Company News in Brief

G20 foreign ministers gather amid tensions over trade, UkraineForeign ministers from the G20 top economies were to meet in South Africa on Thursday and Friday, amid tensions between members over the Ukraine war, trade disputes and with the top U.S. diplomat staying away owing to a feud with the hosts.The G20 countries, which represent some 85% of global GDP and three quarters of trade, often struggle to see eye to eye, but geopolitical rifts since Russia's 2022 Ukraine invasion have rendered it more fractious than ever.The discord has increased since President Donald Trump took office a month ago and implemented rapid changes in Washington's trade and foreign policies.South Africa holds the rotating presidency of the group and for President Cyril Ramaphosa the first G20 meeting in Africa was an opportunity to get rich nations to heed poorer countries' concerns - worsening inequality, inadequate action on climate change, and a financial system that favours investment banks over poor sovereign debtors.But the United States won't be attending: Secretary of State Marco Rubio earlier this month rejected as "very bad" the previously agreed agenda of "diversity, equity and inclusion"Then Trump cut U.S. aid to South Africa in an ideological dispute with the latter's efforts to redress historic racial injustices in land ownership - and over its genocide case against U.S. ally Israel at the International Court of Justice.The gathering takes place as Trump has upended the U.S. policy of solidarity with Ukraine as he seeks to broker peace in its war with Russia. He has blamed President Volodymyr Zelenskiy for the conflict, and sidelined NATO allies in ending a campaign to isolate Russia.The U.S. absence is an opportunity for China, which has the world's second biggest economy, to expand its influence. Such efforts by Beijing are normally focused on the Global South but China has quickly sought to capitalise on the cracks in the transatlantic alliance.-REUTERS Barrick Gold signs agreement with Mali to end mining disputeCanadian miner Barrick Gold has signed a new agreement with the Malian government to end an almost two-year-old dispute over its mining assets in the West African country, four people familiar with the developments told Reuters on Wednesday.Barrick has signed the agreement and it is now up to Mali's government to formally approve the deal, the sources told Reuters. An official announcement could come as early as Thursday. Another source said that though a deal was close, last minute hurdles could still derail it.The Toronto-based miner and Mali have been locked in a dispute since 2023 over the implementation of the West African country's new mining code that gives Mali's government a greater share in the gold mine.As part of the new agreement, Barrick will pay a total of 275 billion CFA or $438 million to the Mali government, in return for the release of detained employees, seized gold, and restarting the operations at the Loulo-Gounkoto mine.Barrick did not immediately respond to an email query by Reuters. A spokesperson for Mali's mines ministry declined to comment.The company's shares were up 3.37% on the Toronto Stock Exchange at 2:38 p.m.A delegation of more than 15 representatives of Malian ministries as well as the private consulting firm Iventus Mining completed a three-day inspection of Barrick's mining complex on Wednesday, according to five sources.Mali late last week gave Barrick a one-week deadline to restart operations, four of the sources said.A new agreement with Mali would give a bump to Barrick's operations at a time when the gold prices have been hitting an all-time high but investors have not seen a similar return reflected on the company's share performance.-REUTERSGold Fields may consider share buyback as price rally boosts profitGold Fields raised its dividend by 34% to 10 rand ($0.54) per share - a company record - after its profit rose to about $1.2 billion last year from $837 million the previous year."With that strong cash generation, there would be opportunities for further returns and we’re considering what is the best way to do that," Fraser told Reuters in an interview."Buybacks certainly would be part of the consideration," he added.Larger producers, companies with high quality portfolios and miners not pursuing significant development programmes will have more room to deliver high returns to shareholders, Fraser said.Gold prices rose by more than 27% in 2024, their biggest yearly jump since 2010, driven by safe-haven demand, interest rate cuts and buying from central banks. The rally has continued into 2025 and some analysts see the gold price breaching the $3,000 per ounce, opens new tab mark this year.Gold Fields joins peers including AngloGold and Barrick in boosting returns to investors as bullion prices hit record highs.The company said its output dropped 10% to about 2 million ounces last year but expects output to rise to between 2.25 million ounces to 2.45 million ounces this year, as it ramps up production at a new Salares Norte mine in Chile.-REUTERSSouth Africa's white farmers would be among victims if Trump ends growth billDonald Trump's axing of aid to South Africa, in response to land reform policies he says will harm its white minority, has raised fears a trade deal may be next, though any such move would hurt the same farmers the U.S. president says he wants to help.Under the Africa Growth and Opportunities Act, South Africa gets tariff-free quotas on agricultural exports including wine, citrus, soybeans, sugar cane and beef. The Act makes up about a quarter of its $15 billion annual trade with the United States. That compares with under $440 million in U.S. aid, in 2023."It is not clear whether the exporters are Black or white; we don't record such data," said Wandile Sihlobo, chief economist of the Agricultural Business Chamber of South Africa, but only a tenth of farm output is from Black farmers."The majority of white farmers (are) likely have a significant exposure into the U.S. market," he said.Sihlobo said produce shipped to the United States makes up 4% of agricultural exports, equal to about $450 million a year, compared with 19% for the European Union and 38% to the rest of Africa.Trump singled out a law that President Cyril Ramaphosa signed last month enabling land expropriation - in rare cases without compensation - after decades of voluntary purchases barely dented inequalities between a white minority who own 75% of freehold land and majority Blacks with 4%.-REUTERS

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Namibian Sun 2025-04-03

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Company News in Brief

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Namibian Sun 2025-04-03

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