Only 3 months after it was announced that DEBSWANA was going to proceed with the construction of a $55m modular tailings treatment project at its Jwaneng mine, the project has now been delayed. FIRESTONE DIAMONDS yesterday informed shareholders that DEBSWANA had decided to delay the implementation of the MTTP to focus its resources on existing projects at the Orapa and Jwaneng diamond fields. FIRESTONE in June announced it had been chosen by DEBSWANA to finance, build and operate the MTTP. FIRESTONE said DEBSWANA had assured it that the MTTP remained a strategically important project, which would be pursued when its other higher-priority projects were more advanced. The MTTP was key to FIRESTONE's strategy of developing toll treatment opportunities to supplement its own mining operations, including its BK11 mine. The MTTP would have contributed up to R150m in toll treatment revenues for FIRESTONE. CEO PHILIP KENNY said the delay in the MTTP was disappointing, but the comapny would focus its efforts on the Liqhobong kimberlite project in Lesotho, which FIRESTONE would acquire if its proposed acquisition of KOPANE DIAMOND DEVELOPMENTS goes ahead - shareholders of both companies would today vote on the proposed takeover, with the deal to be finalised by the end of Sep.

DISCOVERY would consider expansion opportunities in India, but has no plans at the moment, CE ADRIAN GORE said yesterday. GORE also said the company would like to lift its stake in its JV with PING AN INSURANCE to nearly 25% from 20% now, if China's regulator would allow it. GORE said DISCOVERY kept its mind open to opportunities in Asia in general, and said the company would consider Indian expansion "in time".

BRAIT's BEE shareholder was planning to sell its 7.1% stake in the company, financial director SAM SITHOLE said yesterday. SITOGO HOLDINGS would be selling its 8.5m shares in BRAIT, SITHOLE confirmed. He added that BRAIT would need to find another group of black investors within the next two years. BRAIT shares were down 6% yesterday to close at R20.22, compared with a 0.5% drop in the all-share index.

MEDI-CLINIC chairman EDWIN HERTZOG yesterday said the group was seeking to negotiate more opportunities offshore to build on the success of its existing investments abroad. These opportunities would extend the group's international base beyond Switzerland and the Middle East, but HERTZOG said the opportunities were not going to be major acquisitions or greenfield projects because the company could not afford to accumulate more debt. He said MEDI-CLINIC was on the lookout for management and operating contracts. By Mar., interest-bearing borrowings at MEDI-CLINIC were R21bn. Countries that were being considered were India and Portugal, which HERTZOG described as "fairly sophisticated countries", and other parts of the Middle East. Analysts agreed that seeking management contracts was not a bad move and a potentially viable way of growing the business.

VUNANI expected an improvement in its loss a share of up to 45% for the half year to June, the company said yesterday. It expected results to reflect an improvement of the interim headline loss a share of between 17% and 27% compared with 2009. For the six months to end-Jun. 2009 VUNANI reported a R3.18 headline loss a share. Its share price remained unchanged at 7cps yesterday.

Headline earnings slumped 54% to R1.49bn in the year to June, ASSORE announced yesterday. The group attributed the weaker performance to the declining earnings of ASSMANG, in which it holds a 50% interest, and reduced commission earned on the lower sales of group products, compared with the previous financial year. Earnings for H2 were significantly higher than those in the first half due to increased sales prices of the group's products. The stock fell 2.1% to R710 yesterday.

China is stepping up attempts to hamper BHP BILLITON's $39bn hostile offer for POTASH CORP. China's state-run SINOCHEM had hired HSBC to advise it on its options regarding POTASH, the world's largest fertiliser maker, according to sources. Both SINOCHEM and HSBC declined to comment on the reports. SINOCHEM's options may be limited due to Canadian government worries. The energy minister of Saskatchewan said the province would have "lots of concerns" about a Chinese sovereign fund or state-owned company buying part or all of the company. BHP shareholders on average see $155/share, or $46bn, as the maximum the company should pay for POTASH, while POTASH shareholders see $162/share clinching the deal.

BUILDWORKS GROUP planned to migrate its listing to the main board of the JSE in a bid to gain more investor protection, CE RAOUL GAMSU said yesterday. GAMSU asid one of its key shareholders, KINGDOM ZEPHYR, proposed last year that investor protection on the main board was more robust than AltX and the decision made sense to BUILDWORKS. BUILDWORKS will trade under its new name - CONSOLIDATED INFRASTRUCTURE GROUP, from Monday, while the migration to the main board will take place on Sep. 20. BUILDWORKS estimated its interim revenue for the six months to Feb. at R629m. The name change reflected its move to focus on its core business of high voltage systems. It would move to the main board's electrical components and equipment sector. BUILDWORKS is the largest turnkey developer of high voltage electrical substations in sub-Saharan Africa.

Headline earnings at DISCOVERY HOLDINGS rose by 36% to R2.5bn for the year to end-Jun. as the company made inroads into key growth markets. Net inflows for the group were up 23% to over R41bn. CEO ADRIAN GORE said the market remained tough, with instability in global financial markets. A key aspect of the result was the strong inflows into DISCOVERY INVEST (up 109% to R6bn) and DISCOVERY HEALTH (18% to R28bn). GORE also pointed to its recent partnership in China following the acquisition of 20% of PING AN HEALTH and DISCOVERY's low-key presence in the US as potential opportunities. GORE said DISCOVERY's ability to tap into PING AN's brand credibility and distribution footprint made the opportunity in the country compelling.

A RIO TINTO/BHP BILLITON JV, Richards Bay Minerals, has agreed a final wage deal with workers to end a strike and will resume full output today. RBM said it had agreed an 8% pay rise with the NUM for 2010 and a 7% increase each for 2011 and 2012. RBM said it had not lost any production during the strike as it had put in place some contingency plans to mitigate the effects of the industrial action. The company also agreed a 5% rise in housing allowance with the union for this year, but housing allowance increases for 2011 and 2012 would be linked to the rate of inflation in SA.