Illovo year earnings down on drought, currency
JOHANNESBURG, May 30 (Reuters) – South African group Illovo
Sugar (ILVJ.J: Quote, Profile, Research) posted a 34 percent drop in full-year earnings,
hit by drought and exchange rates.
Illovo, a unit of Associated British Foods (ABF.L: Quote, Profile, Research) and
Africa’s biggest sugar producer, said on Monday it expected
operating profit to improve this year.
Implats aims to cut jobs at S.African Marula mine
JOHANNESBURG, May 27 (Reuters) – Impala Platinum (IMPJ.J: Quote, Profile, Research, Stock Buzz),
the world’s second largest platinum producer, said on Friday it
aimed to cut staff at its Marula subsidiary in South Africa
because of a persistent failure to meet production targets.
It said in a statement job cuts would be needed since the
operation is staffed for higher production levels which will not
be met. It said it would not reach its target of 95,000 ounces
of refined platinum per year by 2013 but annual output would
remain at 70,000 ounces.
Is Africa still a victim of capital flight?
Once shunned by international investors outside of some core commodities, Africa is now high on the radar screens of many funds seeking good returns across the asset classes.
But while money may be pouring in, how much is still pouring out? Capital flight has long been a scourge of the continent and one of the key reasons for its gut-wrenching poverty and lack of development. And there is plenty of evidence that it remains a significant problem, exacerbated by global tax havens and the opaque nature of extractive industries, oil in particular.
Analysis: Food, fuel to stoke South Africa mine wage talks
JOHANNESBURG (Reuters) – South African mine companies are again likely to be forced into settlements above the main rate of inflation as they tackle union wage demands given impetus by accelerating food and fuel prices.
Organized labor in South Africa, which has been growing increasingly militant, is seen in no mood to compromise as commodity prices ride high on international markets.
Impalats sees output down, Zimbabwe woes
JOHANNESBURG, May 17 (Reuters) – Impala Platinum (IMPJ.J: Quote, Profile, Research, Stock Buzz)
cut its output target on Tuesday and its chief executive said
Zimbabwe’s drive to wrest majority local stakes from foreign
mining firms could curb future expansion in the country.
David Brown, the CEO of the world’s second biggest producer
of the metal, said the group would now likely produce 1.82
million ounces of platinum in its financial year which ends in
June from an original forecast of about 1.85 million ounces.
SAfrica has “potential” to up 2011 platinum output
JOHANNESBURG, May 16 (Reuters) – South Africa could lift its
platinum output by five percent in 2011 from 4.64 million ounces
in 2010 but the prospect of strikes and a strong rand currency
could curb expansion, metals refiner Johnson Matthey said in a
report on Monday.
“In total, the South African platinum industry has the
potential to increase production by around 5 percent in 2011,
due to recovery at underperforming mines and the reopening of
operations previously closed due to low prices or geological
issues,” the refiner said.
AngloGold returns to profit after hedge buyback
JOHANNESBURG, May 11 (Reuters) – Africa’s biggest gold miner
AngloGold Ashanti (ANGJ.J: Quote, Profile, Research, Stock Buzz) returned to profit in the first
quarter on Wednesday after buying back its hedge book and said
it expects slightly higher output in the current three months.
AngloGold has closed out instruments it used to hedge
against the price of gold, allowing it to increase its exposure
to big rises in the spot price of gold XAU=, boost its cash
flow and profit margins and push ahead on some growth projects.
[ID:nLDE6960YQ]
Harmony Q3 falls short of estimates
JOHANNESBURG, May 5 (Reuters) – South African group Harmony
Gold (HARJ.J: Quote, Profile, Research, Stock Buzz) fell short of market expectations with a 32
percent rise in quarterly profit, after a slow restart following
its annual Christmas shutdown led to a drop in production.
Harmony was the first of South Africa’s big three gold
miners to release results for the January-March quarter, a
period analysts expected was a tough one for the industry, due
to post-Christmas sluggishness.
Q+A-SEC rules on resource sector face delays
JOHANNESBURG, May 3 (Reuters) – The U.S. Securities and
Exchange Commission is unlikely to finalise its new
anti-corruption requirements for resource companies before
August, delaying a process that should have been done by April.
The reasons for the delay remain unclear but the SEC has
said it hopes to have the rules completed by August, if not
sooner. Some U.S. congressmen have said the process may not be
finished before December, several months later.
The SEC last year unveiled draft rules related to the Wall
Street reform act requiring energy and mining firms — including
non-U.S. firms with secondary U.S. listings — to disclose
payments to foreign governments. [ID:nN16266425]
Amplats pushes for performance in labour talks
JOHANNESBURG, April 21 (Reuters) – Anglo Platinum (AMSJ.J: Quote, Profile, Research, Stock Buzz),
the world’s largest platinum miner, is pushing to have
front-line supervisors’ bonuses more closely aligned with
performance to boost productivity, its head of mining operations
told Reuters.
The company has also embarked on an internal restructuring
called “Project Fast Forward”, which aims among other things to
streamline administration.
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