JOHANNESBURG (Reuters) – A flood of investment in mining to cash in on rallying metals prices and rising global demand is far from guaranteed, miners told Reuters, as governments threaten to seize a bigger share of the returns.
Executives said at the Reuters Global Mining and Steel Summit this week the global trend of resource nationalism adds another layer of uncertainty to the sector, which is already battling surging costs.
JOHANNESBURG (Reuters) – Gold Fields, the world’s fourth-largest listed gold miner, said on Tuesday it was possible the price of bullion may break $1,500 an ounce this year on the back of positive fundamentals.
“The supply-demand fundamentals are reasonably positive for gold and I would certainly hope that that provides at least an underpin for where the price is right now for the balance of the year,” Chief Executive Nick Holland told Reuters Insider.
JOHANNESBURG, March 22 (Reuters) – Gold Fields (GFIJ.J: Quote, Profile, Research), the
world’s fourth-largest listed gold miner, said on Tuesday it was
possible the price of bullion may break $1,500 an ounce this
year on the back of positive fundamentals.
“The supply-demand fundamentals are reasonably positive for
gold and I would certainly hope that that provides at least an
underpin for where the price is right now for the balance of the
year,” Chief Executive Nick Holland told Reuters Insider.
JOHANNESBURG (Reuters) – South Africa should not replicate Australia’s controversial resource tax, which is likely to hurt investment and push capital elsewhere, the head of AngloGold Ashanti (ANGJ.J: Quote, Profile, Research, Stock Buzz) said on Tuesday.
A South African minister key in economic policy-making said last week that Africa’s biggest economy was thinking about overhauling its minerals tax regime to cash in on high commodity prices and could use Australia as a template.
JOHANNESBURG, March 8 (Reuters) – South African Sasol
(SOLJ.J: Quote, Profile, Research) said on Tuesday it would pay C$1.05 billion ($1.08
billion) for its second shale gas interest in Canada to boost
its gas portolio and secure feedstock for gas-to-liquids plants.
The South African petrochemicals group said it would buy a
50 percent stake in Talisman Energy’s (TLM.TO: Quote, Profile, Research)(TLM.N: Quote, Profile, Research) Cypress A
acreage in the Montney Basin in Canada, where the company also
bought a stake in Talisman’s Farrell Creek assets last year.
JOHANNESBURG, March 7 (Reuters) – South African group Sasol
(SOLJ.J: Quote, Profile, Research) posted a 22 percent rise in first-half profit, boosted
by cost cuts and higher oil and product prices, and said the
strong rand continues to pressure its earnings.
Sasol, the world’s top maker of motor oil from coal, said on
Monday each rise of 10 South African cents against the dollar
hit operating profit by about 550 million rand. The currency has
gained about 28 percent since the start of 2009.
JOHANNESBURG, Feb 10 (Reuters) – A spike in iron ore prices
lifted Kumba Iron Ore’s (KIOJ.J: Quote, Profile, Research) full-year profit, with the
company saying it expected prices to remain firm this year.
Chief executive Chris Griffith said on Thursday 2011 export
prices, which rose on average 92 percent last year, would be
supported by higher demand on the back of an at least 5 percent
rise in crude steel production in China.
CAPE TOWN, Feb 8 (Reuters) – Japan is keen to invest
“billions of dollars” in minerals and infrastructure in Africa,
trying to catch up to regional rival China for influence on the
continent, a Japanese trade official said on Tuesday.
Yoshikatsu Nakayama, vice minister of economy, trade and
industry, said Japan was scouting for projects in which to
invest, either via its state-owned oil and mining company JOGMEC
or via joint ventures between local and Japanese companies.
SEKHUKHUNE, South Africa (Reuters) – For Esther Moloto, the 32-year-old owner of a little house on top of the world’s biggest platinum reserves, the sound of progress is falling plaster.
“Before the mine came there were no cracks. Now there’s blasting every day and they are everywhere,” she says, pointing to a kitchen wall riven with fissures that she blames on underground explosions from the nearby Twickenham mine, owned by Anglo Platinum, the world’s biggest platinum company.
JOHANNESBURG, Feb 4 (Reuters) – South African petrochemicals
group Sasol (SOLJ.J: Quote, Profile, Research, Stock Buzz) expects first-half earnings to increase by
as much as 27 percent, lifted by cost cuts and higher oil and
product prices, the company reported on Friday.
Sasol, the world’s biggest maker of vehicle fuels from coal,
has benefited from higher refining margins and chemical prices,
although the strength of the rand currency continues to weigh on
profits from overseas sales.