AngloGold Ashanti News
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Mining companies in South Africa, the biggest producer of platinum and fifth-largest of gold, prefer a stable exchange rate because a weaker rand stokes inflation, Chamber of Mines Senior Executive Roger Baxter said.
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Unions have asked South Africa’s biggest gold and coal producers to raise wages by as much as 61 percent, or 10 times the inflation rate. The country’s gold- stocks index dropped to an almost 12-year low.
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Sibanye Gold Ltd. led losses among South African gold producers as work stoppages at the country’s platinum mines stoked investor concern that renewed labor unrest will curb output.
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Rand Refinery (Pty) Ltd., the world’s biggest gold processor, said it intends to sell bullion bars in the U.S. market as part of a plan to expand processing metals mined outside South Africa and boost silver operations.
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John Paulson, the billionaire hedge- fund manager battered by the selloff in gold, pared stakes in gold miners last quarter while adding shares of companies that stand to benefit from a stronger economy.
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AngloGold Ashanti Ltd., the third- biggest producer of the metal, said first-quarter profit rose with output following the end of strikes as it focuses on cutting costs.
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AngloGold Ashanti Ltd. has appointed Srinivasan Venkatakrishnan, its finance head, as chief executive officer to lead the third-biggest producer of the metal.
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AngloGold Ashanti Ltd. Chief Executive Officer Srinivasan Venkatakrishnan, appointed yesterday, is tasked with boosting value for investors in the world’s third- biggest producer of the metal, Chairman Tito Mboweni said.
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On a conference call with investors last month, billionaire John Paulson boasted that one of his biggest hedge funds would have been up 15 percent this year -- if only he hadn’t owned gold stocks.
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Ghana should sell its stake in Vodafone Group Plc’s local unit and list shares on the Accra bourse, the world’s best-performer this year, to encourage other companies to follow, the Securities and Exchange Commission said.
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