Tens of thousands of workers downed tools in four provinces on Wednesday to voice their "disgust" with rising living costs.
Gold Fields said on Monday it would invest in its own emergency power generation for its South African operations at a cost of R200-million.
South African gold miner Gold Fields confirmed on Thursday that two employees have been killed at the group’s Kloof mine west of Johannesburg.
Gold Fields, the world’s fourth-largest gold producer, on Friday confirmed that the illegal strike at its Beatrix mine near Welkom in the Free State had been called off.
South African miner Gold Fields said on Friday workers at its Beatrix gold mine had stopped an illegal strike, but production had been affected.
Trade union Solidarity on Friday said 100 of its members were trapped 900m underground at Gold Fields’ Beatrix mine outside of Welkom in the Free State
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.
The JSE was taking a breather on Tuesday after its recent strong rally, which took the bourse to successive record highs, as some profit-taking set in. However, earlier the all-share index hit yet another fresh record high when it touched 33 263,148. At noon, the JSE’s all-share index was down 0,88%.
South African stocks continued to run in record territory at midday on Monday, buoyed by miners on firmer metal prices while an upbeat mood in overseas markets added to the bullish tone. The market touched 33 116,051 during the session, an all-time high.
South African stocks hit another fresh high on Friday morning, boosted by strong gains for resources. At 11.56am, the all-share index was up 0,82%, boosted by a 1,48% rise in resources and a 2,06% gain for the platinum-mining index. Banks were up 0,37% and financials were 0,61% better. Industrial were flat (-0,03%) and the gold-mining index eased 0,80%.
South African stocks were a mixed bag with a weaker bias at noon on Thursday, but brewer SABMiller climbed on above-forecasts year end earnings. At noon, the all-share index was down 0,16%. Resources fell 0,67%, the gold mining index was off 1,62% but the platinum mining index added 0,15%.
Gold Fields, the world’s number four gold producer, posted a 67% rise in quarterly headline earnings on the back of soaring prices for the metal, but production fell on South Africa’s power crunch. Gold Fields said on Friday its adjusted headline earnings per share for the third quarter to the end of March rose to 155 cents from 93 cents in the second quarter.
Resources stocks were the main feature of the JSE by midday on Thursday, with the overall market generally flat following an overnight decline on Wall Street. At 11.56am, the JSE’s broader all-share index was up 0,12%, helped by a 1,1% rise in resources, 0,89% advance in the gold mining index and a 0,39% rise in the platinum mining index.
The Department of Labour on Wednesday said the death of nine workers at Gold Fields, the world’s fourth-largest gold producer, would take centre stage when South Africa and its international partners within the International Labour Organisation celebrate World Health and Safety Day at the end of this week.
The JSE remained in the black at midday on Wednesday thanks to firm resources stocks, but banks and financials were under a bit of pressure. By 11.54am the JSE’s broader all-share index was up 0,34%. Resources added 1,01%, but the platinum-mining index, after having being stronger earlier, was now off 0,52% and the gold-mining index was down 1,14%.
South African stocks were little changed at noon on Tuesday in a thin-volume session, as some traders remained on the sidelines ahead of Wall Street opening. At midday the all-share index was neither here nor there (-0,06%) at 31 754,380. Resources were up 0,50% but the gold- and platinum-mining indices were down 0,16% and 1,63% respectively.
South African stocks hung on to earlier gains at noon on Monday, supported by firmer overseas markets, but the stronger rand and faltering gold prices restricted gains, traders said. By midday on Monday, the JSE’s broader all-share index was 0,77% in the black. Resources were up 1,21%, the platinum-mining index advanced 0,34% but the gold-mining index fell 0,70%.
The JSE remained firm by midday on Friday, with a trader saying that the market was consolidating after hitting record levels earlier this week. Starting from Wednesday, the bourse had two consecutive days of hitting all-time highs, but failed to close at its record peak of 32 130,75 points.
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.
Gold Fields chief executive officer Ian Cockerill is to step down from his position, the company’s board said on Monday. Cockerill will be succeeded by Nick Holland who has been the chief financial officer of the company. Terence Goodlace, executive vice-president and head of South African operations, will be appointed to the new position of chief operating officer.
South Africa, producer of 30% of the gold in circulation today, is unable to profit fully from record prices for the precious metal as a crippling electricity crisis hampers production. The price of gold passed the 000-an-ounce mark for the first time on Thursday.
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%.
Eskom may delay approval for connecting new construction projects that are bigger than a residential home to its grid for up to six months in a bid to alleviate a power crisis, it said on Wednesday. The crisis forced a shutdown of crucial mines for five days in January and since then mines have been operating with only 90% of their power.
The South African Communist Party (SACP), a partner in the governing alliance, said on Sunday it would not tolerate threats by mining companies to cut jobs in the country’s politically-charged power crisis. ”If heads must roll we cannot allow it be the workers who take the knock,” it said in a statement after its central committee met over the weekend.
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/ 29 February 2008
Gold-mining stocks and other commodity counters helped keep the JSE’s head above the water by midday on Friday, as metal prices kept driving higher on the back of a weaker United States dollar. By 12.01pm, the JSE’s broader all-share index was up 0,24%, led by a 1,85% climb in the gold-mining index.
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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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/ 27 February 2008
It is unclear whether proposed job cuts in the mining industry are caused by power cuts and electricity rationing, or other factors, Public Enterprises Minister Alec Erwin said in Parliament on Wednesday. ”I’ve been a trade unionist for many years, and you often use an event like this to explain something you’re going to do anyway,” he said.
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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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/ 13 February 2008
South African stocks were slightly lower at midday on Wednesday as heavily weighted miners continue to falter on falling metal prices, while other investors refrained from making any large moves ahead of Wall Street opening. At midday, the broader all-share index had was off 0,18% at 28 533,810.
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/ 12 February 2008
The JSE held on to gains at midday on Tuesday as investors chased after bargains following Monday’s sharp losses amid strong metal prices and firmer overseas markets. By 11.59am, the broader all-share index had added 0,82% to 27 860,790 thanks to a 3,27% gain in the platinum-mining index.
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/ 1 February 2008
Mines had their power levels increased from 80% to 90% on Friday but they still needed a guarantee of a reliable power supply, the Gold Fields mining company said on Friday. On Thursday, Eskom backtracked on an undertaking when it promised to provide 90% of its normal power supplies to mining companies.
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/ 31 January 2008
In a surprise move, South African electricity utility Eskom has withdrawn its authorisation for the mining industry to increase its electricity use from 80% to 90% on Thursday. News of the decision came from Gold Fields, the world’s fourth-largest gold producer, which informed the media in a statement.