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.
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.
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.
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.
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.
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.