COMPANY NEWS IN BREIF

Froneman interested in Mopani Copper MinesSibanye Stillwater boss Neal Froneman is interested in acquiring Mopani Copper Mines in Zambia as he pushes to secure metals key to the green-energy transition.The asset would give Johannesburg-based Sibanye a springboard into Africa’s second-largest copper producer, after the company pulled out of a Brazilian deal a year ago. Sibanye is among the investors involved in a sales process organized by Rothschild & Co. South Africa on behalf of state-owned ZCCM Investments Holdings. "We like copper. Mopani is obviously of interest to us and Zambia is in our backyard so we like what we see," Sibanye Chief Executive Officer Froneman said in an interview. "We have got a number of entry points into Zambia. Mopani is just one of the entry points we are looking at."Commodities giant Glencore sold Mopani two years ago to ZCCM for US$1.5 billion, after clashing with the previous Zambian government over the future of the long unprofitable operation. As part of the deal, some of the cash generated by Mopani goes toward settling the UA$1.5 billion debt owed to Glencore, which also retains offtake rights to copper output until the full amount is settled. While the money owed to Glencore makes the potential transaction "a complex issue," a deal could be finalized by the middle of this year, the CEO said. The company has signed a non-disclosure agreement as part of the sales process."We have a good relationship with Glencore, we work together in the chrome here in South Africa, so I think we are very well positioned, but we have to compete with other companies," Froneman said.A spokesman for Glencore declined to comment. Rothschild didn’t immediately respond to emailed questions.Mopani, which struggled to pay its bills last year even as copper prices remained elevated, needs about US$300 million of investment to complete expansion projects started by Glencore.Froneman said he’s encouraged by Zambian President Hakainde Hichilema’s efforts to attract investors and hopes the government plays a "constructive" role in the potential acquisition.-Fin24Musk not liable for misleading investorsA US jury on Friday found Tesla Inc CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had "funding secured" to take the electric car company private.Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who often takes to Twitter to air his views.The jury came back with a unanimous verdict roughly two hours after beginning deliberations.Musk was not present in court when the verdict was read but soon tweeted that he was "deeply appreciative" of the jury's decision."Thank goodness, the wisdom of the people has prevailed," he said.Nicholas Porritt, a lawyer for the investors, said in a statement, "We are disappointed with the verdict and are considering next steps."Shares of Tesla rose 1.6% in after-hours trading following the verdict. "A dark chapter is now closed for Musk and Tesla," Wedbush analyst Dan Ives said. Ives added that some Tesla investors feared Musk might have to sell more Tesla stock if he lost.The world's second-richest person has previously created legal and regulatory headaches through his sometimes impulsive use of Twitter, the social media company he bought for $44 billion in October.Minor Myers, who teaches corporate law at the University of Connecticut and who had previously called the investors' case strong, called the outcome "astounding."-Fin24Eskom runs job ad for new CEO"A leader with unquestionable integrity and ethics" with a track record of "turning around commercially and operationally challenged organisations" is needed to take the helm at SA's embattled power utility Eskom. Eskom on Sunday published a quarter-page advertisement for a new group chief executive following the resignation of current boss André de Ruyter in mid-December last year. De Ruyter, 52, had assumed his position on Christmas Day in 2019 and is the utility's 11th CEO since 2007, when load shedding was first implemented. "The job of Eskom group chief executive in its current configuration is impossible. There is a lack of support and when this became clear to me, it became fundamentally untenable (to continue) given the repeated attacks on me and Eskom’s strategy by senior members of government," De Ruyter told News24 after he resigned.This followed a barrage of public attacks on him led by Mineral Resources and Energy Minister Gwede Mantashe, and Public Enterprises Minister Pravin Gordhan's and President Cyril Ramaphosa's subsequent failure to publicly support him and his management.The incumbent will be responsible for "building an ethos of excellence" and to ensure "efficient and sustainable delivery of electricity supply". He or she should also possess a track record of working in a "complex environment" and "leading a business turnaround". The deadline for applications is 27 February.The power utility has been struggling to keep the lights on and load shedding has been implemented every day of 2023. South Africa's governing party, the ANC, has said it wants to end load shedding by the end of the year by reprioritising the national budget and declaring a national state of disaster. De Ruyter's three years with some change at Eskom have been marked by death threats, sabotage, relentless accusations and investigations, the Covid-19 pandemic, and a major lack of urgency from government to heed calls for additional capacity.-Fin24Wierzycka to return as Sygnia CEOSygnia co-founder Magda Wierzycka is set to return as its CEO in May, with the index-tracking asset manager announcing on Friday that David Hufton will resign in pursuit of a career break after three decades in the industry.Wierzycka, who helped found the Sygnia in 2006, stepped down as co-CEO in May 2021, and as a proponent of passive investing, helped build a financial service firm that now oversees assets of more than R285 billion.Wierzycka had stepped down in part to focus on her investment vehicles overseas, telling Business Insider at the time that stepping down as CEO freed her from day-to-day operations and gave her the flexibility to look for opportunities for the company. Just a week after Hufton took over as sole CEO in June 2021, Wierzycka had taken a position as executive chair.Wierzycka told News24 on Friday that Hufton, with whom she'd worked for seven years, needed time off."He has lived through a pandemic, load shedding, bad economy," she said. "He really needs a break." Wiercyzkya added that Hufton was still with the firm as CEO for three months, and fully available thereafter."Sygnia is my baby. And I love SA and I want to contribute. So, I felt it is the right decision at this time."UCT professor and economist Haroon Bhorat will now resume his position in an independent non-executive capacity. Bhorat, currently a non-executive director, previously held the position of chair from June 2015 to June 2021. Wierzycka remains Sygnia's biggest shareholder, with 60% of the group at the end of September 2022.-Fin24

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