The Minister of Lands and Natural Resources announced that he has agreed to sign a Memorandum of Understanding with protesting workers.
Gold Fields Mining News
Rough year shuffles ranks of global gold mining giants as Freeport makes a comeback – 2018 forecasts point to another tumultuous year.
The buyer, Perth-based Red 5, is also acquiring Saracen Mineral Holdings' King of the Hills mine.
The 10 largest gold mining companies produce 30% of the world's gold and enjoy some of the sector's fattest margins.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Only three of the world's largest gold producers managed to lift output in 2016 – Barrick loses 600,000 ounces of annual production but slashes costs.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
The Johannesburg-based company, however, said it remained interested in a negotiated transaction.
Offer came on the heels of Kirkland Lake's move to buy fellow bullion miner Newmarket Gold (TSX:NMI) in an all-stock deal worth about Cdn$1 billion ($764 million).
The investment will extend the life of the mine by eight years to 2024, in which the firm expects to produce 1.56 million ounces of gold there.
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.
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.
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.
The firm has not yet decided whether to inject more cash into Damang or suspend operations.
Top miners BHP Billiton, Rio Tinto, Vale and Anglo American are among the firms at risk of rating downgrade.
Its Damang mine in Ghana is struggling with current gold prices, the firm said.
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.
The goal is to develop an image algorithm that can classify material in a gold mine as high, medium or low grade ore, or waste.
The probe focused on a 2010 deal through which the company gave a 9% of its South Deep mine to a group of black investors in order to meet government’s regulations aimed to boost black ownership.
The miner, structured to "break even" at $1,050 per ounce, warned it would have to re-think the business if bullion prices dip below $1,000 and stayed there for a while.
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.
A large trade is betting that Gold Fields will hold firm for the next two months.