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/ 29 January 2008

SA mines still halted by power crisis

The world’s third-biggest gold producer said on Tuesday it had restarted production at one of its mines, although a power shortage that has curbed output from South Africa’s mining sector remained largely unresolved. AngloGold Ashanti said it had diverted its power-supply allocation to resume full production at one of its seven South African mines.

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/ 28 January 2008

Mines hope to resume output later this week

South African mining companies hope to resume production later this week after being allowed to carry out underground maintenance work in mines across the country that have been crippled by a power crisis. Analysts estimated that hundreds of millions of rand had already been lost as the halt on mining entered its fourth day on Monday.

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/ 27 January 2008

Power crisis halts SA mines for a second day

A power shortage halted production in South Africa’s lucrative mining sector for a second day on Saturday, and mining company officials said they still did not know when they could resume operations. Power cuts described by President Thabo Mbeki’s government as a national emergency on Friday stopped production in the world’s biggest platinum and number one two gold producer.

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/ 25 January 2008

SA mines shut down as power crisis worsens

South African gold producers and the world’s biggest platinum miner suspended production at all their mines in the country on Friday due to a power crisis, helping send precious metal prices to new highs. Shares in most of the affected firms dived as the government said the power cuts were ”a national emergency”.

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/ 25 January 2008

Power failures a ‘national emergency’

South Africa’s rolling power failures are a ”national emergency” but economic growth can continue at healthy levels if energy is used more efficiently, Public Enterprises Minister Alec Erwin said on Friday. ”It is clear that we are running our power system at utilisation levels that are overstretching maintanance,” Erwin said.

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/ 22 January 2008

Banks help pare JSE losses

The JSE was down only 0,83% at noon on Tuesday, as buying interest among banks helped it recover from sharp losses of over 4% in the morning session. By noon, the platinum mining index fell 2,27%, resources were down 1,72%, and the gold mining index pulled back 1,47%.

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/ 7 January 2008

Positive US futures help JSE recover

An indication from positive United States futures that a battered Wall Street could open firmer on Monday, led to a slight recovery on the JSE by noon. The JSE was down over 1,5% in the morning session on concerns that the US market could go into a recession after job numbers came out worse than expected on Friday.

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/ 4 January 2008

JSE extends gains on miners, world markets

South African stocks extended gains at midday on Friday, bolstered by strong gains among miners amid rampant commodity prices, while a healthy start in European markets added to the upbeat sentiment. But volumes remained thin as some players remained on the sidelines ahead of the United States December non-farms payrolls data due out later in the day.

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/ 3 January 2008

JSE stays weak, but miners rally

South African stocks remained weak at noon on Thursday in line with overseas markets, but a rally among miners helped soften the blows as gold continues to lead the commodities stampede. By noon on the JSE, the all-share index was 0,82%, or 239,2 points, weaker at 29 050,940, after dipping more than 350 points just after the opening.

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/ 7 December 2007

JSE bolstered by platinum stocks

Platinum-mining stocks were propping up the JSE in noon trade on Friday, enhancing gains driven by Wall Street in the morning session. By 11.58am, the JSE all-share index lifted 0,7%, supported by a 3,24% advance in the platinum-mining index. Resources collected 0,94% but the gold-mining index dipped 0,87%.

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/ 4 December 2007

NUM strike takes off, cuts output

The National Union of Mineworkers (NUM) launched a one-day strike on Tuesday to protest against deaths in the country’s mines, disrupting operations across the world’s top producer of platinum and gold. Almost a quarter of a million union members were set to down tools in the first industry-wide strike on safety, as the death toll mounted to about 200.

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/ 4 December 2007

NUM starts national safety strike

The National Union of Mineworkers (NUM) launched a one-day national strike on Tuesday to protest against deaths in the country’s mines, disrupting operations across the world’s top producer of platinum and gold. Almost a quarter of a million NUM members are expected to down tools in the first industry-wide strike on safety.

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/ 29 November 2007

JSE still positive, but lower on PPI

After being sharply firmer earlier in Thursday, weaker local producer price index (PPI) data forced the JSE to pull back at midday, even though world markets were firm. The JSE had been up as much as 533 points during the day, but by midday, it was only 337 points in the black.

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/ 28 November 2007

Miners dampen a weak JSE

The JSE was down sharply by midday on Wednesday, led by an intense pull back by mining stocks on the JSE. Mining stocks retreated, along with resources, as a fall in commodity prices burdened stocks. At noon, the JSE’s all-share index lost 1,48%. The platinum mining index dropped 3,32%, and the gold mining index fell 2,57%.

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/ 27 November 2007

Union gets go-ahead for mine-safety strike

South Africa’s National Union of Mineworkers (NUM) said on Tuesday it had been given the go-ahead by authorities to stage a one-day nationwide strike on December 4 to highlight the issue of safety at mines. ”Yes, we are going on strike on December 4, we have been given the go-ahead,” NUM spokesperson Lesiba Seshoka said.

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/ 23 November 2007

SA mining union plans safety strike

The National Union of Mineworkers plans to ask its members to down tools on December 4 to protest against a spate of deaths in the country’s mines, the president of the union said. Senzeni Zokwana unveiled the date of the planned action in a speech at a congress of global miners’ unions, which started in Thailand on Thursday, a statement said.

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/ 22 November 2007

SA mine-safety audit to start in December

South Africa will launch a nationwide safety audit in December on all mines in the world’s largest producer of precious minerals in a bid to reduce deaths and accidents, a senior official said on Thursday. Stung by the loss of lives that union officials have called a ”genocide,” the government has vowed to temporarily shut mines whenever deaths occur.

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/ 21 November 2007

JSE dragged lower by world markets

Miserable world markets dragged the JSE deeper into the red by noon on Wednesday. At noon, the all-share index dropped 1,23% and banks retreated 1,98%. Financials retreated 1,57% and industrials were off 1,81%. The platinum-mining index was down 1,36% and the gold-mining index pulled back 0,56%, while resources gave up 0,52%.

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/ 19 November 2007

Zim govt seeks 25% stake in mining firms

President Robert Mugabe’s government published a draft Bill on Monday forcing mining firms to transfer majority shareholdings to local owners, including giving the Zimbabwe government a free 25% stake. The Mines and Minerals Amendment Bill is expected to be presented to Parliament and to be approved before the end of the year.

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/ 15 November 2007

JSE remains negative on world markets

The JSE continued to follow the downward trend in international markets at midday on Thursday, remaining firmly in the red. By 11.58am, the JSE’s all-share index lost 0,7%. The gold mining index gave up 0,8% and resources fell 0,7%, but the platinum mining index added 0,57%.

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/ 7 November 2007

JSE slightly higher on miners

The JSE was a touch higher at midday on Wednesday, lifted by miners on soaring metal prices, but weaker overseas markets and the stronger rand dampened the overall mood. At noon, the all-share index was up just 0,12% higher, thanks to a 2,31% and 1,70% gains by the gold and platinum mining indices.

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/ 2 November 2007

AngloGold shuts mine after worker killed

AngloGold Ashanti shut one of its larger mines in South Africa on Friday after a miner was killed in a rockfall as a miners’ strike to protest against the spate of mine deaths in the country loomed. AngloGold, the world’s third-biggest gold producer, shut its TauTona mine after the worker died in the early hours of Friday.

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/ 1 November 2007

JSE turns around on profit-taking

After being up about 280 points from its previous close at one stage, the JSE had turned around by midday on Thursday in what traders described as "solid profit-taking." By noon, the all-share index was off 0,31%, led by a 0,57% fall in resources, a 0,98% decline in the gold-mining index and a 1,58% easing in the platinum-mining index.

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/ 24 October 2007

JSE down, banks dip on CPI data

The JSE remained in negative territory at midday on Wednesday, as banks took a dip on the release of discouraging CPI data and resources were lower on a firmer rand. At 11.59am, the all-share index was 0,25% lower, as resources dipped 0,35%. However, the gold and platinum mining indices advanced 0,28% and 0,35% respectively.

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/ 23 October 2007

JSE stays firm after Wall Street rally

The JSE remained firm at noon on Tuesday, spurred by Wall Street’s overnight rebound and firmer European markets as risk aversion eased. Miners lifted the main index, buoyed by a recovery in commodities prices as metals investors chased after bargains following Monday’s sharp losses, while a slight weakness in the dollar added to the upbeat mood in the metals complex.

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/ 19 October 2007

Canada’s Platinum Group seeks SA assets

Canada’s Platinum Group Metals is scouting for more mining rights in South Africa, the world’s top platinum producer, and is seeking permits to start construction at its existing projects in the country. ”We have been very actively looking in South Africa,” R Michael Jones, president and chief executive of the company, said on Thursday.