As the alleged wrongdoing at Bishops Diocesan College shows, equating wealth with virtue is a bad idea, writes Helena Wasserman.
High level clouds. Mild.
Tharisa, the publicly traded South African platinum and chrome miner run by the Pouroulis family, has the right to take over a platinum mine project in Zimbabwe that could ultimately cost $4.2bn.
In dollar terms, the JSE has been one of the worst performers in the world this year.
Higher metal prices saw Impala Platinum revenue surge 36% to R48.6bn, as the restructuring of its Rustenburg operations gained traction, the company said on Thursday as it delivered in annual financial results.
The first quarter of 2019 was painful for investors in many companies which make their money from SA consumers, but the bourse in general didn't share their pain – in part thanks to mining shares.
Impala Platinum plans to start building a new palladium mine that could begin producing as soon as 2024 as the company’s outlook for metals turns bullish.
Implats has announced a headline profit of R2.23bn for the six months ended December 31 2018, compared to losses of some R150m in the previous comparable period.
Platinum prices are languishing near the lowest in a decade, but the biggest miners are barely cutting production.
Only a fifth of those who could lose their jobs at South Deep mine, western Johannesburg, would be able to find other jobs.
Mineral Resources Minister Gwede Mantashe last week expressed surprise and shock that Impala Platinum, which plans to lay off 13 000 mine workers, cares more about profit than it does about its people.
"We will hit where it matters most... [the] gloves will be off,” Joseph Mathunjwa, president of the Association of Mineworkers and Construction Union has warned Impala Platinum over looming job losses.
It owns a fully mechanised mine with a "low labour complement".
Implats has been in and out of the Top 40 index over recent years.
When the world’s biggest platinum miners sit down to hammer out a wage deal this week, they’ll hold two potentially winning cards in reserve: the cash and metal stockpiles to endure a strike.
The price of the metal - mainly used in autocatalysts in gasoline vehicles - has almost doubled from a recent low in August.
Impala Platinum has come out with positive earnings and its price continues to move higher, in what is a very solid uptrend. The good news is there are still significantly higher levels to come.
Impala Platinum says its restructuring process - which would see 1 500 job cuts - is going ahead, including the disposal of its loss-making 1 Shaft.
Impala Platinum’s restructuring plan has impacted earnings, with the company reporting a full year loss of R10.8bn.
Mineral Resources Minister Gwede Mantashe has slammed Gold Fields management over its planned retrenchments, saying the job losses reflect "backward" leadership and scapegoating.
As SA faces job losses in the mining, poultry and sugar sectors, Terry Bell writes that with increased economic hardship comes the crippling reality of malnutrition.
Minerals Resources Minister Gwede Mantashe has labelled as 'unethical and reckless' a decision by platinum miner Implats to slash 13 000 jobs in a restructuring process aimed at boosting income.
Cape Town Southern SuburbsNDC Personnel & Contractors CC
Cape TownTSU Protection Services (Pty) LtdR1 000.00 - R40 000.00 Per Month
R 2 350 000
R 2 750 000
Apartments / Flats
R 6 250 000
We subscribe to the Press Code.
You choose what you want
News24 on Android
Get the latest from News24 on your Android device.
Terms and Conditions
24.com Terms and Conditions - Updated April 2012
Creating your profile will enable you to submit photos and stories to get published on News24.
This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.