Eight former South African gold miners and their families on Friday started a legal action in the Johannesburg High Court against the Anglo American Corporation of South Africa, London-based solicitors Leigh, Day and Company said in a statement. The test cases are seeking compensation for gold miners affected by silicosis and phthisis.
South African steel producer Iscor on Thursday once again touched a fresh all-time high, this time R47,80 a share, due to the group’s strong results released on Wednesday and the prospect of a possible special dividend of as much as R13 a share, as well as strong prospects.
South African steel producer Ispat Iscor’s share price on Monday soared to an all-time high ahead of the group’s interim financial results on Wednesday, when it is expected to announce strong results driven by a high global steel price and restocking by local consumers of steel.
World number-one rough diamond miner De Beers, 45% held by Anglo American, on Wednesday announced that its marketing division, the Diamond Trading Company (DTC), will with effect from its August 2004 sight increase rough diamond prices by an average of 5%.
Global resources group Anglo American on Thursday reported record interim headline earnings of $1,304-billion, up 52% from $856-million in the previous comparative period. Five analysts surveyed by I-Net Bridge had expected Anglo’s headline earnings to come in at $1,236-billion. Analysts’ forecasts ranged from $1,186-billion to $1,278-billion.
World number-four gold miner Gold Fields is looking to further restructure its South African operations, following the decline in the rand gold price below R80 000 a kilogram, Gold Fields CEO Ian Cockerill said on Thursday. Earlier, Gold Fields reported a loss after tax of R155,1-million for its June quarter.
South Africa’s minister of agriculture and land affairs on Monday launched the country’s charter for the agricultural sector, which aims to eliminate racial discrimination from the entire agricultural value chain. The charter proposes making available an additional 20% of agricultural land to historically disadvantaged individuals and communities.
London-listed Aquarius Platinum, 8% held by Impala Platinum, on Monday announced that it is on track to complete its transaction with the Savannah empowerment consortium by September. Aquarius also announced that three South African funding institutions have committed a total of R845-million to complete the deal’s funding requirements.
World number-one rough diamond miner De Beers, 45% held by Anglo American, is expected to have had its best first-half sales performance in the six months to June 2004 since its 2000 financial year, a survey of four analysts shows. Sales at De Beers’s marketing arm, the Diamond Trading Company, for the six months to June are expected to be $3,15-billion.
The JSE edged marginally higher on Thursday mainly on the back of global resources group Anglo American and other resources stocks, as well as the weaker tone of the rand. Near-dated futures, meanwhile, closed flat on the back of weaker international markets and a slightly stronger rand.