Zimbabwe central banker stockpiles gold to bolster ZiG currency
The ZiG - short for Zimbabwe gold — is the nation’s sixth attempt at having a functioning local currency in the last 15 years.
Sibanye Stillwater will not be re-evaluating its currency hedging strategy in response to short-term volatility in forex markets, the South Africa-listed mining company said on Thursday.
Currency markets have been in turmoil over the past week, with potential knock-on impacts for global mining companies who have hedges in place to protect them from sudden currency fluctuations.
The world’s biggest platinum miner said it constantly assesses the markets and considers its risk mitigation strategies accordingly, but “forex gyrations haven’t yet been a significant factor affecting our decisions”.
The South African rand, which depreciates when the US dollar is strong, acts as a natural hedge against commodity price weakness, Sibanye, which has mines in South Africa and the United States, told Reuters.
(By Helen Reid; Editing by Philippa Fletcher)
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