Company news in brief
Thungela profits crash
Coal miner Thungela Resources has announced a 69% slide in interim profits on the back of lower prices and rail constraints.
Profit fell to R3 billion for the six months to end-June, crashing from a record R9.6 billion previously as the group battled a significant decrease in thermal coal prices.
The interim dividend was also cut to R10 per share, or R1.4 billion, down from last year's R60 per share, or R8.2 billion.
Thungela CEO July Ndlovu said in a statement the company had continued to advance its strategic priorities, amid challenging market conditions in the first half of 2023, "by investing through the cycle and focusing on what we can control".
In the face of continued challenges Thungela Resources – which was spun out of Anglo American in mid-2021 – said it had moved to optimise the business for current and future volatility. – Fin24
Sibanye warns profits could halve
Precious metals miner Sibanye-Stillwater said its headline earnings per share could halve in the six months to end-June, amid pressure on its platinum group metal (PGM) operations as a result of production challenges in the US, as well as lower prices.
Headline earnings per share are expected to fall in a range of 48% to 53% to end-June, it said in a trading update, having generated R11.9 billion of this profit measure in the prior comparative period.
Sibanye did get a boost from gold - the price of which rose 22% amid an 18% depreciation of the rand - while production from the SA-managed gold operations surged by 233% to 334 721 ounces.
This was mainly due to a recovery after operations were suspended for about three months in 2022 as a result of the industrial action and consequent lockout.
Along with PGMs and gold, Sibanye also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The group has recently begun to build and diversify its asset portfolio into battery-metals mining and processing - such as copper or lithium. – Fin24
Next CEO of Investec Bank announced
JSE and London-listed Investec has named the head of its private client franchise Cumesh Moodliar as the head of its banking subsidiary with effect from 1 April 2024.
Moodliar will replace Richard Wainright, who will remain an executive until his planned retirement in 2025.
Moodliar joined Investment Private Banking in 2012, was head of Investec Private Bank in the Eastern Cape and then National Head of Banking. He's been the Head of Private Bank SA since 2018 and Head of Private Client since October 2022, the group's website reads.
Dual-listed Investec provides specialist banking as well as wealth, investment and asset management, which is also a subsidiary.
Moodliar holds a BA, LLB, LLM (Tax), and completed a Programme for Leadership Development (PLD) at Harvard Business School in 2015, and the Archbishop Tutu Fellowship in 2016. – Fin24
Coal miner Thungela Resources has announced a 69% slide in interim profits on the back of lower prices and rail constraints.
Profit fell to R3 billion for the six months to end-June, crashing from a record R9.6 billion previously as the group battled a significant decrease in thermal coal prices.
The interim dividend was also cut to R10 per share, or R1.4 billion, down from last year's R60 per share, or R8.2 billion.
Thungela CEO July Ndlovu said in a statement the company had continued to advance its strategic priorities, amid challenging market conditions in the first half of 2023, "by investing through the cycle and focusing on what we can control".
In the face of continued challenges Thungela Resources – which was spun out of Anglo American in mid-2021 – said it had moved to optimise the business for current and future volatility. – Fin24
Sibanye warns profits could halve
Precious metals miner Sibanye-Stillwater said its headline earnings per share could halve in the six months to end-June, amid pressure on its platinum group metal (PGM) operations as a result of production challenges in the US, as well as lower prices.
Headline earnings per share are expected to fall in a range of 48% to 53% to end-June, it said in a trading update, having generated R11.9 billion of this profit measure in the prior comparative period.
Sibanye did get a boost from gold - the price of which rose 22% amid an 18% depreciation of the rand - while production from the SA-managed gold operations surged by 233% to 334 721 ounces.
This was mainly due to a recovery after operations were suspended for about three months in 2022 as a result of the industrial action and consequent lockout.
Along with PGMs and gold, Sibanye also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The group has recently begun to build and diversify its asset portfolio into battery-metals mining and processing - such as copper or lithium. – Fin24
Next CEO of Investec Bank announced
JSE and London-listed Investec has named the head of its private client franchise Cumesh Moodliar as the head of its banking subsidiary with effect from 1 April 2024.
Moodliar will replace Richard Wainright, who will remain an executive until his planned retirement in 2025.
Moodliar joined Investment Private Banking in 2012, was head of Investec Private Bank in the Eastern Cape and then National Head of Banking. He's been the Head of Private Bank SA since 2018 and Head of Private Client since October 2022, the group's website reads.
Dual-listed Investec provides specialist banking as well as wealth, investment and asset management, which is also a subsidiary.
Moodliar holds a BA, LLB, LLM (Tax), and completed a Programme for Leadership Development (PLD) at Harvard Business School in 2015, and the Archbishop Tutu Fellowship in 2016. – Fin24
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