South Africa coal, metal exporters to spend billions on rail
Organizations representing firms including Glencore and a unit of Anglo American are negotiating the terms of the pacts with Transnet.
Gold Fields Ltd., a South African producer of the metal with mines from Australia to Peru, will invest $1.4 billion to extend the life of its Damang operation in Ghana by eight years.
The investment will allow the mine to keep operating until 2024, Johannesburg-based Gold Fields said in a statement Monday. The money will be paid over the eight-year period, it said.
“This is a classic brownfields opportunity,” Chief Executive Officer Nick Holland told Bloomberg.
