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Aug 26, 2011

Optimum Coal shares climb as Glencore circles

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.

Aug 26, 2011

Glencore, others circle Optimum Coal

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
was interested.

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

Aug 25, 2011

Impala Platinum FY HEPS leaps 41 pct to 11.05 rand

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.

Aug 25, 2011

Harmony Gold CEO says undervalued, not vulnerable

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.

Aug 24, 2011

Harmony Gold sees higher FY 2012 gold output

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.

Aug 15, 2011

Harmony Gold misses Q4 market forecast as costs bite

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.

Aug 11, 2011

Gold Fields retains 2011 target after profit leap

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.

Aug 4, 2011

AngloGold cuts output forecast, sees costs rising

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

Aug 2, 2011

Deal reached to end S.African gold mine strike

JOHANNESBURG (Reuters) – A strike in South Africa’s gold mining sector ended Tuesday after a 2-year wage deal was clinched, unions and the Chamber of Mines said.

The strike at AngloGold Ashanti (ANGJ.J: Quote, Profile, Research, Stock Buzz), Gold Fields (GFIJ.J: Quote, Profile, Research, Stock Buzz) and Harmony (HARJ.J: Quote, Profile, Research, Stock Buzz) began last Thursday and halted output worth up to $25 million a day at bullion’s current record prices.

Aug 1, 2011

Striking S.Africa gold miners resume talks Tuesday

JOHANNESBURG, Aug 2 (Reuters) – South African gold mine
workers and producers were to resume wage talks on Tuesday aimed
at ending a strike that is costing the companies up to $25
million a day in lost output at a time when the precious metal
is fetching record high prices.

The National Union of Mineworkers (NUM) said no progress was
made in talks to resolve the impasse with the country’s main
gold miners, AngloGold Ashanti , Gold Fields
and Harmony Gold and a junior miner.

    • About Ed

      "I cover commodities in southerrn Africa, a region that I have returned to after spending over four years covering religion, politics and the Great Recession in America. I am a Canadian citizen and grew up in Nova Scotia."
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