Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
South Africa’s mining production dropped more than expected in July to 7.7% , close to levels last seen in late 2012, as the country’s platinum mines were affected by the longest and costliest strike in history early this year.
The figures from Statistics South Africa show the gold sector has also suffered this year, with output falling almost 15% year on year. Copper and diamond production also declined in July — 15.9% and 10% year-on-year respectively.
Iron ore, however, saved the day. The sector contributed 2.2% to the country’s overall output for the period.
The gloomy data comes just days after the announcement of a wider-than-expected current account deficit for the second quarter.
Mining is a big foreign exchange earner in South Africa, while manufacturing is the second biggest sector of the economy. Both industries are in recession and dragged the whole economy to a 0.6% contraction in the first quarter of the year.
3 Comments
PB
Could the decline be because South Africa raised royalties and required companies to cede partial ownership to the government, and explorers aren’t ‘engaging’ and their proven resources are declining?
I love it when governments screw over exploration and mining companies and wonder why production falls off a cliff : )
Other countries – take note!
westonmare
it should go up in price not down, it has been driven down to scam people trading on line, The whole thing its rigged, its a scam .
keep away from trading on line.
They can drive the price down until last one closing the trading due to loss.
They run high powered computer with sophisticated software, you have no chance. !
On 100 trade tickets on long, 98% of them went down , on 100 trade thickets short 97 % went up. You are in a non winning position. Its a total scam . keep away, save your money from those sharks .
westonmare
Less metal on the markets means price up not down ! This is how they scam people with on line trading. Just like a casino, they make you win first and then they take you to the cleaner, they will run you dry ! They can change the market how to suite them at your expense. The whole thing its a fraud .The platform is not the real one, you are dealing not with the stock market but with their own software computers.
Keep away from all trading on line ,