Saturday, November 18, 2017

The National Union of Mineworkers (NUM) has reported a fatality at AngloGold Ashanti's Tau Lekoa mine in Matlosana - formerly Klerksdorp.

In an effort to further streamline its business interests, Harmony Gold has sold its Australian asset, Mount Magnet, for a sum of $35m, the company said.

Harmony has shut down the Joel mine in the Free State for up to six weeks to carry out repairs and modifications in its North Shaft.

Analysts reckon that news China would not add significantly to its gold reserves had been absorbed and that the correction in the gold price was almost out of the system.

Gold has fallen further below $1 200/oz in Europe, extending the previous session's losses, as a report that China will not make gold a major part of its portfolio undermined sentiment.

The Simmers board has opted not to go for a planned rights issue and will instead raise funds required to pay back a R220m loan through a sale of notes as well as cash flow.

Central Rand Gold says Don Harper, Head of Mining, has informed the company of his intention to resign as he intends to return to Perth, Western Australia, for family reasons.

DRDGOLD has signed heads of agreement with White Water Resources in terms of which White Water will acquire from DRDGOLD's 74% owned subsidiary, East Rand Proprietary Mines Limited, the prospecting right over ERPM Extensions 1 and 2 and the mining right over ERPM Extension 1.

After the latest set of poor results profitable production from Tau Lekoa seems the only thing that will put Simmer and Jack Mines on a path to financial stability.

Harmony Gold has found bombs in the ventilation system of its Phakisa mine after an explosion killed four people last week.