Gold Fields, the world’s fourth-largest gold producer, on Thursday warned that it may be forced to close shafts and restructure as a result of Eskom’s request that the mining industry reduce its power use by 10%. Gold Fields CEO Ian Cockerill warned that the power shortages in South Africa would affect production in the March quarter.
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”.
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.
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.
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.
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.
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.
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.
Gold Fields, the world’s fourth ranked gold producer, said on Wednesday it had closed the Four Shaft Complex of its Beatrix mine after two miners were killed during a clash. Gold Fields said three other miners were seriously injured when violence erupted between rival factions of the National Union of Mineworkers.
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.
The JSE rose modestly at noon on Tuesday as investors became more optimistic that the United States Federal Reserve would cut interest rates, which would bolster Wall Street. Investors cheered the news that Tokyo Sexwale’s Mevelaphanda group plans to buy up to 30% of Johncom’s to-be-formed Opco.
Gold Fields reported on Thursday an 18,6% fall in first-quarter adjusted earnings per share compared with the prevous quarter, blaming higher costs and falling output overseas. Gold Fields, the world’s fourth biggest gold producer, said adjusted EPS declined to 61 cents.
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.
The JSE rose modestly at midday on Friday, helped by miners amid soaring metal prices with investors unfazed by talks that Wall Street was poised to open lower. At noon, the all-share index was up 0,61%. Resources gained 1,09% and the gold-mining and platinum-mining indices were up 1,14% and 0,81% respectively.
South Africa’s Northam Platinum said on Wednesday it expected to lose about 1 000 ounces per day of output after shutting its mine early on Tuesday when a worker was killed in a rockfall. The mine — the world’s deepest platinum mine — produces about 325 000 PGM ounces of platinum a year.
Gold Fields, the world’s fourth-largest gold producer, will bring in close on R5-billion following the disposal of two of its international assets. The company said on Friday it was selling its assets in Venezuela for a total consideration of $532-million (R3,6-billion).
South Africa’s gold companies, already mining at the world’s deepest depths, are looking to plumb even deeper veins in a new gold rush spurred by record prices.
The deeper miners go, the richer the ore being uncovered. The price in dangers, though, includes rockfalls, poisonous gas explosions, flooding and earthquakes.
The JSE was flat at midday on Thursday, as players sat on the sidelines awaiting the result of the futures close-out, which was due to start at midday. By 11.59am, the all-share index edged up 0,26%. The gold mining index climbed 2,19% and banks were 1,09% higher. Resources perked up 0,28% and the platinum mining index rose 0,68%.
The JSE remained firm at midday on Thursday, with platinum miners a feature following strong results from Impala Platinum earlier in the day. A 2% gain on Wall Street overnight and generally firm global bourses were also helping. By noon, the all-share index was 0,82% higher. Resources were 0,75% better and the gold-mining index advanced 0,90%.
After ending 1,5% higher on Monday, the JSE was back in the red on Tuesday morning following a decline in the Dow overnight. However, the local bourse was being cushioned somewhat by the softer rand and good interest in direct miners. By 12.11pm, the all-share index was off 0,15%.