[miningmx.com] – MINING shares on the Johannesburg Stock Exchange endured another horror day with more widespread liquidations from which almost no company was spared.
Lonmin was the biggest loser. The company, which today announced plans to cut a further 2,500 jobs, and 100,000 ounces in platinum production over two years, was 11.5% weaker, almost R1bn, leaving the company valued at R7.6bn.
It was by no means alone with shares in Exxaro Resources falling 4.8% to take the return over seven days to a negative 8.5% while Kumba Resources fell 7.3%. Anglo American, was 0.55% higher after mildly surprising investors by keeping its interim dividend unchanged and lowering net debt to $11.9bn.
All of the JSE’s main gold stocks – AngloGold Ashanti, Gold Fields, Harmony Gold and Sibanye Gold – lost ground even though the rand gold price gained some ground to register R440,000 per kilogram.
