Company news in brief

B2Gold says Mali border shutdown to be short-lived

Miner B2Gold Corp expects the shutdown of land and air borders in Mali to last "days or weeks, not months," its chief executive said on Thursday, after Tuesday's overthrow of President Ibrahim Boubacar Keita.

"The intention is to re-open as soon as possible," B2Gold CEO Clive Johnson told Reuters, citing discussions with government officials.

Border closures threaten to limit miners' ability to export gold, which is typically flown out of Mali to be refined.

B2Gold and other miners said on Wednesday they were operating as usual.

B2Gold's flagship Fekola mine produced 147 424 ounces of gold in the second quarter. The company is also the majority shareholders is also the majority shareholder of the Otjikoto gold mine in Namibia. – Nampa/Reuters

Gold Fields profit jumps

South African miner Gold Fields reported a big jump in half-year earnings on Thursday, benefiting from a surge in the price of gold.

Gold's surge to record highs above US$2 000 an ounce and a weaker rand have given the South African gold industry, which has produced a third of the bullion mined in history, a lifeline after the disruption caused by the coronavirus pandemic.

Gold Fields headline earnings per share for the six months ended June 30 rose to US$0.20 from US$0.05 a year earlier, although the company said it remained "reasonably cautious" about the remainder of the year due to the Covid-19 crisis.

Gold Field's production during the half-year edged up to 1.087 million ounces from 1.083 million a year ago.

It declared an interim dividend of R1.60 per ordinary share, equal to the total dividends declared last year and up from the 2019 interim payout of R0.60 per share. – Nampa/Reuters

SA’s Cell C to close 128 stores

South African mobile operator Cell C said on Friday it expects to close around 128 stores across the country, more than half of its retail footprint, with 546 jobs on the line as it seeks to cut costs and restructure its operations.

The job cuts will be in addition to Cell C's plans to lay off 960 workers, announced in June.

"The retail environment has changed and this has been fast-tracked by the impact of Covid-19 and the evolving purchasing habits of consumers," Cell C, which is not listed and is 45% owned by Blue Label Telecoms, said in a statement.

The company has a workforce of 2 500 and 240 stores.

Earlier this month Cell C said it was making good progress with finalising its recapitalisation plan that will improve its liquidity and debt profile. – Nampa/Reuters

Sun International sells Sun Dreams

Chile's Nueva Inversiones Pacifico Sur Limitada has agreed to buy a 64.94% stake in casino operator Sun Dreams for US$160 million from South African partner Sun International to take full ownership of the business and settle a dispute.

The two partners had been locked in a R1.5 billion dispute after Pacifico agreed to buy a 14.94% stake in Sun Dreams but failed to close the deal.

The firms have now reached a settlement that will see Pacifico close that deal and buy the remaining 50% stake in the Latin American casino operator from Sun International's subsidiary, Sun Latam.

Stiff competition, fewer available casino licences and consumers feeling the pinch in South Africa had pushed Sun International to expand abroad.

Proceeds from the deal will be used to settle Sun International's offshore debt in Latin America of US$38.3 million, with the balance repatriated to South Africa, it added. – Nampa/Reuters

TikTok to challenge Trump's executive order

TikTok said on Saturday it plans to file a lawsuit today against president Donald Trump's executive order prohibiting transactions with the popular short video app and its Chinese parent ByteDance.

TikTok said it had tried to engage with the USadministration for nearly a year, but faced "a lack of due process" and that the government paid no attention to the facts.

"To ensure that the rule of law is not discarded and that our company and users are treated fairly, we have no choice but to challenge the executive order through the judicial system," the company said in a statement .

Trump issued an executive order on Aug. 14 that gave ByteDance 90 days to divest the US operations of TikTok. ByteDance has been making progress in talks with potential acquirers, including Microsoft Corp and Oracle. Some of ByteDance's US investors could also join the winning bid.

While TikTok is best known for its anodyne videos of people dancing and going viral among teenagers, US officials have expressed concerns that information on users could be passed on to China's government. – Nampa/Reuters