Friday, May 25, 2018

Botswana is to get its first gold backed exchange traded fund with more planned for the rest of Africa, according to Absa which developed the R14.7bn NewGold ETF.

Gold bulls are being offered more long-shot investment options following the pioneering work of Wits Gold in exploring the unmined, deep-level resources left on the Witwatersrand.

Great Basin Gold, the international mining company developing a gold mine on the Witwatersrand, says the start up of its Burnstone metallurgical plant will be delayed by two weeks.

Randgold's share price has spiked by 10% or 50 cents to R5.50.

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.