AngloGold cuts output, spend, impairs $2.6bn
AngloGold responded sweepingly to a $220/oz fall in the average gold price cutting output 300,000 oz, lopping project spend, and booking a $2.6bn impairment.
Exxaro, GDF SUEZ to build 600MW plant
Exxaro Resources is to build a 600MW power station in joint venture with France’s GDF SUEZ and will supply the venture with 3.8mtpa of coal from Thabametsi.
Chasm opened as chamber offers 4% wage hike
The Chamber of Mines has offered unions a 4% wage and benefits increase opening a chasm in expectations and economic reality.
NUM court decision to assist Lonmin stability
The National Union of Mineworkers failed in its attempt to have its recognition agreement at Lonmin extended, a development that is positive for stability at Lonmin.
Rand weakness boosts Amplats interims
The weaker rand provided some respite to Anglo American Platinum which said interim share earnings would be nearly double those of the same period in 2012.
Lenders loosen Sibanye Gold R6bn debt leash
Lenders to Sibanye Gold say the firm can pay an interim dividend provided it has agreed wage increases with unions that include AMCU and NUM.
Gold Fields to recoup lost Ghana output
Gold Fields said it hoped to produce as much as 1.9 million ounces this year as guided but second quarter all in costs are worryingly close to the dollar gold price.
New tariff to force Eskom strategy rethink
Brian Dames, CEO of Eskom, said the utility would have to fundamentally re-engineer itself in order to address the halving of its proposed five-year tariff hike.
Gigaba to have Medupi shortfalls probed
No heads will roll at Eskom following the R10bn overrun at Medupi, but the utility has failed to retain its CFO Paul O'Flaherty who left the organisation today.
Curtain rises on SA gold sector wage talks
South African gold companies start today the first of weeks, even months, of wage talks hopeful economic realities can modify labour expectations.