Panic selling of mining shares resumes
Investors vote on Mineral Resources Minister Mosebenzi Zwane’s Mining Charter with their feet
The panic selling of JSE mining shares resumed on Monday morning as investors responded to Mineral Resources Minister Mosebenzi Zwane’s Mining Charter by fleeing the sector.
Harmony fell 7.1% to R21.18, AngloGold Ashanti 5.9% to R130.09 and Gold Fields 5.7% to R42.23, dragging the JSE gold miners index down 5.6% to 1,200 points.
The index of the JSE’s 10 largest mining companies fell 0.4%, with Impala Platinum falling 4% to R53.04 and Anglo American 1.9% to R160.21.
On Friday, the index lost more than 2%, equating to about R50bn wiped off the market capitalisation of big mining companies.
Sibanye Gold, which is in the process of diversifying geographically outside of SA by acquiring US platinum miner Stillwater, announced on Monday morning that it had secured a two-year wage agreement with the United Steelworkers of America.
Sibanye’s share price fell 6.5% to R15.10 on Monday morning.