JOHANNESBURG, March 13 (Reuters) – The love-hate
relationship South Africa’s ruling African National Congress has
with business and capital was formed during its decades in
Cold-War era exile.
A new book sheds light on this period, providing fresh
insight into current policy debates and behavior that often
rattles markets and will continue to perplex investors.
JOHANNESBURG/MARIKANA, March 7 (Reuters) – The bloody first
round of South Africa’s mine union turf war is over and the
clear winner on the platinum belt is the Association of
Mineworkers and Construction Union (AMCU).
From this position of strength, AMCU is signalling a radical
departure from tactics used last year, when it poached tens of
thousands of disgruntled members from the once-dominant National
Union of Mineworkers (NUM) in a recruitment drive that triggered
lethal violence and shut major mines for months.
JOHANNESBURG (Reuters) – More African elephants are being illegally slaughtered for their ivory than are being born each year with organized criminal gangs cashing in on runaway poaching which could soon threaten populations in some regions, a report said on Wednesday.
Demand for ivory as an ornamental item is soaring in Asia, driven by the rising purchasing power of the region’s newly affluent classes, alongside growing Chinese investment in Africa and demand for its resources.
JOHANNESBURG, Feb 12 (Reuters) – South Africa’s Kumba Iron
Ore said on Tuesday its flag-ship Sishen mine was not
back to full production months after an illegal strike ended,
underscoring the long-term impact of last year’s mine protests.
The company, a unit of global mining company Anglo American
, said the labour unrest contributed to a 28 percent fall
in headline earnings. Rising costs and lower prices also hit.
CAPE TOWN (Reuters) – Threats by South African politicians to review mining licenses are “out of order”, the incoming head of mining group Anglo American said on Thursday, after its plans to cut jobs triggered a fierce response from the government.
Anglo’s struggling platinum business wants to cut 14,000 job cuts as it mothballs two mines and sells another, part of a plan it hopes will restore it to profit amid rising costs, weak demand and workforce unrest.
CAPE TOWN, Feb 6 (Reuters) – The 14,000 jobs on the line in
an Anglo American plan to bring profits back to its
South African platinum arm are the just the first of many the
sector is about to bleed.
Once an engine of job creation, South Africa’s mining
industry faces soaring costs, labour unrest and falling
production that is threatening other mines with closure.
CAPE TOWN, Feb 5 (Reuters) – Global mining group Anglo
American could bring a partner into Minas Rio, a
flagship iron ore asset in Brazil that has been battered by
delays and cost overruns, outgoing chief executive Cynthia
Carroll said on Tuesday.
The Minas Rio project was intended as a move to diversify
Anglo from its South African base and boost its presence in iron
LEDIG, South Africa, Feb 1 (Reuters) – China’s scramble for
resources is breaking new ground on South Africa’s platinum
As older and less profitable shafts face closure, Chinese
money is bank rolling one of a handful of new platinum mines
being built in South Africa, which sits on about 80 percent of
known global resources of the white metal.
JOHANNESBURG (Reuters) – Anglo American Platinum (AMSJ.J: Quote, Profile, Research) (Amplats) miners will end an illegal walkout from Wednesday night and want talks to prevent further action against the world’s largest producer of the precious metal, a labour leader said.
Workers at three of Amplats’ South African mines went on a wildcat walkout from Tuesday’s overnight shift, hours after the company, a unit of London-listed Anglo American (AAL.L: Quote, Profile, Research), announced plans to mothball shafts and cut 14,000 jobs.
JOHANNESBURG (Reuters) – Workers at three of Anglo American Platinum’s (AMSJ.J: Quote, Profile, Research) South African mines went on an illegal strike on Wednesday, the day after the world’s top producer of the precious metal announced plans to mothball shafts and cut 14,000 jobs.
A spokeswoman for Amplats, a unit of London-listed Anglo American (AAL.L: Quote, Profile, Research), said an unspecified number of employees at its Khomanani, Thembelani and Tumela mines, in the heart of South Africa’s platinum belt, had refused to go underground.