EXPLAINER-How South African mines cope with power cuts
Posted on Monday February 18, 2019
JOHANNESBURG/LONDON, Feb 18 (Reuters) - South African utility Eskom imposed the worst power cuts in several years on homes and businesses last week, conjuring up memories of the 2008 crisis when the grid nearly collapsed and cost the mining industry billions in lost output. Although Eskom - which supplies around 90 percent of power in Africa's most industrialised economy - paused the blackouts on Friday for the first time in five days, it warned that its creaking infrastructure could buckle at any time. It is not clear how much the industry, which consumes about 15 percent of Eskom’s annual output, lost in production but the crisis sent prices of both gold and platinum to record levels and pummelled the rand.
Gold Fields Trims Vision in Final Bet on South African Mine
Posted on Saturday February 16, 2019
The production goal for the mine this year is 193,000 ounces, less than a quarter of the annual target set more than a decade ago. After investments of almost $800 million failed to turn South Deep around, Chief Executive Officer Nick Holland has reined in his ambitions amid one final push. “I take no pride at all in going year after year telling people we can’t deliver on South Deep,” Holland said.
Frank Holmes, Sam Zell and the Case for Gold
Posted on Friday February 15, 2019
Billionaire Sam Zell just bought gold for the first time, reports Frank Holmes, CEO of US Global Investors and editor of Frank Talk.
Gold Fields Limited: Year ended 31 December 2018
Posted on Thursday February 14, 2019
JOHANNESBURG , Feb. 15, 2019 /PRNewswire/ -- Gold Fields Limited (NYSE: GFI) (JSE: GFI) announced normalised profit from continuing operations of US$27 million for the year ended December 2018 compared ...
