COMPANY NEWS IN BRIEF

Glencore to restart operations at Mutanda Commodity trader and miner Glencore plans to restart operations at Mutanda the world's biggest cobalt mine that also produces large amounts of copper in the Democratic Republic of Congo next year, a source with direct knowledge of the matter told Reuters.Glencore, one of the world's largest copper producers and leading cobalt producer, said in February that the process to resume production at Mutanda was underway, but did not give a specific date.Copper is a vital material for the power and construction industries and it also features heavily in the raw materials mix for energy transition. Cobalt hydroxide is a key material for the fast-growing electric vehicle sector.With copper at record highs above US$10 000 a tonne and cobalt metal up almost 40% to around US$45 000 a tonne since the start of 2021, market focus has turned to Mutanda a facility that has been on care and maintenance since November 2019.Restarted output from Mutanda could help ease shortages in the copper and cobalt markets that analysts are expecting for next year, potentially capping further price gains. - Nampa/ReutersSA Vodacom raises operating growth target Vodacom Group Ltd, South Africa's second biggest telecoms operator, upgraded its medium-term operating growth target to mid-to-high-single digit on Tuesday, after reporting a 3.7% jump in full-year earnings.The operator said it upgraded its medium-term operating profit growth target from mid-single digit on improved growth prospects for its international business and Kenya's Safaricom, which is part owned by Vodacom and Britain's Vodafone Group Plc.Headline earnings per share (HEPS), the main profit measure in the country, rose to 980 cents in the 12 months ended March 31 from 945 cents a year earlier.Vodacom, which is majority owned by Vodafone, declared a final dividend of 410 cents per share, up 1.2%. Group revenue rose by 8.3% to R98.3 billion, supported by service revenue growth of 5.8%.Service revenue growth was "underpinned by the recovery in our international portfolio in the second half of the year and strong growth from our prepaid and enterprise segments, financial services and other new services in South Africa", Vodacom said. - Nampa/ReutersVodafone misses market expectations Mobile operator Vodafone reported a 1.2% drop in full-year adjusted earnings, coming in at the bottom of its guidance and missing market expectations, but forecast growth this year.The company posted adjusted EBITDA (earnings before tax, interest, depreciation and amortization) of 14.4 billion euros on revenue of 43.8 billion euros, down 2.6%, for the year.Chief Executive Nick Read said Vodafone exited the year with accelerating service revenue growth across its business, with a particularly good performance in its largest market, Germany."The increased demand for our services supports our ambition to grow revenues and cash flow over the medium-term," he said.Read has focused Vodafone on markets in Europe and Africa and has spun off its mobile tower’s infrastructure into a separate business that it listed in Frankfurt in March. -Nampa/ReutersShell shareholders increase pressure Royal Dutch Shell shareholders overwhelmingly backed the company's energy transition strategy on Tuesday, but increased support for a second climate resolution filed by an activist group pointed to growing pressure to tackle climate change.A non-binding resolution submitted by Shell with the support of a large group of investors to vote on its recently unveiled climate strategy won 88.74% shareholder support at its annual general meeting (AGM) which was held online.The plan, announced in February, aims to reduce planet-warming carbon emissions to net zero by 2050 by slowly reducing oil and gas output, growing its renewables and low-carbon business and offsetting emissions through carbon capturing technologies and measures such as forestation.The vote comes on the same day the International Energy Agency (IEA) said investors should halt funding for new oil, gas and coal supply projects if the world wants to reach net zero emissions by 2050.Shell plans to grow its investment in low-carbon in the coming years, but at least 75% of its spending will continue to go towards oil and gas. - Nampa/ReutersImperial Brands revenue misses estimates Imperial Brands fell short of estimates for first-half profit and sales on Tuesday, hurt by lower retailer demand for cigarettes in the United States, though the tobacco company reiterated its full-year outlook.The maker of Gauloises Blondes and Winston cigarettes reported first-half organic adjusted revenue of 3.57 billion pounds (US$5.06 billion), while analysts had forecasted 4.02 billion pounds, according to Refinitiv data.The company attributed the weak performance to "lower U.S. trade inventories" coupled with a drop in travel retail sales due to the pandemic.Adjusted earnings per share came in at 107 pence for the reported period, missing analysts' forecast of 107.7 pence.Imperial, however, kept its full-year forecast intact, which calls for low- to mid-single digit organic adjusted operating profit growth at constant currency. - Nampa/Reuters

COMPANY NEWS IN BRIEF

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Namibian Sun 2025-01-10

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COMPANY NEWS IN BRIEF

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Namibian Sun 2025-01-10

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