JOHANNESBURG, Aug 31 (Reuters) – South Africa’s National
Union of Mineworkers said it had agreed on a two-year wage deal
with Anglo American Platinum , the world’s top platinum
producer which accounts for about 40 percent of global supply.
Amplats shares closed over 2.5 percent higher on the day as
investors were relieved that strikes would not threaten a 2011
platinum output target of 2.6 million ounces, while the agreed
wage hikes came as no surprise.
JOHANNESBURG, Aug 26 (Reuters) – South Africa’s mines
minister Susan Shabangu will soon give her assessment of
industry progress in reaching the targets of a charter aimed at
giving previously excluded blacks a higher share of ownership,
her spokesperson said on Friday.
“We expect the minister to pronounce on this issue within a
matter of weeks once she has looked at all these latest
reports,” Bheki Khumalo told Reuters, referring to reports that
mining companies had to submit to the government by the end of
JOHANNESBURG/LONDON, Aug 26 (Reuters) – Glencore
, the world’s largest commodities trader, stood on
the verge of its largest takeover bid since its May stock market
listing on Friday, after South Africa’s Optimum Coal
confirmed it had received approaches.
The move on Optimum, South Africa’s sixth-largest coal
producer, illustrates Glencore’s appetite for deals in the
volatile equity and commodity markets, which it has said will
throw up bargains.
JOHANNESBURG, Aug 26 (Reuters) – Optimum Coal stood
at the centre of bid interest in South African assets on Friday,
confirming receipt of more than one takeover approach a day
after news that commodities trader and miner Glencore
Shares in Optimum leapt 6 percent in morning trade. Glencore
plans to strike a deal using South African businessman Cyril
Ramaphosa as a partner, sources close to the deal said on
JOHANNESBURG, Aug 25 (Reuters) – South Africa’s Impala
Platinum Holdings (Implats), the world’s second largest
platinum producer, said on Thursday that its headline earnings
for the 2011 financial year rose 41 percent as it reaped the
benefit of rising prices.
Implats’ headline earnings per share for the financial year
that ended June 30 soared from 786 cents to 1,105 cents, near
the top end of the 1,075 to 1,115-cent range the group had
flagged in advance to the market.
JOHANNESBURG (Reuters) – Harmony Gold (HARJ.J: Quote, Profile, Research, Stock Buzz) may be undervalued but the world’s fifth largest gold producer was not vulnerable to a take-over bid, Chief Executive Officer Graham Briggs said on Wednesday.
Analysts have speculated the company could be a target because of the huge potential in its Papua New Guinea operations which are seen key to diversifying the revenue stream from its South African base, where the mines are deep and the political risks are high.
JOHANNESBURG, Aug 24 (Reuters) – South Africa’s Harmony Gold
Mining Co , the world’s fifth-largest gold producer,
said on Wednesday output for its 2012 financial year should rise
to between 1.45 million ounces and 1.55 million from around 1.3
million in 2011.
Investors have been keen to see Harmony’s output forecasts
to see if it can crank up to take advantage of the high gold
price without overextending so that it can keep cash flowing.
JOHANNESBURG, Aug 15 (Reuters) – Harmony Gold , the
world’s fifth-largest gold producer, reported a 67 percent drop
in quarterly profit, falling short of market expectations as
power rates, new equipment and the costs of a troubled mine
shaft hit its bottom line.
While production rose around 3 percent in the April-June
fourth quarter, output for the financial year was 9 percent
lower, totalling 1.3 million ounces, as safety stoppages
disrupted operations and some shafts underperformed.
JOHANNESBURG, Aug 11 (Reuters) – Gold Fields , the
world’s fourth-largest gold producer, reported a 15 percent rise
in quarterly profit that was just short of expectations as
investors expected blockbuster growth from the surge in bullion.
Shares of Gold Fields rose more than 2 percent in early
Johannesburg trade, however, as part of an industry-wide advance
after bullion climbed to a record $1,813.79 an ounce.
JOHANNESBURG, Aug 4 (Reuters) – AngloGold Ashanti ,
Africa’s biggest gold miner, reported a better than expected
jump in second-quarter earnings on Thursday as it managed to
contain costs while reaping the benefits of the surge in gold
But the company cautioned over a rising trend in costs and
cut its 2011 production target to 4.45 million ounces from an
initial range of 4.55 to 4.75 million ounces because of flooding
at its Sunrise Dam operations in Australia and other operational