The collapse in bullion prices may rekindle gold mining takeovers as Chinese companies and other investors step in to rescue small and mid-sized miners.» Read More
--Clyde Russell is a Reuters market analyst. Newcrest Mining Ltd, Australia's biggest gold miner, was the latest producer to disappoint investors, issuing a profit warning and announcing plans to slash up to $6 billion in asset values, reduce costs and cut planned expansions.
SYDNEY/ TORONTO, June 10- The pain is not likely to be over for investors in mining shares after the steepest drop in gold prices in a generation led to a $6 billion asset writedown at Australia's Newcrest Mining, fuelling speculation of more to come.
NEW YORK-- A look at the 10 biggest percentage decliners on New York Stock Exchange at 1 p.m.:. Iron Mountain Inc. fell 15.0 percent to $29.25. Quiksilver Inc. fell 11.9 percent to $6.76.
*Gold companies' shares drop, rand also under pressure. JOHANNESBURG, May 20- Big wage hikes demanded by the government-allied trade union in South Africa's coal and gold industries helped push the rand to a four-year low on Monday, highlighting the ripple effect of the prospect of more turmoil in the industry.
*Gold companies' shares drop, rand also under pressure. JOHANNESBURG, May 20- Big wage hikes demanded by the government-allied trade union in South Africa's coal and gold industries helped push the rand to a four year low on Monday, highlighting the ripple effect of the prospect of more turmoil in the industry.
*Ghana bourse in middle of African pack. ACCRA, May 14- Ghana's bourse is up more than 50 percent so far this year, but the reluctance of key companies to list in the West African market may be blunting its economic impact.
BOSTON/ NEW YORK, April 18- Hedge fund billionaire John Paulson's best-known fund is down 2.4 percent in April, largely due to the sharp selloff in gold, a source familiar with the numbers said on Thursday.
BOSTON/ NEW YORK, April 18- John Paulson's Advantage Fund, one of the hedge fund manager's biggest portfolios, is down 2.4 percent in April, largely due to the sharp selloff in gold, a source familiar with the numbers said on Thursday.
BOSTON, April 15- Hedge fund manager John Burbank, a long-time investor in gold, said the recent sharp selloff in the precious metal came as a surprise to many investors as some economic improvement and a general decline in commodity prices took their toll.
*Coal producers also hit by wave of labour militancy. JOHANNESBURG, April 15- Wage talks across South Africa's mining sector starting in May will be among the toughest ever with strikes a certainty given inflation, worker militancy and shrinking company margins.
*Africa has glut of humanities, social science graduates. DAKAR, April 11- Abdoul Aziz Tamba is in his final year of an English course at Senegal's Cheikh Anta Diop University, but he has little hope of finding employment after three years of study.
*Petropavlovsk to hedge nearly half of output to 2014. Russian-focused miner Petropavlovsk, which is among the most highly geared miners in the sector, said last month it would hedge almost half its output to March 2014. Analysts say the hedge cuts the potential for an earnings drop, given Petropavlovsk's spending plans and a stretched balance sheet.
JOHANNESBURG, Feb 20- AngloGold Ashanti, the world's third-largest bullion producer, reported a plunge in quarterly earnings, hit by wildcat strikes at its South African mines and poor performance at one of its largest African operations.
LONDON, Feb 15- Anglo American slid to its first net loss for more than a decade in 2012 after profits fell across all units and the global miner wrote $4 billion off the value of its flagship Minas Rio iron ore project in Brazil.
DAKAR, Feb 13- AngloGold Ashanti is to hold off on a $500 million expansion plan for its Sadiola joint venture mine in western Mali until the security situation becomes clearer, a company executive said on Wednesday. "We are waiting for a little more certainty in terms of how the security situation in Mali pans out," Duffy told Reuters in an interview in Dakar. "
*Rio Tinto kicks off results on Feb. 14. MELBOURNE/ LONDON, Feb 11- Global mining companies are set unveil their biggest falls in profit in more than a decade and are clearing the decks with multibillion-dollar writedowns on poorly performing assets as they bring in new chief executives.
*Gold Fields' South African assets list Monday. JOHANNESBURG, Feb 8- South Africa's Gold Fields will list most of its local assets as a separate company from Monday, testing investor appetite for a mining industry battered by labour unrest. Gold Fields is spinning off two of its three South African mines, both of which were hit by labour unrest last year.
Anglo American took a $4 billion hit to its Minas Rio project on Tuesday, clearing the decks for new boss Mark Cutifani and indicating that the delayed Brazilian operation will eventually get off the ground.
LONDON, Jan 29- Anglo American took a $4 billion hit to its Minas Rio project on Tuesday, clearing the decks for new boss Mark Cutifani and indicating that the delayed Brazilian operation will eventually get off the ground.
LONDON, Jan 29- Anglo American Plc will take a $4 billion writedown on its Minas Rio iron ore operation in Brazil after delays and cost overruns forced the mining group to increase expenditure on the project.