On paper, Anglogold's had the worst year among listed gold companies, but a ruthless handle on costs and a mine-by-mine review should start to pay off
Chinese companies are the big winners in brand values ranking
It’s ‘highly unusual’ for such farms to have $4m cash on hand
An FM survey shows that even the prices of basic foods has rocketed more than 20% in a year, putting SA’s already-tenuous social stability at risk. But hiking grants, while a temporary relief, won’t ...
A new book asks why certain cities became the epicentre of the world at a specific point — and speculates which ones might lead in the future
Gold miners have mixed feelings about the presidency of Cyril Ramaphosa. It could usher in a more investor-friendly mining regime, but at the same time, hopes that SA will be better managed have caused the rand to strengthen. As long as the dollar gold price remains flat, the strong rand and inflationary pressures are squeezing miners’ revenue and profits. This puts some mines at risk of closure and increases the attractions of shallower prospects outside SA or low-cost tailings treatment in SA.
Pan African Resources’ two highest-cost mines, Evander Underground and Consort, are being reviewed. CEO Cobus Loots says management is talking to labour unions and nothing is ruled out.
In the six months to December, Evander Underground’s all-in sustaining cost (AISC) was R673,444/kg and Consort’s was R761,562/kg, against an average received gold price of R551,506/kg. In the same period last year, the average gold price was R565,298/kg.
Pan African as a whole is still profitable, though less...
A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
Already subscribed? Simply sign in below.
Questions or problems? Email firstname.lastname@example.org or call 0860 52 52 00. Got a subscription voucher? Redeem it now
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.