They will appeal verdict that paved the way for about half a million current and former miners to proceed with a multi-million-dollar suit, which seeks compensation for those who contracted lung diseases.
AngloGold Ashanti Mining News
The world’s third-biggest gold miner said its net earnings will also benefit from weaker operating currencies in South Africa, Brazil, Australia and Argentina.
The class action the firms want to appeal paves the way for thousands of current and former miners suffering from silicosis and tuberculosis to seek damage compensation from the companies.
World's number three producer owns the 300,000 ounce per year Siguiri mine in the west African country.
Moody's says AngloGold Ashanti, Gold Fields will start spewing cash as gold price rise and currency falls combine – for Anglogold it's an extra $20m a month.
If the class action goes ahead, it will affect almost every gold mine in South Africa, including their parent companies, covering their conduct over the last 50 years.
They will dispute the country's High Court decision last month to allow a class action suit seeking damages for up to half a million miners who contracted silicosis and tuberculosis.
High Court decision opens the way for up to 500,000 current and former miners to pursue a multi-million-dollar lawsuit against mining companies over respiratory diseases contracted at work.
Outlook also remains negative for Barrick, but Newmont's growing portfolio, $2 billion-plus earnings potential even at much lower gold prices praised.
The world’s third-largest gold producer returned to profit in the fourth quarter, did not manage to avert posting a net loss for 2015.
Gold miners to keep cutting cost, team up amid unusual market conditions that will continue boosting deals, says BMI Research.
Top miners BHP Billiton, Rio Tinto, Vale and Anglo American are among the firms at risk of rating downgrade.
The precious metal is building on gains from earlier in the week, triggered mainly by escalating geo-political tensions in the Middle East and North Korea’s nuclear test.
The company said it believed that the Obuasi mine does not meet its criteria for making an investment.
Zonte announces that it plans to raise up to $100,000 through a non-brokered private placement that will include up to 1,176,500 units (the “Units”) at a price of $0.085 per Unit (the “Offering”), subject to TSX Venture Exchange (the “Exchange”) approval.
Its project would sit on top of the Gramalote deposit, a joint venture between AngloGold Ashanti and B2Gold that could become one of the first modern commercial scale gold mines in Colombia.
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.