Gold price closes in on $2,200/oz after US jobs data
“We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty," one analyst says.
“We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty," one analyst says.
The nation’s platinum sector — which accounts for about 70% of global output — has been a key export industry.
The miner kicked off in October a restructuring process at its four loss-making mines that was expected to result in the loss of 4,095 jobs.
The country's biggest mining investors are halting plans to spend billions of rand on new projects in response to a slump in profits.
Restructuring to impact 10% of Kumba's workforce.
Anglo American Platinum's profit plunged by 71% last year.
South African PGM miners, home to around 70% of global mined platinum output, are discussing the need to restructure unprofitable production.
Investors' focus now shifts to Friday's US nonfarm payrolls for further clarity on the Fed's interest rate path.
The mine was put on care and maintenance in June after prices of the galvanizing metal hit a three-year low.
The company said orders with major mining companies were at a good level, but that it had seen a slowdown from smaller miners.