Harmony Gold Mining Co. said workers reported for duty to avoid losing their jobs as South African strikes that started two months ago waned in the face of ultimatums from producers to more than 25,000 workers.
Mamphela Ramphele, the chairwoman of Gold Fields Ltd., says the South African mining industry can no longer rely on low-cost labor and will have to engage in mass firings and mechanize more to remain competitive.
Toto Willie has little to show for a decade’s work in Anglo American Plc’s gold mines: a store selling potato chips and kerosene, run from one of the three rooms in his tin shack, and a 1985 Toyota station wagon.
Lonmin Plc , the world’s third-largest platinum producer, may fall short of its annual output target by about 2 percent if a strike at its Karee mine in South Africa continues, RBC Capital Markets analyst Leon Esterhuizen said.
Village Main Reef Gold Mining Co.’s 1.3 billion-rand acquisition of Simmer & Jack Mines Ltd. is being opposed by RBC Capital Markets equity analyst Leon Esterhuizen, Business Day said, citing Esterhuizen.
The involvement of South African President Jacob Zuma ’s family in a series of controversial business deals has fueled anger among labor unions, whose support helped propel Zuma to power last year, at a time when one in four South Africans is unemployed.
Harmony Gold Mining Ltd. , Africa’s third-largest producer of the metal, rose the most in more than two years in Johannesburg trading after RBC Capital Markets said the mining company may become a takeover candidate.
AngloGold Ashanti Ltd., the gold producer whose largest shareholder is billionaire John Paulson , said development of its key Colombia mine is delayed and will cost more than expected after it struggled to obtain permits.