Gold producers, ignored as global stocks rebounded in the past two years and investors turned to exchange-traded funds that track bullion, face closing mines or shutting themselves down after the metal’s worst slump in three decades this week made 15 percent of miners unprofitable.
AngloGold Ashanti Ltd., the world’s third-largest producer of the metal, shut its TauTona mine near Johannesburg for about a week after an earth tremor damaged the shaft used to take workers underground.
South African gold mine strikes halted about 39 percent of output, including at AngloGold Ashanti Ltd. and Gold Fields Ltd., as unofficial walkouts spread in the country amid demands for above-inflation pay increases.
Gold Fields Ltd., the fourth-biggest producer of the metal, will spin off part of its South African business as a wave of strikes and above-inflation pay gains add to costs and curb output for mining companies in the country.
A French military team will help recover the bodies of the entire board of Sundance Resources Ltd. , including millionaire Ken Talbot , who were killed in an aircraft crash in dense jungle in the Republic of Congo.