1) Anglo Platinum Keeps Dividend Despite Virus Disruptions
Anglo American Platinum Ltd. will pay an interim dividend as profit remained little changed from a year earlier despite disruptions from the coronavirus pandemic. While net income fell to 6.7 billion rand ($405 million) in the six months through June, earnings before interest, taxes, depreciation and amortization increased. The miner maintained its dividend payout ratio as its net cash position climbed to 11.3 billion rand.
2) Steinhoff Proposes Cash Settlement Including Pepkor Shares
Settlement will help cover as much as 266 million euros of market-purchase claims, 104 million euros of contractual-party claims and about 9.4 billion rand of claims against Steinhoff International Holdings Pty Ltd. * “A significant majority of claims are within the scope of the settlement, however, certain claims will not be settled and will be subject to ongoing dispute”
3) South Africa Names First Projects in $138 Billion Drive
South Africa’s presidency has designated the country’s priority infrastructure projects, paving the way for the beginning of private investment in a 2.3 trillion rand ($138 billion) program over the next decade. The Presidential Infrastructure Coordinating Commission Council issued a list of projects ranging from key water supply and irrigation developments to energy, roads, housing and fish- farming plans.
4) South Africa Waits on IMF Nod for $4.2 Billion Virus Loan
South Africa’s fight against the coronavirus could get a boost if the International Monetary Fund approves its request for $4.2 billion in assistance. The government is counting on at least $7 billion from multilateral lenders and development-finance institutions to help pay for a 500 billion- rand ($30 billion) support package the president announced in April.
5) Gold Rips Up Record Book as $2,000 Test Looms in Hunt for Haven
Gold’s unrelenting march higher shows no signs of slowing after a plunge in the dollar swept prices past the previous high set in 2011 and put the metal on track for even bigger gains. Bullion’s surge came as a gauge of the U.S. currency sank to the lowest in more than a year, the latest in a long line of bullish factors — including negative real rates in the U.S. and bets the Federal Reserve will keep policy
6) S. Africa’s Ramaphosa Sees Imminent Worsening of Unemployment
South Africa needs well-crafted public employment schemes to recover from the worst effects of the coronavirus pandemic, President Cyril Ramaphosa says in emailed weekly letter. * “It is untenable, and unacceptable, to live with an unemployment rate of 30%, which will soon increase”
7) AngloGold Sees Lower 1H Output as Virus Curbs Operations
AngloGold Ashanti sees gold output at 1.469 million ounces in six months through June, down from 1.554 million ounces a year earlier. * World’s third-largest gold miner says production performance is “solid” given Covid-19 pandemic disruptions to mining activities * Gold output helped by strong performance during second quarter from mines in Tanzania, Guinea, Argentina and Australia
8) Amplats First Half Adjusted EPS 26.27 Rand Vs. 28.15 Rand Y/y
Amplats reported adjusted earnings per share for the first half of 26.27 rand vs. 28.15 rand y/y. * 1H net income 6.69 billion rand, -8.4% y/y * Interim dividend per share 10.23 rand vs. 11 rand y/y * 1H Ebitda 13.1 billion rand, +5.6% y/y * 1H revenue 54.8 billion rand, +28% y/y * Has Not Declared A Special Dividend.
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