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GOLDEN OPPORTUNITY
By: Martin Creamer 12th August 2016 With the gold is still 41% below the levels seen in 2011, Sharps Pixley CEO Ross Norman sees a golden opportunity to buy gold now. What South African gold miners are finding an even bigger golden opportunity is mining gold now, which in rands is fetching record prices above the R600 000/kg level.... →
ELUSIVE GROWTH
By: Darlene Creamer 12th August 2016 Without far higher levels of economic growth, South Africa will have little chance of dealing with its serious social problems of unemployment, poverty and inequality. Sadly, it appears less and less likely that South Africa will grow at all during 2016, while the 5%-plus target contained in the... →
THINK ZINC
By: Martin Creamer 5th August 2016 Unloved for so long, zinc is back in fashion, with investors showing great affection for the bluish-white lustrous metallic element. Used to galvanise and protect steel from corrosion, zinc has jumped 40% this year to make it the best-performing industrial metal, according to Bloomberg. Currently... →
RENEWABLE RUCTIONS
By: Darlene Creamer 5th August 2016 Simmering tensions between Eskom and renewable-energy independent power producers (IPPs) burst into the open last month, when the State-owned utility sent a letter to the Energy Minister indicating that it would not connect any further IPPs until it had consultations. The outcome of the power... →
FREE, FAIR & PEACEFUL
By: Darlene Creamer 29th July 2016 With countdowns to the Rio Olympics and South Africa’s municipal elections truly under way, issues of fairness are top of mind. Following less than harmonious run-ups, the actual events will hopefully make for far more pleasant viewing. In South Africa free, fair and, most importantly, peaceful... →
SPROUTING WINGS
By: Martin Creamer 29th July 2016 The world is doing what has been its custom throughout the centuries. It falls back on the only real way of preserving buying power. It buys gold. Little wonder that the global gold holdings of exchange-traded funds (ETFs) are topping the 2 000 t mark for the first time in three years. There is a... →
BUBBLE TROUBLE
By: Martin Creamer 22nd July 2016 Former Federal Reserve luminary Alan Greenspan famously coined the term "irrational exuberance" in referring to asset bubbles, which occur when large overvaluations of assets balloon and then end in grief. Resource Maven newsletter writer Gwen Preston claims in an interview with Mining Weekly... →
NOT SO SWEET
By: Darlene Creamer 22nd July 2016 The National Treasury has released draft details of its proposed sugar tax amid concerns form some quarters about the efficacy of such a tax in dealing with the scourge of obesity. What is apparent – to the cynics anyway – is that the introduction of a new tax could help fatten government... →
DOLLARS FROM HEAVEN
By: Martin Creamer 15th July 2016 Dollars are falling from the sky into the gold sector. Global gold holdings in exchange traded funds (ETFs) have topped 2 000 t for the first time since June 2013, which Sharps Pixley-reported commentator Tyler Durden calculates is equal to Switzerland’s gold holdings times two and a quarter of... →
PUBLIC RUCTIONS
By: Darlene Creamer 15th July 2016 Be it the South African Broadcasting Corporation, South African Airways, or Eskom State-owned companies are never far from controversy or conflict. Having remained somewhat out of sight in recent years, the Strategic Fuel Fund has been the latest headline grabber. Firstly, it surprised many by... →
GOLDEN BLASTOFF
By: Martin Creamer 8th July 2016 Gold, which has risen 25% this year, is holding on to its Brexit gains, as investors make use of its safe haven status to keep it above the $1 300/oz mark. Schroders fund managers Mark Lacey and James Luke emphasise that gold equities in particular are offering a compelling investment case. They... →
FUNDING GAP
By: Darlene Creamer 8th July 2016 There is little question that government is correct to aspire to a different model for the funding of healthcare, with serious efforts needed to close the current gap in the quality of service available to rich and poor South Africans. However, there is concern that government may be... →
HYDROCARBONS STANDOFF
By: Martin Creamer 1st July 2016 A tug of hydrocarbons love could well play itself out in the next few months as two government departments vie for the control of upstream oil and gas regulation. While the Department of Energy (DoE) seems tailor-made for the job, the Department of Mineral Resources (DMR) is proceeding on the... →
SWITCHED ON
By: Darlene Creamer 1st July 2016 Increasingly, access to the Internet is being seen not merely as a nice to have, but as an essential social, educational and economic tool. Last month, the world celebrated ‘World Wi-Fi Day’ on June 20. Some providers marked the occasion by extending free services for a short period. No doubt a... →
BACK FROM THE BRINK
By: Martin Creamer 24th June 2016 In October last year, 120 people assembled for five weeks to develop a strategy for South Africa’s beleaguered mining industry. They did so under the banner of Phakisa or Hurry Up and one of this initiative’s tangible outcomes has been the reopening of the old Comro mining research organisation.... →
STIMULUS NEEDED
By: Darlene Creamer 24th June 2016 Despite recent reprieves from three credit rating agencies, it is painfully clear that South Africa is not out of the woods, with further reviews likely before year-end. Cabinet itself has noted that the June affirmations simply provide the country with the “necessary space” to continue... →
THE REVERSE OF A CURSE
By: Martin Creamer 17th June 2016 The African National Congress (ANC) appears to have let up on its previous firm demand that the Mining Charter be enforced by an Act of Parliament. The approach was viewed by the mining industry as conferring legislative powers on the executive in violating the rule of law. This set the private... →
REPRIEVE NOT RELIEF
By: Darlene Creamer 17th June 2016 As highlighted by a number of commentators – and acknowledged by government itself – the recent reprieve given to South Africa by S&P Global Ratings is but the ‘end of the beginning’. The initiatives being pursued jointly by government, business and labour will have to be implemented to ensure... →
NEW MINDSET IN THE MAKING
By: Martin Creamer 10th June 2016 The African Union (AU) is to launch an African Minerals Development Centre so as to ensure that African governments are better equipped to negotiate better mining and exploration terms and contracts. AU chairperson Dr Nkosazana Dlamini Zuma told last week’s Junior Indaba in Johannesburg that the... →
TOP OF MIND
By: Darlene Creamer 10th June 2016 How can South Africa reignite economic growth? That’s the question occupying the minds of policymakers and business leaders. It’s generally accepted that growth alone cannot fully address the problems of unemployment, poverty and inequality. However, without growth, South Africa has no chance of... →
DIAMOND EXCHANGE
By: Martin Creamer 3rd June 2016 Philippe Mellier, who will be 61 this year, is passing the De Beers baton on to CEO-designate Bruce Cleaver, who is ten years his junior, but with twice the years’ service at the world’s biggest diamond producer by value. Cleaver co-acted as De Beers CEO between Gareth Penny’s departure and... →
ON THE BRINK
By: Darlene Creamer 3rd June 2016 Standard & Poor’s releases its much anticipated ratings review of South Africa today. The agency currently rates South Africa at BBB- and on negative watch – only one notch above junk. By the time to see this, you may well know the answer the question posed above: “Will it be Recession or... →
PROXIMATE PLATINUM PROBLEM
By: Martin Creamer 27th May 2016 The latest set of financial results of platinum mining company Lonmin had the company turning the corner. The share price rose sharply as cash flowed on higher platinum sales. But Lonmin CEO Ben Magara was quick to remind shareholders of the platinum industry’s next challenge of new wage talks... →
DANGEROUS TERRITORY
By: Darlene Creamer 27th May 2016 Finance Minister Pravin Gordhan’s letter following news of his possible arrest made for frightening reading. These paragraphs were particularly unsettling: “It is indeed true, that no one is above the law. But no one should be subjected to the manipulation of the law and agencies for ulterior... →
GOLDEN DEMAND:
By: Martin Creamer 20th May 2016 Gold demand has been hitting highs, with first-quarter demand at 1 290 t, a 21% year-on-year increase and the second-highest quarterly demand on record. The World Gold Council puts the higher demand down to big inflows into exchange-traded funds (ETFs), fuelled by investor concern about economic... →
SMALL BUSINESS LIFELINE
By: Darlene Creamer 20th May 2016 News that government and business would be launching a fund to support small businesses is indeed welcome, particularly in light of the country’s dismal employment performance in the first quarter. However, it should not distract government from dealing with some of the more fundamental... →
STUCK IN THE MUD
By: Martin Creamer 13th May 2016 The shares of BHP Billiton, the world’s biggest mining company, had their worst day in more than seven years last week when the news broke that the Brazilian Federal Public Prosecution Service had launched a A$43-billion legal case against it and Vale over the massive slimes dam burst at the... →
LOCALISATION CROSSROADS
By: Darlene Creamer 13th May 2016 For some time now, there have been grumblings about the failure of some rail original equipment manufacturers to live up to their local-content commitments. Now that the issue is receiving much needed public attention, it is vital that steps are taken to either ensure that the localisation... →
WHY THE STRAIGHT JACKET, MINISTER?
By: Martin Creamer 6th May 2016 The vast bulk of mining company shareholdings – probably more than 95%, particularly in respect of larger companies – are not owned by individuals or their companies, but by huge pension funds and provident funds, local and foreign. These shares, along with those held individually by South... →
STEEL SQUEEZE
By: Darlene Creamer 6th May 2016 There is little question that the steel industry is taking strain globally, owing to too much supply chasing too little demand. In South Africa, however, an anomalous situation has arisen: prices are recovering and there are even shortages of some long-steel products. Unless well managed, the... →
STABBED IN THE BACK
By: Darlene Creamer 29th April 2016 New Minerals Minister Mosebenzi Zwane chose to take the mining industry by surprise when he unilaterally gazetted a revised Mining Charter without consulting a soul in mainstream mining. If his objective is to halt investment and retard the South African economy, then he will have achieved it... →
DOMESTIC MATTERS
By: Darlene Creamer 29th April 2016 With the International Monetary Fund and the World Bank confirming that international economic developments are unlikely to be supportive of growth in countries such as South Africa, more and more attention is going to have to be giving to reigniting domestic sources of growth. To open that... →
THE R25 THAT AVERTED A STRIKE
By: Martin Creamer 22nd April 2016 The Association of Mineworkers and Construction Union (AMCU) demanded big on the platinum belt – R12 500 a month entry level wage or the strike would continue. And it did, for five long months. In gold, AMCU has been infinitely more moderate and its strike threats exceedingly short-lived. An... →
TOUGHER TIMES
By: Darlene Creamer 22nd April 2016 Africa grew by only 3% in 2015, which was the continent’s slowest pace of growth since the 2009 global financial crisis and well below the 6.8% levels experienced between 2003 and 2008. The World Bank has also lowered its 2016 growth forecast for Africa to 3.3%, from 4.2% previously, largely... →
GOLDEN GENUFLECTIONS
By: Martin Creamer 15th April 2016 Collective gold wage agreements have been thrown into disarray with the sidelines agreement struck by the Association of Mineworkers and Construction Union (AMCU) and Sibanye Gold. The National Union of Mineworkers, Solidarity and UASA unions are feeling sore that the three-year deal they struck... →
PAPERING THE CRACKS
By: Darlene Creamer 15th April 2016 African National Congress secretary-general Gwede Mantashe’s statement that the governing party would not “tear itself apart” by recalling a President who failed in his obligation to “uphold, defend and respect the Constitution” offered a tiny glimpse into the reasons behind its weak response to... →
LEGAL PROBE
By: Martin Creamer 8th April 2016 A US law firm is reportedly taking steps to build a class-action lawsuit against the world’s biggest mining company. Business Wire reports that Lundin Law is urging investors with losses to contact it regarding possible violations of federal securities laws by BHP Billiton. The wire service adds... →
DUAL DILEMMA
By: Darlene Creamer 8th April 2016 There is little question that the South African Reserve bank is correct to use the tools at its disposal to ensure that inflation does not get out of control. However, there is increasing scepticism over whether the bank’s recent response to the spike in inflation is sensitive enough to the... →
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