COMPANY NEWS IN BRIEF

Gemfields reports attack near ruby mine

Precious gem producer Gemfields on Wednesday reported an attack close to its ruby mine in Mozambique's northern Cabo Delgado province, but said operations had not been halted.

An Islamic State-linked insurgency in Cabo Delgado has claimed thousands of lives since it broke out in 2017, disrupting multi-billion-dollar natural gas and mining projects.

JSE-listed Gemfields, whose 75%-owned Montepuez Ruby Mining Limitada (MRM) produced 83 990 carats of premium rubies in 2021 and has generated US$827.1 million in sales since 2014, said the attack took place on July 13.

"The attack reportedly took place in the Muaja village area, which is some 30 kilometres (by road from MRM. A large number of people are reportedly relocating to Nanhupo and Namanhumbir, where the mining operations are located," Gemfields said in a statement.

The attack was closer to the mine than previous incidents, the company said, adding that operations had not been halted, but continued with "increased vigilance".

Attacks have impacted other mining firms in the region recently. In June, Australia-listed Triton Minerals reported an attack on its Ancuabe graphite project site, while Syrah Resources briefly suspended logistics and personnel movement after attacks close to its primary transport route.-Fin24

Sasol to open 'gas bridge' to Mozambique

The announcement, in March this year, that South Africa had secured a gas deal from Mozambique went largely unnoticed.

"The only thing I can confirm is that discussions between our Minister of Mineral Resources and Mozambique are quite advanced," Deputy President David Mabuza told members of Parliament in March. "But I can safely say that we've reached an agreement."

It is no secret that Mineral Resources and Energy Minister Gwede Mantashe had been making regular visits to Mozambique with the hopes of securing a gas deal.

Minister Mantashe's working visit to Mozambique. The Minister's meeting with Mozambique's Minister of Mineral Resources and Energy, H.E Ernesto Max Tonela, to discuss Govt to Govt relations and how the two countries can complement each other on energy related issues

Two years ago, Saliem Fakir, executive director of the African Climate Foundation, warned that Mantashe was quietly building a "gas bridge" to Mozambique, starting with the 2 000MW risk mitigation programme, that looked designed to favour gas.

"The 'invisible hand' of Gwede Mantashe slowly opening the gas tap If you put the pieces together, it is hard not to conclude that a gas strategy is taking shape," he concluded. -Fin24

Netflix soothes Wall Street concerns

Netflix averted its own worst-case scenario of subscriber losses, posting a nearly 1 million drop from April through June, and predicted it would return to customer growth during the third quarter.

Shares, which have fallen roughly 67% this year on concerns about the company's long-term prospects, rose 8% in after-hours trading following the results.

Investors took the forecast as a signal that Netflix could still find new subscribers despite a rocky global economy and signs of saturation in its biggest market, the United States and Canada.

The world's largest streaming service said it plans to launch its ad-supported option next year. It also warned that the strong dollar was hitting revenue booked from subscribers abroad.

The company had said in April it expected to lose 2 million customers in the second quarter, shocking Wall Street and raising concerns that the streaming TV boom had come to an abrupt end.

The losses came in at about half that, at 970 000.

Netflix forecast customer additions for July through September to hit 1 million, while Wall Street analysts on average were expecting a forecast of 1.84 million, according to analysts polled by Refinitiv.

Shares of other streaming companies rose slightly after the Netflix report. Roku stock gained 2.7% while Walt Disney and Paramount Global were each up about 1%.-Fin24