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/ 23 September 2008
Top gold and precious-metals producer South Africa is wrestling with mounting mine deaths, putting the heat on mining firms to end the carnage.
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/ 19 September 2008
The National Union of Mineworkers (NUM) said it was saddened by Friday’s news of the deaths of another three mineworkers.
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/ 19 September 2008
AngloGold Ashanti said on Friday it had closed part of its Savuka operation after a worker was killed in an accident.
Bobby Godsell wants to focus on South Africa’s energy future, without blaming anyone for its past, writes Lynley Donnelly.
The spike in primary energy costs, mainly coal and diesel, has put a massive dent in Eskom’s bottom line, the utility revealed in its annual results.
R5-billion-worth of investment has been poured into the regeneration of Johannesburg’s inner city over the past four years.
The illegal miners had left their mark. Tools, explosives, and sacks lay beside chopped power cables about 700m below ground in Ghana’s Obuasi mine.
Stocks were slightly lower at noon on Tuesday with banks dominating the loser board on inflation worries, but miners capped losses on a weaker rand and firm metal prices, traders said. At 11.56am, the all-share index was down 0,23%, weighed by a 1,70% drop in banks.
South Africa’s AngloGold Ashanti, the world’s third biggest gold producer, said on Friday it planned to raise R13,48-billion through a rights offer of new stock. The mining group said it had finalised terms of the offer and shareholders had approved the issue of up to 71-million shares.
South African stocks remained weak at midday on Tuesday with miners the worst causalities on easing metal prices, while falling overseas markets added to selling pressures. At 12.09pm, the JSE’s broader all-share index was down 0,86%, weighed by a 2,88% drop in platinum miners.
Gold miner AngloGold Ashanti is to proceed with an approximate one-for-four renounceable rights offer, which would result in it issuing approximately 69,4-million ordinary shares at a minimum share price of R172, it said on Tuesday. This would raise gross proceeds of approximately R11,9-billion — or about $1,6-billion.
South African stocks were sharply higher at noon on Monday, led by miners on stronger metal prices, while easing United States economic concerns added to the upbeat mood. Local cellphone firm MTN Group was in focus again on ongoing speculation that an Indian firm might launch a takeover bid for the company, traders said.
The JSE was weaker in quiet trade at midday, weighed down by a firmer rand, lower metal prices and what was described as a disappointing production report from Anglo American. South African markets were closed on Monday for a holiday and are also closed on Thursday and Friday this week, with many players away for the two days in between.
South African stocks were mixed in a thin-volume session by noon on Friday, with MTN in focus on vague newspaper reports that an Indian firm might launch a takeover bid for the local mobile telecoms firm, traders said. By midday the JSE’s broader all-share index was down 0,14%. Resources fell 1,27%.
Harmony Gold Mining will receive a foreign-capital injection equivalent to R1,9-billion once all the conditions precedent in the $420-million transaction with the Pamodzi Resources Fund have been fulfilled, Harmony CEO Graham Briggs said on Thursday. A new uranium player, Rand Uranium, will be established.
Resources continued to gain momentum from the morning trade session, driving the JSE further into positive territory by midday on Monday. By noon the JSE’s broader all-share index had advanced 1,72% as resources were up 2,92%. The platinum-mining index climbed 0,94% while the gold-mining index edged up 0,04%.
Heavyweight counters on the JSE’s resource and mining indices pulled back sharply on Thursday morning, as commodity prices started to lose ground, traders said. The slump in commodity prices forced the JSE’s broader all-share index to pull back 3,23% by noon.
The JSE was little changed at its softer levels by midday on Tuesday as investors took to the sidelines ahead of the United States Federal Open Market Committee’s rates decision later in the day. By noon, the JSE’s broader all-share index was down 0,86%. Resources fell 2,26%, the gold mining index dropped 1,76% and the platinum mining index shed 0,76%.
An emergency move by the United States Federal Reserve to cut its discount rate has continued to weigh on markets, sending the JSE below the 30 000-level by midday on Monday. The Fed’s move to cut its discount rate, its lending rate to financial institutions, to 3,25% from 3,5%,
The resources index kept the JSE in firmer territory by midday on Friday, enhancing the morning session’s gains. At noon, the JSE’s broader all-share index was up 1%, driven by the 1,75% advance in the resources index. The gold mining index recovered 0,06% but the platinum mining index gave up 0,23%.
World markets continued to weigh on the JSE on Thursday — pushing the bourse down 0,93% by midday. At noon, the JSE’s bank index fell 1,87%, financials gave up 1,61% and industrials were 1,4% lower. The platinum mining index declined 1,41%, resources shed 0,38% but the gold mining index advanced 1,69%.
Banks and financials helped the JSE advance further by midday on Wednesday as they cheered the move by the United States Federal Reserve to raise liquidity in financial markets. At noon, the JSE’s broader all-share index had gained 1,35%. Financials collected 1,94%, while banks were up 1,67%.
South African stocks were slightly lower at noon on Tuesday, pressured by miners on faltering metal prices, but improved sentiment in overseas markets restricted losses, traders said. At noon, the JSE’s broader all-share index had given up 0,19% at 30 056,80.
The JSE continued to be haunted by fears of a United States recession, which sent most heavyweight stocks on a selling spree by midday on Monday. Adding to the negative sentiment was a pull back among local resource heavyweight counters, traders said. By noon, the JSE’s broader all-share index had fallen 1,75%.
The South African government will on Friday announce whether power supply can be increased to mines while maintaining the stability of the system. The review of consumption comes in the wake of last week’s surprise announcement that the sector would lose thousands of jobs due to the power crisis.
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/ 29 February 2008
South African Minister of Minerals and Energy Buyelwa Sonjica has confirmed that job losses at mines are unavoidable, the South African Broadcasting Corporation reported on Friday. Sonjica said this became apparent at Thursday’s meeting with labour unions and the Chamber of Mines, but she would not disclose the number of job losses that will take place.
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/ 28 February 2008
The gold mining index and industrials helped perk up the JSE by noon on Thursday, helping it to reverse its losses from the morning session. By noon, the JSE’s broader all share index added 0,62%. The gold mining index collected 1,86%, resources gained 0,35% but the platinum mining index pulled 0,96%.
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/ 26 February 2008
South African stocks were sharply higher at midday on Tuesday following in the footsteps of European markets, but a stronger rand restricted gains. Above-forecast economic growth data added to the positive sentiment. At 11.59am, the all-share index was up 1,22% at 30 176,680, thanks to a 3,08% gain in banks.
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/ 25 February 2008
Firmer world markets helped keep the JSE in the black by midday on Monday, offsetting losses in the gold-mining index that were sparked by negative news from Gold Fields. Gold Fields’s share price weakened R2,81, or 2,43%, to R112,75 after it earlier reported that the current electricity crisis puts 6 900 Gold Fields jobs at risk.
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/ 20 February 2008
The JSE recovered some of its earlier losses by midday on Wednesday, as gold and resource stocks started to lift the market despite the negative global sentiment. Higher oil prices overnight spurred inflation worries among world markets, after oil closed above $100, prompting a global sell off in equities.
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/ 19 February 2008
The bank and resources indices kept the JSE in positive territory on Tuesday, lifting the bourse 0,7% higher by midday. Banks advanced 2,14% and financials collected 1,14%. The gold mining index added 1,46%, resources lifted 1,11% and the platinum mining index was up 0,58%. However, industrials were down 0,12%.
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/ 18 February 2008
South African stocks were sharply higher at midday on Monday led by banks ahead of Absa’s year-end earnings, while stronger overseas markets and firm metal prices spurred broad-based gains, traders said. By noon, the broader all-share index had gained 1,27% to 28 867,61, lifted mainly by a 2,36% gain in banks.