|Bid||2,450.00 x 0|
|Ask||2,639.00 x 0|
|Day's Range||2,486.00 - 2,540.00|
|52 Week Range||21.71 - 3,155.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 13, 2019 - Feb 16, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||27.54|
JOHANNESBURG/CAPE TOWN, Feb 13 (Reuters) - South African power utility Eskom needs a cash injection by April to survive, the country's public enterprises ministry warned in a presentation on Wednesday, although it later changed its wording to say the firm was "facing liquidity challenges". State-owned Eskom, which supplies more than 90 percent of the power in Africa's most industrialised economy, cut electricity for a fourth straight day on Wednesday.
South African power utility Eskom implemented major electricity cuts for a third straight day on Tuesday, as a shortage of generating capacity exposed the frailty of the struggling state-owned firm despite government promises to revive it. President Cyril Ramaphosa is trying to reform Eskom, which supplies more than 90 percent of the power in Africa's most industrialised economy but is drowning in more than $30 billion of debt, to lift the economy before an election in May. The cash-strapped utility said it would cut 3,000 megawatts (MW) of power from the national grid from 0600 GMT on Tuesday, likely until 2100 GMT, a day after cutting 4,000 MW in the worst power cuts seen in several years.
The South African rand had recovered losses by the end of the day on Thursday after a sharp selloff in emerging market currencies on rising concerns about global growth. Traders said the rand recovered as selling was considered to have been excessive and investors still see value at around 14.60 to the dollar. AT 1516 GMT the rand was 0.02 percent firmer at 14.4657 per dollar after tumbling to as far as 14.8975, its weakest in three months.
Harmony Gold Mining Company Limited (HMY) has been on the move lately as the stock has risen by 9.9% in the past four weeks, and it is currently trading well above its 20-Day SMA.
The two biggest South African unions at Sibanye Gold Ltd.’s mines got permission to strike over pay after a deadlock in gold wage talks. The National Union of Mineworkers and Association of Mineworkers and Construction Union received strike certificates at Sibanye after negotiations were referred to the Commission for Conciliation, Mediation and Arbitration, Minerals Council South Africa, an industry lobby group, said Thursday. AMCU was also granted permission to strike at Harmony Gold Mining Co. The approval ensures that the work stoppage is legal, which means employees can’t lose their jobs for participating.
Harmony Gold's (HMY) revenues improve 12% in FY18 owing to higher gold sales. It expects to produce 1.45 million oz of gold in fiscal 2019.
Companies desperate to turn struggling operations around have cut jobs left and right, but the government issued a stern warning against further layoffs.
Iamgold’s Q2 2018 Results Were a Mixed Bag: Is Outlook Better? After achieving record production of 109,000 ounces in the first quarter of 2018, Iamgold’s (IAG) Essakane mine reported weaker production in the second quarter. IAG maintained its guidance for Essakane to produce 380,000–395,000 ounces of gold in 2018.
The gloom in the mining sector is mainly due to the fall in precious metals. Gold, silver, platinum, and palladium have fallen 1.9%, 2.9%, 5.6%, and 0.53%, respectively, on a five-day trailing basis.
Although palladium has been the strongest among the four precious metals over the last month, it has fallen 9.8% year-to-date. Like silver, palladium often depends on industrial sentiment. It sometimes reacts more closely to the broader equity markets than its precious metal status.
Most of the precious metals and their mining companies have witnessed a choppy market in most of 2018, thanks to slumping metal prices. Precious metals are more closely associated with the downturn in these precious metals rather than the overall sentiment of the equity markets.
Zacks Industry Outlook Highlights: Alio Gold, Kirkland Lake Gold, Harmony Gold Mining and NovaGold Resources
South Africa trade union Solidarity has submitted wage hike demands in the gold sector of at least 10 percent annually over the next three years, according to a document submitted to the Chamber of Mines seen by Reuters. Solidarity only represents about 2 percent of the workforce in South Africa's gold mines but its members are skilled artisans and supervisors who are crucial to operations. The document says Solidarity is seeking increases of CPI inflation plus 4 percent, or 10 percent, "whichever is greater." CPI is currently running at 3.8 percent.
A lawyer acting for nearly half a million miners who contracted fatal lung diseases silicosis and tuberculosis in mines said an out-of-court settlement was expected to be signed on Thursday with those gold companies implicated in the issue. The High Court in 2016 set the stage for protracted proceedings on cases dating back decades in the largest class action suit yet in Africa’s most industrialized country. "Barring unforeseen circumstances, we expect to sign the silicosis agreement with the gold industry tomorrow (Thursday)," Richard Spoor told Reuters on Wednesday.