COMPANY NEWS IN BRIEF

Jubilee Metals to pay $2 million for copper project



Jubilee Metals, a processing and recovery company with operations in SA and Zambia, announced that it will pay $2 million (R35 million) to increase its stake in copper mining Project G to 65% from 51%. There is also a commitment to invest a further $500 000 into the upgrading of the Project G operations. Project G is the second open-pit mining operation acquired by Jubilee, with the plan to expand the existing open-pit operations to achieve an initial mining rate of 10 000 tonnes per month by February 2025. Project G includes an on-site upgrading facility capable of pre-concentrating the mined ROM (run of mine) material with an immediate capacity to produce 3 000 tonnes of copper concentrate per month, containing 10% to 15% copper.

-FIN24



Sirius Real Estate reports increase in rent roll



Sirius Real Estate, which owns and operates branded business and industrial parks in Germany and the UK, reported that it achieved a 14.9% year-on-year increase in rent roll, partly driven by the ongoing successful asset acquisition programme in its six months to end-September. On a like-for-like basis, rent roll increased by 5.5%, with Germany marginally outperforming the UK. "During the first half of our financial year, we have continued to perform well, with our asset management team once again driving like-for-like rent roll growth well ahead of inflation," CEO Andrew Coombs said in a statement. "This organic growth alongside the rental contribution from the well-timed series of acquisitions we have made in recent months combined to drive an almost 15% increase in overall rent roll, underlining the continued demand for space within our portfolio," he said.

-FIN24



Datatec expects 58.7% to 74.6 rise in headline earnings



ICT group Datatec flagged a between 58.7% to 74.6% rise in headline earnings per share for its six months to end-August, though it didn't go into details in its brief update. Datatec's operations span North America, Latin America, Europe, Africa, Middle East and Asia-Pacific, and its core businesses are Logicalis, which focuses on IT infrastructure and offerings such as cloud and hybrid services; as well as Westcon, a distributor of cybersecurity, network infrastructure and data centre services, among others.

-FIN24



Richemont to sell YOOX Net-A-Porter



Luxury goods group Richemont, the owner of Cartier and Buccellati, announced it had reached a deal to sell online fashion business YOOX Net-A-Porter in exchange for a 33% stake in German luxury e-commerce platform Mytheresa. Richemont will sell YNAP to Mytheresa with a cash position of €555 million (R10.5 billion) and no financial debt, subject to customary closing adjustments. "We are pleased to have found such a good home for YNAP," Richemont chair Johann Rupert said in a statement. "As a trusted partner to many of the world's leading global luxury brands, YNAP is renowned for its pioneering high-end customer services complemented by its distinctive and inspirational editorial voice. Mytheresa is ideally placed to build on YNAP's assets to further delight customers and brand partners alike across the world by harnessing both companies' respective strengths."

-FIN24





Old Mutual launches mobile virtual network operator



Insurance giant Old Mutual on Monday announced the launch of a Mobile Virtual Network Operator (MVNO) service that will offer competitive mobile connectivity services and value in data packages to the lower-income market. Clients will be able to get easy access to SIM cards and data from as little as R5 from any Old Mutual branch. Old Mutual Connect also promises an easy onboarding process, with assistance to register new SIM cards or port existing numbers to the group's network. The group's sign-up bundle will allow clients to activate their SIM cards and get a free 1GB of data, while a two-for-one data bundle will be available for customers who purchase any data product, it said.

-FIN24



SAA ups flights to Mauritius, Perth and Africa



South African Airways (SAA) will soon fly more frequently to some key destinations, including Mauritius and Perth. The frequency of travel to Mauritius kicks off in December with two daily flights to coincide with the peak holiday season in South Africa.

From 7 January 2025, SAA will increase flights to Perth in Australia – a popular destination among South Africans – from three to five times a week. Flights from OR Tambo International Airport to Perth were reinstated at the end of April this year after a three-year hiatus following the onset of the Covid-19 pandemic. Starting in November, the national carrier will also operate 12 weekly flights to Harare in Zimbabwe and Lusaka in Zambia – up from 10 times a week. Flights to Lagos in Nigeria and Accra in Ghana will increase to four times.



In addition, SAA will fly to Kinshasa, Democratic Republic of Congo (DRC), five times a week. Domestically, SAA will increase its flights to Gqeberha to three times daily.

-MONEYWEB



Shares in Arcadium soar 50%



Shares in lithium producer Arcadium Lithium soared almost 50% in Sydney on Monday after mining giant Rio Tinto confirmed a potential acquisition of the US-based firm. Rio said in a statement it had approached the company regarding the potential "non-binding" acquisition. "There is no certainty that any transaction will be agreed to or will proceed," it said. Arcadium shares surged 46% to their highest since June. Rio Tinto and Arcadium Lithium said they would not comment further. If the deal goes ahead, it would transform Rio Tinto into the world's third-largest lithium supplier. But the lithium industry is struggling with an oversupply and falling electric vehicle sales, pushing prices down and leading mines around the world to shut or scale back production. Arcadium Lithium announced earlier this year it was mothballing a mine in Western Australia, citing low prices. Australia is the world's biggest supplier of lithium, which is used in a variety of products including hybrid and electric car batteries, laptops and phones. — AFP.



7-Eleven witnesses jump in share price



Shares in the Japanese owner of 7-Eleven jumped Monday after media reports said it was seeking to strengthen its hand in a takeover battle, including selling a stake in its banking unit. Seven & I – Japan's biggest retailer– last month rejected an initial buyout offer from Canada's Alimentation Couche-Tard (ACT), saying the $40 billion (R697 billion) proposal undervalued its business and could face regulatory hurdles. But ACT, which owns the rival Circle K brand, has vowed to pursue the buyout, which would be the biggest ever foreign takeover of a Japanese firm. The Financial Times said Monday that Seven & I "is hunting for ways to boost its share price and bolster its defences" ahead of an expected second bid from ACT. — AFP