For FW de Klerk reconciliation was never about moral intention, but always about political strategy, writes Antjie Krog.
Light showers. Partly cloudy. Cool.
The silvery-white metal primarily found in South Africa and Russia has almost doubled in the past year.
The JSE's all share index gained 8% in 2019 - but this number belies the diverging fortunes of different sectors.
Tharisa, the publicly traded South African platinum and chrome miner run by the Pouroulis family, has the right to take over a platinum mine project in Zimbabwe that could ultimately cost $4.2bn.
In dollar terms, the JSE has been one of the worst performers in the world this year.
Higher metal prices saw Impala Platinum revenue surge 36% to R48.6bn, as the restructuring of its Rustenburg operations gained traction, the company said on Thursday as it delivered in annual financial results.
The first quarter of 2019 was painful for investors in many companies which make their money from SA consumers, but the bourse in general didn't share their pain – in part thanks to mining shares.
Impala Platinum plans to start building a new palladium mine that could begin producing as soon as 2024 as the company’s outlook for metals turns bullish.
Implats has announced a headline profit of R2.23bn for the six months ended December 31 2018, compared to losses of some R150m in the previous comparable period.
Platinum prices are languishing near the lowest in a decade, but the biggest miners are barely cutting production.
Only a fifth of those who could lose their jobs at South Deep mine, western Johannesburg, would be able to find other jobs.
These include Sibanye, Angloplat, Gold Fields, Harmony, African Rainbow Minerals and Implats, which already jumped 290% in 2019.
Sources say the purchase of the claims by the Mimosa mine, which is jointly owned by Impala and Sibanye Gold, could be finalised by the end of the year.
It owns a fully mechanised mine with a "low labour complement".
Implats has been in and out of the Top 40 index over recent years.
When the world’s biggest platinum miners sit down to hammer out a wage deal this week, they’ll hold two potentially winning cards in reserve: the cash and metal stockpiles to endure a strike.
The price of the metal - mainly used in autocatalysts in gasoline vehicles - has almost doubled from a recent low in August.
Impala Platinum has come out with positive earnings and its price continues to move higher, in what is a very solid uptrend. The good news is there are still significantly higher levels to come.
Impala Platinum says its restructuring process - which would see 1 500 job cuts - is going ahead, including the disposal of its loss-making 1 Shaft.
Impala Platinum’s restructuring plan has impacted earnings, with the company reporting a full year loss of R10.8bn.
Mineral Resources Minister Gwede Mantashe has slammed Gold Fields management over its planned retrenchments, saying the job losses reflect "backward" leadership and scapegoating.
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