COMPANY NEWS IN BRIEF

Harmony Gold ups annual dividendHarmony Gold has declared an annual dividend of 75 cents per share as profits rose on the back of higher grades from the group's Mponeng mine.Harmony, which is South Africa's largest gold mining company by volume and is the largest producer of gold from the retreatment of old tailings dams globally, reported a 16% increase in revenue to R49.2 billion, from R42.6 billion previously.Production profit of R13.9 billion, increased 46% from R9.5 billion. Operating free cash flow of R6 billion more than doubled from R2.9 billion as underground grades improved by 8%, even as gold production softened by 1%.The group said its annual performance was underpinned by an exceptional performance from its South African underground mines, with Mponeng being a "stand-out performer".Harmony acquired Mponeng – the world's deepest gold mine – from AngloGold Ashanti in 2020.At Mponeng, underground recovered grades increased by 16%, which contributed to a 22% increase in gold production at Mponeng for the full year. Higher grades from the Moab Khotsong mine were also a major contributor to a strong full-year performance.-Fin24Master Drilling revenue doublesSpecialised drilling services group Master Drilling Group said on Tuesday its years of capital investment have helped it once again book record revenue in its half-year to end-June, with revenue in dollar terms climbing by double digits.Revenue rose 12.1% to about US$108 million (about R2 billion) and profit 8% to US$14.6 million, with the group saying it benefitted from a "more stable fixed-cost component" after significant capital investments over the past decade. In rand terms, headline earnings per share climbed by a quarter.Valued at about R1.9 billion on the JSE, Master Drilling was established in 1986 and listed in 2012. It provides drilling technologies and mining solutions globally, having built relationships with blue-chip and mid-tier clients in the mining, hydroelectric energy, civil, engineering, as well as construction sectors worldwide. It generates about 46% of its revenue in Africa and 29% in South America, and more than 90% is mining-related.The group said on Tuesday its committed order book had climbed to US$276.3 million at the end of from US$265.4 million at the end of December."Master Drilling is grateful to announce that we had an excellent start to the year for 2023 on the back of a solid 2022," CEO Danie Pretorius said in the results.-Fin24Sibanye Stillwater now has net debtMining group Sibanye Stillwater said on Tuesday it swung into a small net debt position in its half-year to end-June - also more than halving its interim dividend - after it was hit by production issues in the US, social unrest in France, and a downturn in certain metal prices.Profit fell 37% to R7.8 billion to end-June, the group said, with slowing global growth prompting a significant decline in commodity prices other than gold, while it also faced a slump in underground US PGM production after a shaft incident at its Stillwater West mine.This shaft has since been repaired, it said, improving its second half outlook, but in late afternoon trade the group's shares had crashed 11%, bringing its year-to-date losses to 39%.The group, now valued at about R81 billion on the JSE, cut its interim dividend almost 62% to 53c per share, while it also reported a net debt of R262 million, from net cash of R5.85 billion previously. Adjusted core profit, a measure of underlying profitability, also fell about 37% to R14.1 billion.A weaker rand pushed up its dollar-denominated debt, with the company's capital expenditure also picking up almost a quarter to R3.2 billion. US underground PGM production fell about a tenth to 205 513 ounces, with core profit in this part of the business slumping by just over three quarters to R976 million.-Fin24

COMPANY NEWS IN BRIEF

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Namibian Sun 2025-06-18

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COMPANY NEWS IN BRIEF

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Namibian Sun 2025-06-18

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