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IOL News
12-06-2025
- Business
- IOL News
Southern Palladium secures A$8m to fast-track Bengwenyama mine development
Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa. Image: AFP Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa. The company issued 16 million new shares at A$0.50 apiece, matching its last closing price on June 6 and representing a 10.5% premium to its 10-day volume-weighted average price (VWAP). No options were attached to the placement. One of the company's largest shareholders provided A$4.6m as a cornerstone investment, with the remainder backed by new and existing institutional investors. Southern Palladium said the funds would support the next phase of its Definitive Feasibility Study (DFS) and staged mine development at Bengwenyama, following recent environmental approval for a Mining Right. "This strategic placement provides the group with targeted funding support at an important juncture as we execute on the transition of Bengwenyama, a tier-one PGM project globally, towards staged mine development,' executive chairman Roger Baxter said in a statement. "In particular, we are pleased to have attracted such strong support from our existing institutional investors, led by a cornerstone investment from one of our largest shareholders, while also attracting new institutional investment - marking a vote of confidence for both the quality of the resource and our stated development strategy for the Bengwenyama PGM project" The company plans to publish an optimised Pre-Feasibility Study (PFS) shortly, incorporating a two-stage development strategy aimed at reducing initial capital costs. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Baxter said the placement would give the company a strong cash runway as it progresses towards early-stage mine development at what he described as 'one of the last premier greenfield PGM opportunities in the Bushveld Complex.' Shares issued under the placement will rank equally with existing shares and be listed on the Australian Securities Exchange. The placement was conducted within the company's existing issuance capacity under ASX Listing Rules 7.1 and 7.1A. BUSINESS REPORT Visit:
The Citizen
05-06-2025
- Business
- The Citizen
SA Rugby's financial future looking rosy
The South African Rugby Union (Saru) is set to buck the global trend and report a profit of more than R100m for 2025. South African rugby's continued investment in membership of northern hemisphere rugby competitions led to a R93m group loss in 2024, but the organisation had already wiped out that deficit with a strong start to 2025, the annual meeting of Saru was told in Cape Town today. Saru's reported profit in 2025 would ensure the 15 member unions receive their full funding, while support of the Springboks and all national teams would continue unchecked. In the last reporting cycle, other international federations had lost as much as R913m, with five other tier-one nations reporting losses of between R588m and R181m. The next 'best' performance after South Africa's was a loss of R126m, members were told. SA Rugby CEO Rian Oberholzer said that the investment in participation in the Vodacom URC and European Professional Club Rugby (EPCR) had come at a net cost of R124m in 2024. 'We have been investing in the long-term future of South African rugby to become full members of the URC for the best part of eight years,' said Oberholzer. 'It has come at a significant cost to the sport but there is no doubt that it has been the right thing to do. 'Once we fulfill certain membership obligations this year, we will begin to reap the on and off field rewards of such investment. 'If we had not undertaken this journey, we would have been reduced to playing only domestic competitions, which would have had catastrophic high performance as well as financial ramifications for rugby in South Africa. 'It has been a tough financial road, but we have annually outperformed our global peers since the pandemic, while taking on the unusual cost of our investment into URC and EPCR.' Oberholzer said the turnaround in 2025 was being achieved by a reformatting of SA Rugby's offering to partners, featuring enhanced rights at enhanced values, as well as the creation of a new commercial delivery model. Overall, in 2024, group commercial revenues exceeded R1.5b for the first time (R1.552b), up from R1.440b in 2023. Total income with the addition of grants (principally from World Rugby of R186m) took total income to R1.76b. Revenues for 2025 are forecast to exceed R2b. The 7.8% increase in revenues was attributable to increased broadcast revenues in a non-world cup year, competition sponsorships and a strong performance in merchandising receipts which more than doubled from R30m to R62m. Expenses increased from R1.816b to R1.871b. The 2.9% increase was put down to investment in hosting three World Rugby tournaments (R133m), a R24m increase in player image rights (to R148m) and the costs associated with the mooted private equity transaction (R13m). Total expenditure attributable to the northern hemisphere international franchise competition was R446m while SA Rugby was still able to make a full distribution to member unions. Spending on the No 1-ranked Springboks, and other national teams, was R433m, a reduction of R27m on the world cup winning year of 2023 (R460m). 'Reporting a loss can never be desirable but the irony is that we are more than satisfied with our position,' said Oberholzer. 'We had budgeted for a loss in 2024 in the expectation that the members would approve the private equity transaction that they had sought, releasing funds to cover the deficit. 'When that did not happen, we continued with our planned commercial reset, and other revenue generation plans, which have borne fruit. We are in the very rare position among our international peers of continuing to be debt-free and confident of posting a surplus in 2025.' ALSO: SA Rugby defends Bok ticket prices Oberholzer said the financial outlook beyond next year was equally healthy with strong revenues forecast for 2026 with new competition formats in the pipeline. 'The income that SA Rugby generates all goes back into supporting the growth and promotion of rugby in the country,' he said. 'It allows us to fund Springbok campaigns, expand women's rugby programmes and fuel our other national teams. It pays for our members' activities in their communities, as well as their professional teams. It underwrites our rugby safety programme BokSmart; supports referee and coaching development and our age group competitions, as well as development programmes and allows us turn on sell-out Test match entertainment and our domestic competitions. 'Ultimately, every rand that we earn goes into powering the game in some shape or form and after a challenging 2024 we have a good news story to tell our South African rugby community as we look ahead.' The post SA Rugby's financial future looking rosy appeared first on SA Rugby magazine. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal.
