New Era Beckons For South32
-Focus turns to base metals now SAEC has been divested
-South32 now more attractive from an ESG perspective
-Heightened potential in the capital management program
By Eva Brocklehurst
As South32 ((S32)) finally shakes off its coal shackles what lies ahead? The divestment of South Africa Energy Coal (SAEC) is expected to close on June 1 and the company s ESG (environment, social and government) credentials improve markedly as a result.
The final condition for the deal was receipt of approvals from the South African Treasury following recommendation by the electricity company, Eskom. The deal was amended from the original structure in order to ensure sustainable operations under the new owner.
AfricaSouth32 expects loss of up to $175 mln from S.African coal unit sale
Reuters
2 minute read
Australian miner South32 Ltd (S32.AX) said it was expecting to book a loss of up $175 million from the sale of its South African thermal coal assets, which was finalised with mining group Seriti Resources on Monday.
The deal would allow South32 to reorganise its business by exiting energy coal at a time when many banks and insurers are scaling back financing for the sector because of global warming concerns.
South32 had announced the divestiture in November 2019 and terms of a coal supply deal with state-run South African power provider Eskom, while approval from the South African Treasury had delayed its closure.
Charismatic African National Congress (ANC) veteran and businessman Mosima Gabriel “Tokyo” Sexwale was the talk of the nation over the last week after he appeared on television and claimed that he was privy to a Heritage Fund worth billions of rand that was stolen from.
Minister of Finance Tito Mboweni and the South African Reserve Bank (SARB) were aware of the fund, according to Sexwale but the government quickly rubbished the claims, saying that the businessman had fallen victim to a “scam.”
After Mboweni dismissed Sexwale’s claims, the ANC veteran was the butt of many jokes on social media, but he was not to be deterred. Sexwale announced that he would hold a press conference at 14:00 on Thursday, 22 April, after the government told him the onus to prove the existence of the fund.
TOKYO SEXWALE CLAIMS FUND WORTH BILLIONS IS BEING STOLEN FROM
Sexwale dropped the bombshell on the eNCA talk show
Truth to Power, which is hosted by JJ Tabane, on Sunday night, 18 April 2021. Sexwale said he and another unnamed person raised billions of rands that were provided by an extremely powerful family.
“I am part of two people who are in charge of the Heritage Fund that belongs to a very powerful family out there in the world,” said Sexwale.
“This fund is here in South Africa already, it comes through the SA Reserve Bank,” he added. “I’m part of two people who are mandate holders.”
1. Nigeria’s ShortLet adapts AI to improve business model
Nigerian real estate firm, ShortLet, has adapted artificial intelligence technology to enhance its culture and system delivery.
The adaptation comes as more African tech players leverage tech to improve their business model.
The startup, through its CEO, has acknowledged the upward trend observed since the integration.
According to the CEO, the firm has witnessed a great increase in the number of requests since it launched.
Further commenting on the development, the Founder and Chief Executive Officer, Mr. Keji Giwa, disclosed that his firm invested heavily in improving the customer experience on all Shortlethomes digital platforms “taking advantage of AI Chatbots to automate responses, creating a virtual agent to take bookings and deal with customer service issues 24-7.”