remain committed to the process of working in partnership with government and Transnet to restore the (ore export channel) and while there are signs of progress, the logistics issues will take some time to resolve," the group said. As a result, in 2025 production is expected to be between 35 million and 37 million tonnes. In 2026, due to the main shutdown of the dense media separation plant and tie-in of its new ultra-high-dense-media-separation (UHDMS), production has been revised to 31 million to 33 million tonnes, with the balance of the saleable product expected to be supplemented by finished stock at Sishen. Thereafter, in 2027, production is expected to increase to between 35 million and 37 million tonnes. Kumba is making a substantial investment in the UHDMS technology Sishen, something which is set to boost both its production of premium iron ore as well as its margins.-FIN24Anglo Platinum produces 2.2 million ounces Anglo American Platinum reported that full-year platinum group metal (PGM) production was about 2.2 million ounces for own-managed mines, which is at the midpoint of its 2024 guidance. Headline earnings are likely to slump to between R7.6 billion and R9 billion from R14 billion in 2023, primarily due to a 13% decline in realised rand PGM prices. Most notably, palladium and rhodium realised US dollar prices decreased 24% and 30% respectively. Headline earnings were impacted by R3.5 billion in non-recurring costs associated with recent operational and corporate restructurings, the demerger and losses from associates, the group said.-FIN24Lesaka reports rise in profit Nasdaq- and JSE-listed Lesaka Technologies reported its preferred profit measure rose over a quarter and beat its expectations in its second quarter to end December, helped by improved performances for both its merchant and consumer divisions. The group reported on Thursday that its revenue slipped 2.4% in rand terms to R2.6 billion, while its net loss ballooned to about R584 million, from R51 million, as the group hit by a non-operating, non-cash, change in fair value of mobile payments firm Mobikwik, which listed on the National Stock Exchange of India late last year. Adjusted core profit, the group's preferred measure that excludes non-recurring items like acquisitions and disposals, rose 26% to R212 million. The group is guiding between R900 million and R1 billion of this profit measure for 2025, having booked about R690 million in 2024.-FIN24Nissan abandons Honda merger Nissan's board is in the process of abandoning merger talks with Honda and could be open to other partners, a source close to the matter told AFP on Thursday and local media reported. The discussions unravelled after Honda proposed to make its struggling rival a subsidiary instead of the plan announced in December to integrate under a new holding company. "The latest conditions put on the table by Honda are unacceptable for Nissan... It was almost an affront," the source said, confirming information reported in Japanese media. "It needs to be formalised, but basically, it's over." The source said Nissan was "open" to forming other strategic partnerships within the automobile or technology sectors. - AFP

Company News in Brief

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Namibian Sun 2025-04-28

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Company News in Brief

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Namibian Sun 2025-04-28

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