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.
Sibanye Gold Mining News
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.
The company will seek a court order to stop the strike, which is already affecting output.
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.
Despite the collapse in platinum prices last year, chief executive Neal Froneman is confident that the sector has turned a corner.
Sibanye is not exclusively looking at buying gold assets; it is also considering platinum, coal, uranium and base metals mines.
The gold miner is expanding its portfolio to platinum, coal and uranium, as it also mulls an incursion in the base metals sector.
The move aims to reduce the gold producer's dependence on unreliable electricity supply from state-run utility Eskom Holdings.
The announcement comes only days after Anglo announced a $330m deal to sell lossmaking South African platinum mines to Sibanye Gold.
The deal involves an upfront payment of 1.5 billion rand, with a minimum deferred payment of 3 billion rand, equal to 35% of cash flow generated by the operation.
The companies are expected to make an official announcement on Wednesday.
This the first time in over 15 months that Sibanye officially confirms its interest in Amplats’ Rustenburg assets.
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.
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.
Harmony Gold, Sibanye Gold Ltd., and AngloGold Ashanti named among the top candidates to consider deals.
Output from the rest of Anglo's diversified mining assets rose, but it wasn't enough to offset underperformance at its platinum mines.
South Africa’s top gold producer is said to be going ahead with plans to expand into the country’s platinum sector before the end of the year.
The union leading the five-month strike in the platinum sector take any industrial action affecting gold producers.
What works well for gold may work for PGM, too.
A 52-week high.
Platinum belt already paralyzed.