Company news in brief
Jubilee lauds 'game-changing' methods in ZambiaJubilee Metals, a metals-processing company, said it has made significant progress in the development and ramp-up to commercial level of "new extractive methods" for the recovery of copper and cobalt from historical waste at its Sable refinery in Zambia.
The company has been focused on a direct leaching approach which bypasses the need for traditional power intensive smelting of copper sulphide concentrates.
"These trials have been extremely effective and not only allow for significantly lower operating costs, but also for Sable to produce copper from mixed materials such as copper sulphide and copper oxide ores Jubilee believes that this new approach to extraction offers significant growth opportunities in the country," the group said in a statement.
Jubilee – which processes chrome and Platinum Group Metals from mining waste in South Africa – is rapidly evolving and expanding its operational footprint and project portfolio.
In bypassing the need to smelt the material, the new way of producing copper in Zambia is less costly and energy intensive.
"This new extraction approach allows for multiple ores to be produced at once, similar to what we have achieved at our Inyoni PGM plant in South Africa," said Jubilee CEO Leon Coetzer. "This is a game-changer for Jubilee and opens new opportunities beyond our existing operations in Zambia." – Fin24
Woolworths inks David Jones deal
Retailer Woolworths has inked a deal to sell its entire stake in David Jones, Australia's oldest continuously operating department store chain, a move it says will improve its returns profile and remove R17 billion in related liabilities.
The sale to Australian private equity fund Anchorage Capital Partners is expected to be complete by the end of March 2023, Woolworths said in a statement, with the final proceeds yet to be determined.
During a conference call on Monday, CEO Roy Bagattini said the firm would realise value from the sale of the business, but declined to go into details, saying it was a complex transaction with a number of moving parts, but "absolutely positive for us".
While David Jones was now was cash-generative and profitable after extensive restructuring, it still wasn't a fit for Woolworths, said Bagatinni.
In 2014, Woolworths paid about R21.4 billion to buy David Jones, which is more than 180 years old, but had struggled with debt and its performance. It has recently been moving to cut its store space in order to improve cost controls and trading densities, as well as renegotiate leases. – Fin24