Anglo American Platinum, the world’s leading platinum producer, has announced plans to rebrand as Valterra Platinum as part of its separation from the Anglo American group. The proposed name change, which requires shareholder approval, will be decided at the upcoming annual general meeting (AGM) scheduled for 8 May. If approved, the company will begin trading under its new identity, Valterra Platinum Limited, on the Johannesburg Stock Exchange from 28 May. The rebranding comes as Anglo American undergoes a strategic shift, restructuring to focus primarily on copper, iron ore, and fertilizer. As part of this transition, Anglo American will reduce its…
Author: Staff Writer
Southern Sun experienced improved trading volumes in its latest financial period, thanks to strong performances in the Western Cape and Gauteng. The group reported an occupancy rate of 60.7% for the 11 months ending February, up from 58.3% in the previous period. Refurbishments at key properties, including Southern Sun The Cullinan and Sandton Towers, helped boost demand in these regions. Enhancements at Southern Sun Rosebank and Southern Sun Sandton also contributed to improved occupancy rates and a 5.1% increase in average room rates. While these improvements lifted overall performance, the group faced challenges in KwaZulu-Natal and Mozambique. In KZN, domestic…
Australian mining company Gold Road has declined a R37.8 billion takeover offer from Gold Fields, which had proposed to buy the company in a deal valued at A$3.3 billion. The centrepiece of this bid was the Gruyere gold mine in Western Australia, jointly operated by the two groups with each holding a 50% stake. Gold Road responded with a counteroffer to purchase Gold Fields’ operating interest in the asset instead. However, Gold Fields rejected this alternative, insisting on its original takeover proposal. The offer valued Gold Road at A$2.4 billion, or A$2.27 per share, plus a variable amount linked to…
A recent research report by Experian, a leader in data and technology, has revealed interesting insights from senior fraud leaders on how Generative AI (GenAI) is transforming the fraud landscape. Conducted by Forrester Consulting, the report reveals an increase in fraud losses, driven by identity theft, and highlights the importance of robust Machine Learning (ML)-based security measures in the fight against fraud. The research surveyed 449 senior fraud leaders and decision makers across eight countries, including South Africa, India, Norway, Denmark, Spain, Italy, the Netherlands and Germany. The Impact of GenAI on Fraud The report identifies a significant shift from…
Modwal Trading, a full-service mining, construction, transportation and logistics company based in the Northwest, has been selected for funding from small business development specialist Edge Growth. This interest-bearing loan amounting to R 1 500 000 will now help the business maintain a stable work environment as they continue to provide professional services to Impala Rustenburg. Cash liquidity is crucial for small businesses to navigate the inevitable ups and downs of operations. Modwal Trading’s cash reserves had been impacted by working reduced hours in December 2024 and January 2025, making it more challenging to manage expenses and maintain financial stability during…
A new IT services company, Smart Hands Africa, has been launched to meet rising demand for skilled IT professionals across the African continent. As part of its establishment, Smart Hands Africa has also announced a strategic joint venture with ITArmi, a global provider of on-demand IT expertise operating in 167 countries. This partnership will see Smart Hands Africa – spearheaded by seasoned local IT professional Anton Jacobsz – become ITArmi’s official presence in Africa, facilitating seamless technology deployment and support for OEMs, distributors and resellers across the continent. According to Jacobsz, CEO at Smart Hands Africa and ITArmi Africa, local organisations are…
Logistics and mobility firm Super Group reported a 7.6% drop in revenue to R23.67 billion and a 13% decline in operating profit to R959.8 million for the six months ending December 2024. Despite these setbacks, profit after tax rose 6.7% to R1 billion, aided by halting depreciation charges for two businesses held for sale — SG Fleet in Australia and inTime, a German parts distributor. CEO Peter Mountford expressed optimism, citing improving copper exports from Zambia and the DRC, as well as an anticipated recovery in Mozambique following unrest. Despite a 3.7% decline in South African vehicle sales, Super Group’s…
Food producer RFG Holdings has reported a 2.1% increase in total revenue for the five months ending February 2025, reaching R3.1 billion. This growth was driven by a strong 5.6% rise in regional sales, which helped offset a sharp 19% decline in its international segment. The regional boost was supported by increased demand for fresh and longlife foods, despite ongoing pressure on consumer spending in South Africa. Ready meals and pies performed particularly well, while longlife products like fruit juice, dry foods, and pulps also showed strong double-digit growth. The company credited new product launches, including its fruit nectar juice…
Old Mutual has reported a strong financial performance for the year ending December 2024, alongside the announcement of its newly approved banking licence. The company’s headline earnings grew by 20% to R8.83 billion, while adjusted headline earnings, excluding its Zimbabwe operations, rose by 14% to R6.7 billion. This growth allowed Old Mutual to increase its final dividend by 6% to 52 cents per share, bringing total shareholder payouts for the year to 86 cents per share. The strong financial results were mainly driven by impressive contributions from its short-term insurance, wealth management, and investment businesses. However, its personal finance division…
The South African government is searching for a new leader to head its Independent Power Producers Office (IPPO), a vital body that manages the country’s independent power procurement efforts. The role, previously held by Tshifhiwa Bernard Magoro since April 2020, is a five-year fixed-term contract based in Centurion, Tshwane. The IPPO plays a critical role in securing energy stability and driving renewable energy growth in South Africa. Candidates interested in the position are required to submit a detailed CV and a motivational letter through the Development Bank of Southern Africa’s (DBSA) recruitment website by midday on 30 March. The IPPO…