Posts tagged with 'Mining'

 

Another Mining House Pulls out of South Africa. AngloGold Raises its Anchors & Sells all its SA Interests to Harmony

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With the continuing decline of the business environment in SA, AngloGold has also decided to join the exodus and has pulled out of South Africa, further weakening economic conditions, although it has divested its interests.

In doing so, the mining group ends its long history of mining in South Africa and, with the sale of all its interests at R4,4 Billion, finally showed its heels to SA.

The new owners, Harmony, snapped up the last two active operations of AngloGold with the aim of reducing its own risk.

However, the fact that Harmony bought the industry does not mean that everything remains unchanged, because every mining house or industry leaving the country causes new investors to come in and take over the interests.

AngloGold’s Chief Executive, Canadian Kelvin Dushnisky, has not let the grass grow under his feet and has moved from one group to the next, and with the latest move, sold the last part of the interests in SA.

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Who Needs Corrupt Dirty Eskom? Mining Houses Going Off Grid & So Should You, But is ANC Waiting For a Bribe Before Issuing Solarfarm Approval?

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Big Mining Houses are tired of the constant disruption to production that Eskom mismanagement and corruption have caused and have already begun urgent planning to make power generation more stable, by using alternative solar panel energy generation.

Gold Fields’ plans show that they can obtain about 20% of their energy consumption from clean renewable solar, which can operate for the next two decades.

Gold Fields is planning a new “Sonplaas” which will be erected outside Johannesburg and is expected to be ready within three years, but unfortunately the corrupt ANC still needs to approve the plan, so now the mining house has to wait for the ANC minister to issue the certificate so that they can proceed with the project, which will probably mean “greasing some corrupt official’s palm”.

The Mine has lost Millions of Rand in recent weeks with the rolling power cuts, and the Minister’s approach of dragging their feet, or waiting for a bribe maybe, to approving the
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It is reported that Cyril has no solid economic policy, is that why he is just borrowing money from everywhere?

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Ramaphosa’s government doesn’t have an economic policy. All that’s been forthcoming is a stimulus package, plus two summits.

As the entrails of the era under South Africa’s former president Jacob Zuma continue to be exposed each day before a commission set up to investigate corruption, so the country witnesses the consolidation of the political project spearheaded by the new head of state Cyril Ramaphosa.

But a key piece of the puzzle is missing: Ramaphosa’s government doesn’t have an economic policy. All that’s been forthcoming is a stimulus package, plus two summits – one on jobs, the other on investment. Do these add up to an economic policy?

The answer is no. Here’s why.

I agree with South African economist Duma Gqubule that the stimulus package is a mix of short-term stimulus measures and longer-term structural transformation measures, without doing justice to either. The short-term measures don’t include the usua
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