Company News in Brief

Anglo American sells stake in Jellinbah GroupMining group Anglo American announced that it had completed the A$1.6 billion (R18.7 billion) sale of its minority interest in Jellinbah Group, which has steelmaking coal interests in Australia, early. When the deal was first announced in November, the group had had targeted a completion date of the second quarter of 2025, with the move coming as it shifts its focus to creating a world-class copper, premium iron ore and crop nutrients business. "This more cash generative and higher margin portfolio will offer greater through-the-cycle resilience, with the benefit of significant high quality and well-sequenced growth options across each product vertical, including a clear path to increase annual copper production to more than one million tonnes over the next decade," CEO Ducan Wanblad said in the announcement on Wednesday.-FIN24 Barloworld in talks with shareholders of Saudi deal Industrial and consumer giant Barloworld on Wednesday announced it has set a date of 26 February for shareholder meeting on a R23-billion buyout offer from its management and Saudi Arabian group Zahid. The R120 per share offer has also gotten a fair and reasonable nod from its independent expert, Rothschild & Co, which determined a likely value of R112.48, which excludes a R3.10 dividend declared in November. SA's exclusive supplier of Caterpillar equipment had first issued a cautionary in April, when its shares had traded at about R60, with the offer representing a more than 80% premium to its share price when considered on a 30-day basis.-FIN24 EU proposes Russian aluminium import ban The European Commission proposed banning imports of Russian primary aluminium imports and restricting sales of video game consoles to Russia in a 16th package of sanctions over its invasion of Ukraine, a document seen by Reuters showed. The proposal was circulated to member states on Tuesday with discussions due to start on Wednesday afternoon. The restrictions also include measures to crack down on circumvention of the Group of Seven nations' price cap on Russian oil. Imports of primary aluminium generate significant revenues for Russia, thereby enabling the continuation of its war, the document said. -ReutersNestle to invest $1 billion in Mexico Swiss food giant Nestle will invest $1 billion (R18.7 billion) in Mexico over the next three years to ramp up its operations in the country, Mexican President Claudia Sheinbaum and company executives announced on Tuesday. "They are going to make a billion-dollar investment over the next three years to increase the production of various products in our country," Sheinbaum said in a video posted to social media, where she appeared alongside Nestle representatives. Sheinbaum said the investment is part of the "Plan Mexico" government program, which aims to supplant Chinese imports in the country with domestic production to strengthen the Mexican and North American markets. -AFPBotswana secures new diamond deal with De Beers Botswana's president Duma Boko, who swept to power in October elections, said his government has reached a diamond extraction and sales agreement with De Beers that will bring certainty to the gem-dependent economy. Terms were finalised by midnight on 24 January and will be announced soon, Boko said in an interview on Tuesday. The southern African nation is the world's biggest producer of rough diamonds by value and the industry generates the bulk of its income. Most of Botswana's gems are mined by Debswana, a venture between Anglo American's De Beers unit and the government. -Bloomberg

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