PRECIOUS-METALS HIGHLIGHTS: Top Stories of the Day
08/16/2012| 05:25pm US/Eastern
WSJ: Police Open Fire at South African Mine
JOHANNESBURG--South African police fired on striking platinum workers wielding pistols and machetes, resulting in an unknown death toll and deepening labor turmoil as the continent's largest economy grapples with high unemployment.
WSJ UPDATE: Barrick Says in Talks with China Miner Over Africa Operations
TORONTO--Barrick Gold Corp. (>> Barrick Gold Corp.) said it is in talks to sell a big chunk of its African assets to a Chinese mining company in a deal that analysts say could fetch as much as about 2.5 billion British pounds ($3.9 billion), the latest move by the world's largest gold miner to boost shareholder value.
Sixty Miners Feared Dead in Congo Gold-Mine Landslide - U.N. Radio
At least 60 gold miners are feared dead after a landslide swept through a shaft in which they were working in Congo, the United Nations-sponsored Radio Okapi reported Thursday.
STORIES OF INTEREST
South Africa's ANC Confirms Deaths at Lonmin Mine in Police Confrontation
JOHANNESBURG--South Africa's ruling party confirmed Thursday that there were deaths at Lonmin PLC's (>> Lonmin Plc) Marikana mine following clashes between police and protesters.
UPDATE: Spot Platinum Surges Amid South African Supply Fears
Spot platinum surged to a 10-day high Thursday, energized by supply-side pressures at the world's third-largest platinum mine due to an escalating industrial dispute, a stronger euro and a lift in wider market sentiment.
UPDATE: Thailand Buys Indian Wheat to Cut Costs; First Time in 8 Years
SINGAPORE--Thai flour millers have bought at least five cargoes totaling 100,000 metric tons of Indian wheat at $312/ton-$321/ton, basis cost and freight, trading executives said Thursday.
UPDATE: Lonmin Unlikely to Meet Production Guidance; CEO Hospitalized
JOHANNESBURG--Lonmin PLC (>> Lonmin Plc) said Thursday its chief executive has been hospitalized for an undisclosed illness, another blow to the company already battling to end a violent protest that will likely cause the company to miss full-year production targets.
Philex Likely to Be Fined $7.7 Million for Mine Discharge - Official
MANILA--Philex Mining Corp. (>> Philex Mining Corporation) faces fines of at least 325 million pesos ($7.7 million) after its Padcal mine discharged around 5 million cubic meters of sediments from a tailings pond into a nearby river and surrounding areas, Environment and Natural Resources Secretary Ramon Paje told reporters Thursday.
UPDATE: India 2012 Gold Demand Seen Down 33%; Jewelry Sales May Revive on Festive Buying
MUMBAI--Gold demand in India, which regained its position as the world's top consumer from China during the last quarter, is likely to fall as much as 33% in 2012 from a year earlier mainly due to near-record prices and gloomy economic conditions, the managing director of the World Gold Council's India office said Thursday.
UPDATE: China Gold Demand Falls, Snaps Trend of Gains
BEIJING--China's gold demand in the second quarter fell 43% sequentially and 7% from the same period a year earlier to 144.9 metric tons, snapping three years of increases that had made the Asian nation the world's top consumer of gold earlier this year, the World Gold Council said Thursday.
2nd UPDATE: Harmony Full-Year Net Profit Quadruples on Gold Price
JOHANNESBURG--Harmony Gold Mining Co. (HAR.JO) said Thursday its net profit for its last fiscal year more than quadrupled, mainly because of higher gold prices, and the company expects further gains in the gold price in the next fiscal year.
PRECIOUS METALS: Platinum Hits 1-Month High on South Africa Strike
NEW YORK--Platinum futures surged to a one-month high Thursday as a labor strike at the world's No. 3 producer of the metal raised concerns that supply would be more limited than previously thought.
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