Africa’s biggest fund manager, the Public Investment Corporation (PIC), has increased its holding in Gold Fields by R14bn in a move that signals a vote of confidence in the gold producer that is in the early stages of future-proofing its business by boosting its production profile.

The move came as the gold price hit a record high, surpassing levels last seen during the early days of the Covid-19 pandemic, making Gold Fields and other gold stocks an attractive proposition...

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