Justin Brown

The JSE Securities Exchange (JSE) on Wednesday got its first foreign listing, following the relaxing of exchange controls announced earlier in 2004, when platinum-miner Aquarius Platinum listed on the bourse. However, by 10.10am Aquarius Platinum’s share on the JSE was untraded, with the share bid at R26.

Platinum-miner Ridge Mining is investigating the possibility of listing on the JSE Securities Exchange (JSE), following the relaxing of exchange controls, and could list on the bourse in the first half of 2005, Ridge Mining commercial director Francis Johnstone said from London on Wednesday.

The decision by the shareholders of Gold Fields to reject the Iamgold deal is welcome news to the National Union of Mineworkers (NUM), the union said in a statement on Tuesday. "Such news couldn’t have come at a better time than this period of the year when, all around us, the message of goodwill is commonplace," the NUM said.

South African food and pharmaceutical group Tiger Brands on Thursday reported a 19% increase in its final headline earnings per share to 927,3 cents for the year to September 30, from 778,2 cents in the previous comparative period. Tiger Brands announced a final dividend per share of 270 cents.

South African wheat futures on the JSE Securities Exchange South Africa’s agricultural derivatives division, or Safex, on Monday touched a three-week high on spill over strength from the maize market, as well as thoughts about a much lower local wheat crop than previously expected.

Shareholders of world number-six gold miner Harmony have given the thumbs-up for the company’s proposed merger with a rival — the world’s fourth-biggest gold miner, Gold Fields. Harmony also received the 75% required to increase its authorised share capital by 750-million shares to 1,2-billion shares.

World number-six gold miner Harmony Gold on Tuesday said it believes that rival Gold Fields’ directors have mismanaged their South African assets and their performance has been sub-standard to Harmony’s operations for several years.
<li><a class=’standardtextsmall’ href="http://www.mg.co.za/Content/l3.asp?cg=BreakingNews-Business&a=12&o=141499">Panel ruling a setback for Gold Fields</a>

The CEO of world number-four gold miner Gold Fields, Ian Cockerill, on Monday called on shareholders of world number-six gold miner Harmony to vote against the resolutions proposed by the Harmony board. The general meeting of Harmony shareholders will be held at Harmony’s corporate office on November 12.
<li><a class=’standardtextsmall’ href="http://www.mg.co.za/Content/l3.asp?cg=BreakingNews-Business&ao=125148">Solidarity works to save jobs</a>

The JSE Securities Exchange was near an all-time high on Friday afternoon on the
weaker rand, resources stocks and buying interest in banks, brokers said. At 12.05am, the all share index was up 1,33% and the industrial index added 0,74%. Resources climbed 1,96%, while the gold mining index was up 1,04%.

The JSE Securities Exchange (JSE) was higher by Wednesday afternoon on the weaker rand, but off its earlier highs. Gold was last quoted at $421,75/oz from Tuesday’s JSE close of $420,40/oz. By midday, the all-share index was up 0,43% and the industrial index added 0,47%.

Gold was fixed in London on Monday afternoon at $429,15 a troy ounce, the highest afternoon fix for the metal since September 9 1988, according to the London Bullion Market Association website. At 4.35pm, gold was quoted at $428,65 a troy ounce from a New York close of $424,33/oz.

World number-six gold miner Harmony on Monday announced a headline loss per share of 110 cents for the September quarter, from a loss of 131 cents in the June quarter. Harmony also reported a basic loss per share of 106 cents in the September quarter, from a loss of 191 cents in the June quarter.

The board of world number-four gold miner Gold Fields on Monday said it is working closely with its independent financial advisers and plans to publish its formal response to Harmony’s offer by November 3. Last Monday, Harmony announced it is making a hostile bid for Gold Fields.

The JSE Securities Exchange (JSE) was slightly higher on Thursday afternoon on the back of a weaker tone to the rand earlier in the day and higher resources stocks. At 11.55am, the all-share index was 0,34% higher. Resources added 0,76%, the platinum-mining index was 0,16% and the gold-mining index was 1,35% firmer.

The JSE Securities Exchange was lower on Friday due to the stronger rand and lower global equities, traders said. By 12.15am, the all share and all share industrial indices were 0,51% and 0,18% softer respectively. Resources were down 1,04%, the platinum mining index slumped 0,09% and the gold mining index eased 0,76%. The financial index fell 0,14% and banks index dropped 0,16%.

Mining group Kumba Resources has served trade union Solidarity with notice that the group is planning to retrench at least 400 of its 9&nbsp;960 workers. "We find Kumba’s insensitive actions incomprehensible. The group’s turnover for the year was R8,45-billion," Solidarity spokesperson Reint Dykema said.

The Joint Municipal Pension Fund (JMPF) said on Monday it will seek to recover its full R1,4-billion loss suffered due to investments made by WJ Morgan & Associates, on behalf of the fund, in agricultural futures during December 2002 and January 2003. Due to the loss, the JMPF has reduced certain benefits of its active members and pensioners.

The wage offer made by world number one platinum miner Anglo Platinum to the National Union of Mineworkers last week was final and the group called on the union to reconsider its stance regarding its strike, AngloPlat spokesperson Mike Mtataki said on Monday.

Spot platinum declined sharply on Wednesday as the prospect of a major platinum mining strike in South Africa faded with the National Union of Mineworkers (NUM) postponing its strike at Anglo Platinum, analysts said. At 10.45am, platinum was quoted at $848/oz, down $25,50/oz from Tuesday’s New York close.