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Gold has resumed its rally above $1 400 an ounce on a cocktail of positive drivers, with weak data feeding expectations for fresh easing from central banks, Treasury yields hitting a two-year low, and new picks for the Fed.
AngloGold Ashanti say it’s reviewing options to sell its South African business, including Mponeng - its last underground mine in the country.
Production of gold by South African mines retreated the most in six years in December as a strike at the nation’s top producer of the metal continued.
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.
Gold producers have tabled a new set of three-year wage offers for unions to "carefully consider" saying the sector is facing a difficult business climate.
AngloGold Ashanti says it has made "the difficult decision" to restructure the company to support a smaller footprint in South Africa, reducing production by about 50%.
It did not name the potential buyer, not give any indication of what price it would ask for the mine.
The information provided by AngloGold Ashanti for contemplating retrenchments of over 8 000 workers must be verified, says Mineral Resources Minister Mosebenzi Zwane.
De Beers, the world’s biggest diamond producer by value, has said it could operate a carbon-neutral mine within half a decade.
The gold market is seeing the biggest price swings since late 2016 as traders and investors struggled to read when the US Federal Reserve may cut interest rates.
Gold production shrank for an 18th straight month in March, extending the longest run of contractions since the financial crisis.
AngloGold Ashanti is complying with an order from the Department of Mineral Resources to amend its mining rights to reflect black economic empowerment.
Zimbabwe's listed gold miner, RioZim, has suspended operations for the second time in four months, amid failure by the country's central bank to pay for a delivery to its gold buying unit.
Shares in the JSE-listed gold producer and recovery specialist rose on upbeat consolidated provisional results for the year ended June 30, 2018.
Moody's said Gold Fields had successfully reduced its reliance on its South Deep reserves west of Johannesburg by upping production in Australia.
AngloGold's Srinivasan Venkatakrishnan, who takes over from interim CEO Kuldip Kaura, will leave the mining group in late August to join Vedanta.
AngloGold Ashanti says it notes that the Tanzanian Parliament has approved legislation that will enable its government to renegotiate contracts with mining and energy companies.
Sibanye Gold estimates that its Cooke Mine situated in Randfontein in Gauteng lost 300kg of gold production, equivalent to R160m during a four-week unprotected strike.
South African producers will need to develop technology to fit its mines rather than using machines developed for elsewhere in the world, an expert explains.
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