When herd behaviour is used for selfishness, all you’re left with is a smug sense of entitlement, writes Charlene Naidoo.
High level clouds. Cool.
Gold Fields won’t be rushing to join AngloGold Ashanti in exiting the country after its last mine in SA returned to profit last year.
The producer is focussing on more profitable mines in Ghana, Australia and the Americas.
Leading gold producer AngloGold is pausing in the short-term before potentially renewing its uptrend. Its share price still has large upside potential.
Sibanye Gold faces competition from two rivals if it wants to buy South African gold mining assets that AngloGold Ashanti plans to sell.
AngloGold Ashanti is complying with an order from the Department of Mineral Resources to amend its mining rights to reflect black economic empowerment.
AngloGold Ashanti has lost its CEO to the Indian mining company Vedanta.
For the remainder of the year, AngloGold Ashanti will be focusing on its restructuring strategy, which will cost 8 500 miners their jobs.
It is unclear how exactly multinational mining giant Anglo American came to the $101m “best estimate” it announced this week for settling its liability in the now 13-year-old legal battle to compensate mine workers suffering from lung diseases.
AngloGold’s move to cut thousands of jobs could be part of the next wave of job losses in the mining sector. Since 2012, the local mining sector has shed more than 70 000 workers.
The Department of Mineral Resources has accused Sibanye Gold and AngloGold Ashanti of putting workers’ lives at risk in an ongoing dispute over safety stoppages.
Other large multinational companies are exiting the country due to load shedding and regulatory uncertainty.
AngloGold Ashanti picked Harmony Gold Mining as the buyer for its last remaining South African operations, according to people familiar with the matter.
South Africa, which led global gold production for a century and extracted about half the bullion ever mined, is now Africa’s second-largest gold producer.
AngloGold Ashanti say it’s reviewing options to sell its South African business, including Mponeng - its last underground mine in the country.
Two decades ago, Anglo American created the world’s No. 1 gold miner by merging its South African assets. Having long since been eclipsed by its rivals, AngloGold Ashanti may need to leave home to keep up.
With two of the three initial bidders for AngloGold Ashanti’s Kopanang mine having received letters of rejection, the door seems wide open for deep-pocketed Harmony Gold to win.
AngloGold Ashanti expects to make a half-year loss of up to R1.3bn, partly as a result of the R625m once-off non-cash provisions it has set aside for the retrenchment of about 8 500 workers.
When AngloGold announced that it would be shutting down its 4 000-worker-strong Kopanang mine in the Matlosana municipality, fear swept through the surrounding communities.
Sibanye Resources’ decision to sue government officials for an allegedly unwarranted safety shutdown is sparking a new feud in a sector infamous for straining business-government relations.
Zuma’s people seem to think people swallow slogans if they're repeated often enough - but given Joburg’s reaction to Pityana, it seems obvious who New Yorkers will believe.
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