World number-four gold miner Gold Fields on Tuesday reported March quarter net earnings per share after exceptional items of 76 cents compared with 56 cents in the December 2005 quarter. March quarter net earnings were R483-million compared with R262-million in the December 2005 quarter.
After starting very close to a record high, the JSE was lower at midday on Friday due to the increase in Chinese interest rates, which has sparked fears about the effect that this could have on demand for commodities, equity traders said. By 12.10pm, the all-share index was 1,34% weaker at 21 068,010.
Mining exploration company Wits Gold, which is planning to list on the JSE at the end of April, will provide investors seeking leverage a long-term option on the gold price through its access to an ore resource of 1420-million troy ounces of gold in the Wits Basin,
The price of platinum on Thursday surged to an all-time high of $1 086 an ounce, eclipsing its previous all- time best of $1 085/oz established on February 3, on the back of gains in gold and silver, analysts said. At about noon on Thursday, gold climbed above $580/oz for the first time since January 1980.
Africa’s largest steel group, Mittal Steel South Africa, on Wednesday expressed disappointment at the decision by Minister of Trade and Industry Mandisi Mpahlwa to scrap the 5% import tariff on steel. Mpahlwa announced the removal of the 5% import tariff on certain primary carbon and stainless steel products with immediate effect.
Junior platinum miner Eland Platinum made its debut on the JSE on Wednesday after raising R525-million via a private placing. The capital is to go towards building the Elandsfontein platinum project at a cost of R1,4-billion, with peak funding of one billion rand.
Gold exploration company Wits Gold was likely to list on the JSE in the middle of April as part of the company’s strategy and to increase the company’s profile, chief executive officer Marc Watchorn said on Wednesday. In 2004, the company acquired gold resources from AngloGold Ashanti, Gold Fields and Harmony Gold.
Nine rescue teams were fighting an underground fire at Simmer and Jack Mines’ (Simmers) Buffelsfontein mine in the North West province on Thursday in a race against time to reach nine missing miners, the company said. Simmers CEO Gordon Miller said the rescue teams were close to where they thought the men might be.
The JSE all-share index on Monday moved within just over 100 points of an all-time high due to stronger world equity markets, firm metals prices and a weaker rand, equity traders said. During the course of Monday morning the JSE all-share index climbed to 20Â 211,631 points, the highest level for the JSE since February 2.
China’s annual gold output is currently increasing at a rate of 5% a year, and by 2009 the country could surpass South Africa or Australia as the world’s number one gold miner, New York-based CPM group managing director Jeffery Christian said on Thursday. South Africa has been the world’s largest gold miner for decades.