Clinton Duncan News
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Anglo American Plc, the world’s biggest platinum producer, said output of the metal fell 2 percent in the first quarter because of strikes at some of its operations.
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South Africa’s mining industry, backbone of the continent’s biggest economy, is heading for its worst electricity shortage in five years in a threat to platinum and gold production and to the rand currency.
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Impala Platinum Holdings Ltd., the world’s second-largest producer of the metal, is set to lose control over the unit holding 41 percent of its resources as Zimbabwe starts nationalizing foreign-owned assets.
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Exxaro Resources Ltd., the second- largest coal producer in South Africa, declined in Johannesburg trading after its earnings missed analyst estimates.
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Anglo American Plc appointed Mark Cutifani as chief executive officer as the mining company seeks to reverse the $14 billion loss of market value it suffered in the five years his predecessor Cynthia Carroll was in charge.
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Anglo American Plc’s Kumba Iron Ore unit said profit will drop at least 20 percent this year after prices of the steelmaking ingredient fell and a strike at its biggest mine in South Africa cut output.
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Exxaro Resources Ltd., part-owner of South Africa’s biggest iron-ore mine, snapped the biggest five- day drop since 2008 as metals gained on speculation China may take more steps to boost the economy.
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Anglo American Plc., the mining company that makes up about 9 percent of South Africa’s benchmark index, advanced the most in two weeks after it sold a stake in a unit in Chile.
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Anglo American Plc agreed to buy the Oppenheimer family’s 40 percent stake in De Beers for $5.1 billion in cash, ending the dynasty’s 80-year ownership in the world’s largest diamond miner.
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Roads were little more than rubble and there was barely enough working equipment to load cargo at Maputo port in 2003. Then Mozambique brought in Grindrod Ltd. and DP World Ltd. to operate the harbor.
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