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.
AngloGold Ashanti Ltd. would make a “seamless” transition if it chose Srinivasan Venkatakrishnan, its finance head and joint interim chief executive officer, to lead the third-biggest producer of the metal after gold prices plummeted, according to two analysts.
AngloGold Ashanti Ltd., the third- biggest gold producer, had a proposal to split its South African assets from mines elsewhere rebuffed by the country’s government, three people familiar with the matter said.
Workers who contracted silicosis after working on mines that were owned by companies including Anglo American Plc may seek at least 1 million rand ($117,000) each in damages, a lawyer representing them said.
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. said third-quarter profit fell 11 percent as strikes and a fire cut output at its South African mines, increasing the possibility the country’s second-largest producer will reorganize.
Russia, the world’s biggest palladium producer, is shipping the smallest amount of metal to Switzerland in 15 years, a sign of declining state stockpiles that may drive prices as much as 15 percent higher by December.