COMPANY NEWS IN BRIEF

Sibanye slumps after warning of R7.5bn in US writedownsShares of diversified mining giant Sibanye Stillwater slumped more than 5% on Monday morning after it warned it crashed into a basic loss in its six months to end June, hit by R7.5 billion in write downs to its US platinum group metals (PGM) business.The group expects to report a basic loss of between 277.2c and 250.8c to end June, about a 200% fall from earnings of 262c, or R7.4 billion previously.It recorded an impairment of about R7.5 billion for its US PGM business primarily as a result of lower future price forecasts for palladium, further warning that despite an improved result from the operation, "further actions" are being considered to cut costs.The group, like its industry peers, has been grappling with a decline in commodity prices. Sibanye saw a roughly 28% to 30% fall in prices received for its SA and US PGM operations, though it enjoyed an 18% rise in the average rand gold price. Group headline earnings per share are expected to decline by between 97% and 98% year-on-year and remain positive.Production from the SA-managed gold operations declined by 21% to 265 179 ounces, primarily due to the closure of the Kloof 4 shaft and increased seismic activity, which restricted access to high-grade panels at the Kloof and Driefontein operations.-FIN24- Transnet&#039;s loss worsens to over R7bn after hit from battle with Sasol and TotalEnergiesState rail and ports operator Transnet reported on Monday that its annual loss widened 43% to R7.3 billion in the year to end-March.The company reported a slight improvement across operations as recovery plans have helped volumes to increase, but it has recently been hit by a judgment in which Transnet was ordered to pay over R9 billion to Sasol and TotalEnergies.The order relates to the alleged overcharging of pipeline tariffs by Transnet over several years, forcing it to increase a provision in books by R4.8 billion, though it has decided to appeal the judgment.-FIN24- Spar mulls takeover bid for cash-strapped SA homeware chain, sources saySouth African retailer Spar is considering an offer to acquire cash-strapped West Pack Lifestyle, according to people with knowledge of the matter.The nation’s second-largest grocer by revenue previously said it plans to expand beyond the food segment and win more market share in South Africa. West Pack, which sells homeware, has gone into business rescue — a local form of bankruptcy protection.The group also sits on a large debt pile that a purchaser would have to take on, said the people, asking not to be identified because the information is still private.“While we are always reviewing or exploring ways to increase our offerings and expand our business, discussions such as this would be confidential until finalised, and Spar is not in discussions with West Pack Lifestyle currently,” Spar said in a response to questions.Matuson & Associates, the administrators handling the rescue process, received a number of binding offers for West Pack last week, a spokesperson said. They will now evaluate these, the spokesperson said, declining to provide information on the bidders because of confidentiality agreements.The administrator plans to provide an overview of the competing bids to the creditors’ committee and other stakeholders in the second week of September and will publish the proposed business-rescue plan on September 23. Creditors will need to vote on the plan, the spokesperson said.Other parties who have made the bids include private equity firms, and some rivals to Spar, the people said.-FIN24- Dangote Oil Refinery begins processing gasoline, NNPC to be sole buyerNigeria&#039;s Dangote Oil Refinery has begun processing gasoline after delays caused by recent crude shortages, an executive said on Monday.The $20 billion refinery on the outskirts of Lagos, built by Nigerian billionaire Aliko Dangote, began operations in January with output of products including naphtha and jet fuel.With a capacity of 650 000 barrels per day, Africa&#039;s largest refinery promises to ease oil producer Nigeria&#039;s costly reliance on imported oil products."We are testing the product (gasoline) and subsequently it will start flowing into the product tanks," said Devakumar Edwin, a vice president at Dangote Industries Limited.He did not say exactly when the gasoline would hit the local market.Edwin said state-oil firm NNPC Ltd, Nigeria&#039;s sole importer of gasoline, would buy its gasoline exclusively."If no one is buying it, we will export it as we have been exporting our aviation jet fuel and diesel," Edwin said.The delivery of gasoline into the Nigerian market will ease NNPC&#039;s struggle to supply the local market. The company is reeling with debts of $6 billion to oil traders for supply since January.

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