Valterra Platinum's half-year profit plunges 81% on lower sales
Valterra's headline earnings were 1.2 billion rand ($67.62 million) in the six months to June 30, down from 6.5 billion rand in the same period last year.
The miner said its sales of platinum group metals (PGM) sales decreased by 25% to 1.48 million ounces in the first half, mainly owing to the impact of flooding at its Amandelbult operations after heavy rains in February.
Valterra declared an interim dividend of 2 rand per share, down 79% from the payout a year earlier.
The world's biggest PGM producer by value demerged in June and is now listed separately in Johannesburg and London while global mining giant Anglo restructures its business to focus on copper.
($1 = 17.7452 rand)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
29 minutes ago
- Reuters
Wall Street gains, as oil prices reverse course
NEW YORK/LONDON, Aug 6 (Reuters) - Wall Street indexes gained on largely upbeat corporate earnings, and U.S. yields also rose on Wednesday, while European shares closed flat and broke a two-day winning streak. U.S. President Donald Trump issued an executive order imposing an additional 25% tariff on goods from India, saying the country has imported Russian oil. Oil prices reversed earlier gains and touched fresh lows after U.S. Secretary of State Marco Rubio indicated there would be an announcement later on Wednesday regarding potential sanctions against Russia over its war in Ukraine. MSCI's gauge of stocks across the globe (.MIWD00000PUS), opens new tab rose 0.72% to 933.94. On Wall Street, the Dow Jones Industrial Average (.DJI), opens new tab rose 0.32% to 44,254.95, the S&P 500 (.SPX), opens new tab gained 0.76% to 6,347.26 and the Nasdaq Composite (.IXIC), opens new tab added 1.16% to 21,160.02. "Earnings are seeing a mixed reaction. Particularly for a few of the AI names, expectations were just extremely high, but by and large, the earnings in aggregate have been good enough to keep a floor under the market," said Ross Mayfield, investment strategy analyst at Baird. Europe's broad STOXX 600 index (.STOXX), opens new tab closed 0.06% lower, dragged down by healthcare stocks after Trump announced a tariff plan for the pharmaceutical sector. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab closed lower by 0.08% to 654.33, while Japan's Nikkei (.N225), opens new tab rose 0.60% to 40,794.86. The health of the U.S. economy is a major focus for markets, and Wall Street closed lower on Tuesday after data showed services sector activity unexpectedly flatlined in July. That reinforced the message from Friday's soft jobs data, which caused markets to significantly increase bets on the Federal Reserve cutting rates in September. "There's this tug-of-war going on between the more concrete signs that we have seen that the U.S. economy is slowing and the fact that rate cuts are coming, which removes some of the pressure on valuations," said Samy Chaar, chief economist at Lombard Odier. Traders have been focused on tariff impacts. "The market is more focused on the fact that we're not getting maximalist tariffs, but I wonder if it isn't focusing enough on the fact that we are still getting something moderate, and more could be coming, pharmaceuticals for example," Chaar said. Trump on Tuesday said he would announce tariffs on semiconductors and chips in the next week or so, while the U.S. would initially impose a "small tariff" on pharmaceutical imports before increasing it substantially in a year or two. He said the U.S. was close to a trade deal with China, and he would meet his Chinese counterpart Xi Jinping before the end of the year if an agreement was struck. Brazil's government has filed a consultation request at the World Trade Organization over U.S. tariffs. In the government bond market, Treasury yields gained ground. The yield on benchmark U.S. 10-year notes rose 4.2 basis points to 4.238%, from 4.196% late on Tuesday. Fed funds futures imply a 94% chance of a rate cut next month, with at least two cuts priced in for this year, according to the CME's FedWatch. Investors are waiting for Trump's pick to fill a coming vacancy on the Fed board of governors. Trump said the decision will be made soon, while ruling out Treasury Secretary Scott Bessent as a contender to replace current chief Jerome Powell, whose term ends in May 2026. The euro was 0.71% higher at $1.1656. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.53% to 98.20. Brent oil futures lost 0.95% to $67 a barrel and U.S. crude fell 1.14% to $64.43. Spot gold prices fell 0.33% to $3,369.62 an ounce. U.S. gold futures settled flat at $3,433.4.
Times
29 minutes ago
- Times
Bureaucracy is a spoke in wheel of e-bike revolution
Every day, thousands of Londoners choose to travel by e-bike. Whether for commuting, meeting friends or exploring the capital, e-bikes are opening up green, affordable and accessible cycling to a much wider audience. This demand is borne out in the data. Just last month Forest, the e-bike company I co-founded in 2021, reached a record-breaking 1.5 million rides across London, a 60 per cent increase from last year. While the upsides of getting more people cycling are obvious — it promotes healthier lifestyles, eases congestion and is better for the environment — we are acutely aware of the challenges that come with rising demand. No one benefits from e-bikes cluttering pavements or being parked irresponsibly. We know that. E-bikes should complement London's streets, not complicate them. So, what is the issue? Cities like Oxford and Bristol have one coherent operating area, but London has a tangled web of conflicting rules across different boroughs. One council bans parking in certain areas, another permits it freely. Some impose strict fines, others barely enforce regulations at all. This patchwork means riders are often confused about what they can and can't do. And it undermines public confidence in an otherwise transformative mode of transport. • Cut parking for second cars to make room for e-bikes, says rental firm We need consistency across all boroughs. Without it, we're opening the door to operators more focused on market share than street harmony. We're not advocating for fewer rules, in fact we're calling for more of them. London urgently needs a single regulatory framework. One set of parking standards, one enforcement model, and one operational rulebook should apply from Brent to Bromley. A coherent approach would allow riders to enjoy the benefits of cycling without worrying how to end their journey. Part of the challenge lies in Whitehall. The stalled English Devolution Bill has left London, not to mention other major British cities, without the powers to govern its mobility infrastructure effectively. That must change. Transport for London needs the authority to plan and implement a city-wide strategy across borough boundaries. • Chris Hoy joins e-bike revolution . . . but can 'weekend warriors' catch up? Forest is ready to work with regulators, not around them. We want higher standards, better accountability and smarter city planning. But that future cannot be built one borough at a time. Londoners are ready for a change. Let's give them the infrastructure and clarity they need to use e-bikes safely, confidently and responsibly. One city. One set of rules. Agustin Guilisasti is co-founder and CEO of Forest
Times
29 minutes ago
- Times
Bain & Company given £24m of state contracts after UK ban lifted
Bain & Company has been awarded almost £24 million of state contracts since the British government backed down on a ban on the consultancy over alleged state corruption in South Africa. Bain, based in Boston, Massachusetts, and one of the world's biggest management consultancy firms, was given a three-year ban in August 2022 by the Cabinet Office from bidding for government contracts. It was barred over what Sir Jacob Rees-Mogg, the Cabinet Office minister at the time, alleged was 'grave professional misconduct, which renders its integrity questionable'. • Big three consultancies 'rarely worth hiring', say executives The British government's decision followed an inquiry in South Africa into so-called 'state capture' during the presidency of Jacob Zuma, which criticised the role of international firms, including Bain. The company made a legal challenge against the decision of Boris Johnson's government, which it argued was 'based on a flawed process', and pledged to improve its corporate governance. The ban was abruptly lifted in March 2023 after less than eight months; Whitehall sources said a legal challenge could have left the taxpayer with a large bill. An analysis of state contracts by Tussell, the data company, for The Times shows that Bain has since been awarded nine state contracts worth a combined £23.9 million, including with the Ministry of Defence and the Home Office. Lord Hain, a former Labour minister and anti-apartheid campaigner, who lobbied the Johnson administration and current government over Bain, said he was 'very disappointed' it had received any British state contracts. 'I trust that there will be no more. Just because it's apparently legally not possible to ban them is no reason to award them any government work.' Bain was approached for comment on the UK contracts. A government spokesman said: 'Bain colluded with the former government of South Africa to damage state organisations. Whilst decisions on the exclusion of Bain from bidding for UK government contracts were made by the previous government, the government will take strong action against any future supplier misconduct wherever it is found.' Sources said the MoD contracts were awarded through an existing central government management consultancy framework. The government has new powers under the Procurement Act 2023 to take action against suppliers involved in misconduct but they are not retrospective. In October Hain wrote to Pat McFadden, minister for intergovernmental relations, urging a fresh ban on contracts. In his response in January, McFadden said that he had requested legal advice on options to extend a ban but was told 'no legal route existed'. Bain was accused of undermining the South African Revenue Service (Sars) through consultancy work that allegedly benefited Mr Zuma's allies. The management consultancy firm, which was founded in 1973 and operates in 40 countries, has said that it has taken 'significant measures' to strengthen its governance for public sector contracts. 'While there were no findings from two official commissions of inquiry of any illegal actions by Bain, we accepted responsibility for the events at that time and repaid all fees, with interest, to Sars.' Earlier this month, Bain said that it was 'winding down' consulting operations in South Africa and that its Johannesburg office will become a services hub supporting Bain's global operations.
