Under the agreement with AngloGold, Randgold will lead and fund a development plan to rebuild the Obuasi gold mine in Ghana.
Experts believe the troubles affecting gold producers in South Africa go way deeper than a slump in prices for the metal or the usual cycles the mining industry experiences.
Talks are set to resume on Wednesday, Aug. 12.
South Africa’s top gold producers believe it is highly likely that unions agree to take the latest pay offer presented to them, marking the end of almost 5 weeks of negotiations.
Companies are keen to avoid a repeat of last year’s five-month platinum strike, but their ability to raise salaries is limited.
Gold producers offered above-inflation wages, which make up 55% of their mining costs in the country.
The companies, which bargain collectively under the country’s Chamber of Mines, are already battling low metal prices and mounting electricity costs amid power outages.
AngloGold Ashanti, the world’s third-largest gold producer, climbed its most in seven months after selling its Cripple Creek & Victor mine to Newmont Mining.
The sale would be one of the largest of a U.S. gold mine since the price of the precious metal began falling in 2013.
Much of the overall decline in reported gold output was due to a significant quarter-on-quarter production declines from AngloGold Ashanti, Goldcorp, and Sibanye Gold.
The miner, which is the world’s No.4 bullion producer, said unreasonable wage demands and escalating power costs in South Africa will likely push the country’s industry down the slippery slope.
Newmont, Kinross, Goldcorp and Iamgold among the companies said to be interested in all of part of Cripple Creek & Victor mine.
Report shows there are 39 assets in production within the Ebola-affected region.
They will look at compensation and medical care for workers with occupational lung disease or "silicosis."
Harmony Gold, Sibanye Gold Ltd., and AngloGold Ashanti named among the top candidates to consider deals.
Deutsche Bank warned Friday that gold producers are the most vulnerable to a further spread of the deadly disease.
Investors unhappy with $2 billion equity raising convinces world number three producer to drop restructuring plans.
The miner has revealed a major restructuring involving a plan to raise $2.1 billion in a rights issue and spin its international assets into a new London-listed company.
Tighter border controls are set to disrupt the flow of essential supplies and even workers trying to get to work at the African country's mining operations, companies say.
Firm also working to restructure Obuasi mine in Ghana.
After the WHO declared the current outbreak an “international public health emergency.”
Forecast slump in gold prices to drive more mine sales, says the firm.
Decision comes on the heels of a finished inventory of permits, which aimed to clean up the sector.
Pipeline seen saving miner millions.
As members pay per ounce of metal produced, both companies said they had to look at the cost-benefits of staying in the organization.
Navachab had gold Mineral Resources of 3.91 million ounces.
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