|Bid||5.97 x 3200|
|Ask||5.98 x 1200|
|Day's Range||5.85 - 6.03|
|52 Week Range||3.12 - 6.29|
|Beta (3Y Monthly)||-0.06|
|PE Ratio (TTM)||58.96|
|Forward Dividend & Yield||0.08 (1.42%)|
|1y Target Est||6.46|
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterSouth Africa has been hit by a sixth straight day of rolling blackouts as state-owned power utility Eskom Holdings SOC Ltd. acts to prevent a total collapse of the grid after a raft of plant breakdowns. The company implemented a record level of cuts -- 6,000 megawatts -- late Monday, prompting platinum and gold mines in the country to halt operations.Highlights So Far:Eskom says there’s a high likelihood of cuts all week. The utility plans to cut 4,000 megawatts -- known as Stage 4 -- until late Tuesday.Producers including Sibanye, Implats and Harmony stopped mining operations and mobile-phone networks have been affected.The City of Cape Town warned that a return to Stage 6 could lead to water-supply interruptions.Rains that have soaked coal and caused flooding may continue through Friday.Read more: Record Blackouts Shut South Africa Mines as Recession Risk RisesHere are the latest developments, updated throughout the day. Time stamps are local time in Johannesburg.Rand falls (2:47 p.m.)The rand fell 1% to 14.8158 per dollar by 2:47 p.m. in Johannesburg. It was the outlier in emerging-markets, which traded largely flat versus the dollar. The South African currency has now weakened two days in a row after Eskom raised the blackouts to a record level Monday. The rand declined Tuesday by the most on a closing basis since Oct. 30.Perfect storm for insurers (2 p.m.)Between the power cuts and heavy rains causing flooding in parts of South Africa, it’s a “perfect storm” for insurance companies at the moment, said Christelle Colman, a spokeswoman for Old Mutual Ltd.’s property and casualty insurance unit.The business typically expects higher levels of claims during periods of extended load-shedding, she said. These vary from claims related to frozen foods spoiling in freezers when outages exceed the scheduled time period to power surges damaging electronics around the home.There’s also an increase in claims due to power surges and motor car accidents during night-time blackouts. The rotating power cuts also mean more incidents of theft and robbery, especially during December when South Africans travel for summer holidays.Battery Theft (1:30 p.m.)The constant outages are affecting the performance of batteries powering MTN Group Ltd.’s equipment, said Africa’s largest wireless carrier. The company spent about 300 million rand last year ($20 million) on batteries for existing sites and has 1,800 generators in use.The company is also having to spend more on security to protect its batteries, generators and general site equipment from thieves and vandals.“Load-shedding is seeing entire neighborhoods cloaked in darkness at predictable times, which is offering criminals greater cover for their thieving,” the company said.Limited impact at Gold Fields (1:15 p.m.)Gold Fields Ltd., which operates one mine in South Africa, said the impact of power cuts has been limited so far.“We have managed the impact so far by shifting load between critical activities to ensure our core mining activities can continue,” said spokesman Sven Lunsche. “If load shedding continues at Stage 4 or above for a prolonged period, however, and there are sustained interruptions linked to our production ramp up it will become more challenging and we will need to implement alternative mitigations to ensure business continuity.”Manufacturing contracts (1 p.m.)South Africa’s statistics office said factory production contracted for the fifth consecutive month in October, when Eskom implemented the previous round of power cuts. That adds to the risk of a second recession in as many years. Manufacturing accounts for about 13% of gross domestic product.Anglo Platinum costs (1 p.m.)Anglo American Platinum Ltd. said that the rolling blackouts may add to its production costs this year, which are already likely to exceed an earlier forecast.The company is engaging with Eskom to understand the technical constraints and see where it can assist, spokeswoman Jana Marais said separately.“We have standby diesel power generators in place, and all our operations have emergency-response plans which detail what should happen in the event of load-shedding, which includes the safe evacuation of employees, shutdown procedures and communications.”Vodacom connectivity (12:30 p.m.)Vodacom Group Ltd. said its customers around the country will be experiencing network-connectivity issues due to the Stage 4 load-shedding affecting its mobile phone towers.“Our towers do use batteries as a back-up but these do have limited power and will eventually fail,” said spokesman Byron Kennedy. “A notable complication with Stage 4 load shedding over consecutive days is that batteries don’t get enough time to recharge to full capacity.”Vodacom has recently put mitigation measures in place including additional batteries and generators around the country, he said.Cape Town water (12 p.m.)A return to Stage 6 could lead to water-supply interruptions in Cape Town, the city warned.“Load-shedding of this severity is likely to constrain our ability to provide water supply in the reticulation system across the whole of Cape Town in the usual way,” it said in a statement. “Residents should not panic, but please use water sparingly and prepare just in case they do experience a period of no water supply.”Platinum, palladium rise (10:30 a.m.)Platinum and palladium led gains among major precious metals after South African producers said they had stopped operations. Platinum gained as much as 1.2%. Palladium rose as much as 0.6% to a fresh record of $1,894.47 an ounce, closing in on $1,900 for the first time. The metal has rallied 50% this year amid tight supply.High likelihood of cuts all week (10 a.m.)Eskom plans to cut 4,000 megawatts until 11 p.m. on Tuesday as it continues to face a shortage of generating capacity. Breakdowns are at 15,200 megawatts, the company said in a statement.“The incessant rains continue to impact coal handling and operations at our power stations. The probability for load-shedding remains high for the rest of the week.”Rains to continue (10 a.m.)Heavy rains have soaked coal, which is used as fuel, and caused flooding at Eskom’s Kriel and Camden power stations, the utility said. South African Weather Service forecasts show rain in Mpumalanga, the province in which the electricity plants are located, will continue through Friday. Rainfall in Lephalale, near the giant Medupi plant, could reach as much as 25 mm (1 inch) today, forecasts show.Mines close (Earlier)Producers including Sibanye Gold Ltd., the world’s biggest platinum miner, recalled workers from underground and stopped milling ore after Eskom announced Stage 6 cuts on Monday night. No. 2 producer Impala Platinum Holdings Ltd. didn’t start the 4 a.m. underground shift Tuesday and the company has stopped milling ore and shut its smelter.\--With assistance from Prinesha Naidoo, Felix Njini and Loni Prinsloo.To contact the reporters on this story: Colleen Goko in Johannesburg at firstname.lastname@example.org;Roxanne Henderson in Johannesburg at email@example.comTo contact the editors responsible for this story: Amogelang Mbatha at firstname.lastname@example.org, Liezel Hill, Pauline BaxFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
If you want to know who really controls Gravitas Financial Inc. (CNSX:GFI), then you'll have to look at the makeup of...
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterGold Fields Ltd. said the turnaround of South Deep opens the way for the company to do a deal at its last South African mine.The company would consider different “corporate structures” for South Deep, after it returned to profit in 2019 following more than 10 years of losses, according to Chief Executive Officer Nick Holland. The mine needs to build a track record of profitability before a final decision is taken in February 2021, he said in an interview.“We are open, we are not closed to ideas to release value on the asset,” Holland said. “But I think we have got to do it from a stronger base.”Gold Fields on Friday raised South Deep’s output targets for this year and next as the company implements the mine’s fifth turnaround plan since its acquisition in 2006. The company expects the operation to produce 5% to 10% more than its initial 2019 guidance of 193,000 ounces.Still, investors remain skeptical after the mine repeatedly missed goals over the past decade, including attaining production of as much as 800,000 ounces, the CEO said. While South Deep sits on the second-biggest known body of gold-bearing ore, power shortages and regulatory uncertainties in South Africa are compounding the challenges faced by one of the world’s deepest mines, he said.“There is still much work to be done and one swallow doesn’t make a summer,” Holland said. “To get people to believe it can work we have to show good performance over a long period of time.”Gold Fields could take advantage of higher gold prices and a weaker rand, which lowers costs for South African producers, to sell South Deep, said Rene Hochreiter, an analyst at Noah Capital Markets Ltd.“They should do their absolute best to try and sell,” Hochreiter said. “In this rand-gold price environment, it would be a good time to sell.”Rival AngloGold Ashanti Ltd. said last month it may finalize the sale of its remaining South African assets as early as the first quarter of 2020, a deal that could clear the way for the miner to move its primary listing from Johannesburg. Gold Fields has also considered moving its primary listing, Holland said.“It’s an issue that one keeps on evaluating but one thing to remember is that it’s not so much as where you are listed, it’s about the underlying performance of the assets that matter,” the CEO said. “If assets perform well, you make good cash and shares get rerated.”(Updates with analyst comment in seventh paragraph)To contact the reporter on this story: Felix Njini in Johannesburg at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Dylan Griffiths, Stuart WallaceFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
JOHANNESBURG , Nov. 8, 2019 /CNW/ -- Gold Fields Limited (NYSE: GFI) (JSE: GFI) is pleased to provide an operational update for the quarter ended 30 September 2019. Detailed financial and operational results ...
JOHANNESBURG , Aug. 15, 2019 /CNW/ -- Gold Fields Limited (NYSE: GFI) (JSE: GFI) today announced profit attributable to owners of the parent for the six months to 30 June 2019 of US$71m ( US$0.09 per share). This ...
Given the optimism and intense buying pressure on the yellow metal, gold stocks have been surging this year. Below, we present five such high-flying stocks that will continue to outperform.
JOHANNESBURG , Aug. 8, 2019 /CNW/ -- Further to the trading statement released on 2 August 2019 , Gold Fields Limited (Gold Fields) (JSE: GFI) (NYSE: GFI) advises that headline earnings per share (HEPS) ...
Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) provides an overview of its planned exploration program for the second half of 2019 as operators of the Asanko Gold Mine (“AGM”) in Ghana, West Africa, which is a 50:50 Joint Venture between the Company and Gold Fields Limited (JSE, NYSE: GFI). 1. To delineate new resources within 10km of the 5Mtpa processing facility that can be brought into the near-term mine plan, initially targeting Tontokrom, Opeimu and Kaniago West (see figure 1).
The AGM is owned by Asanko Gold Ghana Limited (“AGGL”). AGGL is 90% owned by a 50:50 Joint Venture between the Company and Gold Fields Limited (JSE/NYSE: GFI) and 10% owned by the Government of Ghana. These changes will better align the business to the strategy of maximizing the benefits of the recent major capital investments at the AGM as the focus shifts to cash flow generation. In conjunction with the change, Peter Breese will be retiring from his management and board roles with the Company.
VANCOUVER, British Columbia, July 10, 2019 -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) is pleased to announce production results for the second.
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Today, BMO Capital Markets upgraded AngloGold Ashanti (AU) from “market perform” to “outperform” and raised the stock’s target price from $16 to $21. The bank believes that AU has a solid track record and is on track to get its Obuasi mine operational by the end of the year.