Weekend Argus (Sunday Edition)
THE WEEK IN FIVE
MINING giant Anglo
American improves its production on the back of the commodity price rebound and the restructuring of its portfolio. The miner says profits attributable to equity shareholders have doubled to S3.2 billion (R37.41bn) from S1.6bn in 2016. Anglo American says underlying earnings have risen to $3.3bn compared to $2.2bn in 2016, while operating profits are up from $1.7bn to $5.5bn.
THE COMPETITION Commission turns down an application for Airlink to acquire Safair, saying it is likely to result in the removal of an effective competitor to SA Airlink. It says Safair offers competitive prices and has been growing in the market both in terms of its existing routes, as well as recently entering new routes.
AngloGold Ashanti, the world’s third-largest gold mining company by production, says it will spent R5.83bn to reopen its Obuasi mine in Ghana, as retrenchment costs and a provision for the silicosis class action squeezed earnings in the year to December. The decision follows support from the Ghanaian government and is viewed as the latest indication of renewed confidence in Obuasi, Ghana’s oldest gold mine.
LEADING financial services group Discovery plans to splurge a whopping R1.5bn in the build-up to the launch of its bank, expected to start kickstart operations later this year. Discovery has already splurged R1.2bn following the granting of its banking licence by the in October.