South African gold mining stocks rose the most in more than a month on a weakening currency and stronger gold price.
The six-member FTSE/JSE Africa Gold Mining Index surged 5.5 percent, the most since March 7 on a closing basis, to 1,434.20 as of 1:56 p.m. in Johannesburg. All the gauge’s component shares rose. Harmony Gold Mining Co Ltd. (HAR) surged 9.4 percent to 38.50 rand, the most since March 2011, clipping four days of declines.
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Showing posts with label South Africa. Show all posts
Showing posts with label South Africa. Show all posts
Thursday, 30 May 2013
Business Day: Sibanye Gold to axe 1,110 after new-look deal
SIBANYE Gold management and unions have staved off thousands of jobs cuts at the struggling and fire-ravaged Beatrix West mine, in a fraught mining environment.
The announcement from South Africa’s largest gold producer came a day after Mineral Resources Minister Susan Shabangu said her department was urgently looking at a rescue plan for the troubled gold and platinum sectors.
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The announcement from South Africa’s largest gold producer came a day after Mineral Resources Minister Susan Shabangu said her department was urgently looking at a rescue plan for the troubled gold and platinum sectors.
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