The JSE edged down on Wednesday due to the rand firming against the United States dollar in quiet trade. The all share index closed 0,73% down, resources fell 1,36% and the gold mining index inched down 0,49%. The stronger rand also pushed near-dated futures to close in negative territory.
South African oil and chemicals group Sasol recently opened its 100th service station and is on course to achieve its target of opening 150 service stations by the end of the year. The roll-out of Sasol’s service stations follows the merger between Sasol Oil and Exel Petroleum.
The weaker dollar has pushed spot gold to a three-month high on Monday. The metal was quoted at $408,50/oz up from Friday’s close of $407,58/oz. Platinum also touched a month-high of $828,50/oz earlier on Monday as the yen continued to assert itself over the American currency.
South African mining production for the three months to the end of May 2004 soared by 8,1% year-on-year (y/y) and was up by 2,6%, after seasonal adjustment, compared with the previous three months, Statistics South Africa (Stats SA) said on Tuesday.
South Africa’s Competition Tribunal on Tuesday released the reasons for its decision to approve the merger of LNM Holdings NV — the world’s second-largest steel marker — and South African steel producer Iscor to create Ispat Iscor. On June 8, the Competition Tribunal unconditionally approved the merger.
The debate about the South African government’s empowerment equity requirement in greenfields mining projects remains "fluid" and up for debate, Department of Minerals and Energy Deputy Director General Joacinta Rocha said on Thursday. The mining empowerment charter only covers existing mining operations, Rocha said.
The case between mining magnate Roger Kebble, his company Skilled Labour Brokers (SLB) and the government of South Africa has been further delayed, Kebble said in a statement on Wednesday. The charges against Kebble relate to SLB’s dealings with mining company Durban Roodepoort Deep.
South African food and industrial group AVI has reached an agreement to acquire Denny Mushrooms for R197,5-million rand, less all interest-bearing debt as at the effective date. Denny is a producer of fresh, canned and value-added mushroom products in South Africa, with a market share exceeding 50%.
Canadian aluminium group Alcan is set to make a decision soon about its involvement in South Africa’s proposed R14-billion Coega smelter, Alcan spokesperson Joseph Singerman said. In February, Alcan completed its $4,8-billion acquisition of French group Pechiney, which had planned to take a 49% stake in the Coega project.
Global gold miner AngloGold Ashanti is looking to become an African world leader and the global gold equity of choice, company president Dr Sam Jonah said at the weekend during an event to launch the new group. In late April, the merger of South Africa’s AngloGold and Ghana’s Ashanti Goldfields was officially concluded.