Seeking Alpha Portfolio App for iPad
Dividends & Income
View as an RSS Feed
View Davidniven's Comments
Talks break down
between South Africa's top three gold producers and striking miners, failing to reach agreement on pay proposals.
have shut all seven of AngloGold's (
) South African mines, which account for about a third of its total production; two of Gold Fields' (
) mines and one operated by Harmony (
) also are closed.
View news story
The silence here in Johannesburg is deafening.
Zuma and his cabinet are sitting on their hands. Each is more frightened than the next to do or say anything for fear of his political position in the run up to A.N.C. Presidential election. The Mining Minister has gone walk-about and when cornered has nothing to say at all.
The mine managers appear to be taking a legalistic route but so far have not actually done anything. Whatever possessed Lonmin to use the negotiating strategy of "feeding the wolves" is beyond comprehension.
N.U.M. the mining affiliate of COSATU ( which is nothing more nor less than the A.N.C. in the workplace and therefore extremely unlikely to actually try to resolve the situation through relatively impartial negotiation tactics) is trying to play catch-up having been caught out in their Nero-esque fantasy of fiddling while everything was burning.
The media appears to be complicit in some sort of attempt to keep details from public view.
The new Union on the block--AMCU alleges it is impartial but hey, this is Africa and their are agendas within agendas.
There are one or two certainties in the current mess:
* nobody is telling the truth
* vested interests on all sides are playing a very dangerous game of bravado
* the costs of re-opening and making safe stopes, developments and access tunnels together with associated electrical, water, and rail facilities at a depth of more than 3 kilometers is such that what was ore can rapidly become waste.
* total mine resource might be unchanged but you can bet your boots that total mine reserves will need to be re-calculated and the result will be negative.
The ANC is known to have a well developed and significant Marxist presence within high structures. Unfortunately (or perhaps fortunately) the adherents belong more to the Groucho persuasion than the one promoted by Karl.
All the ingredients for substantial collapse of an economic base of our society are present in the current mess.
In short, it's a f...k up
Oct 15 02:07 PM
Link to Comment
3 Gold Stocks With Over 50% Upside
Don't forget that AngloGold Ashanti has only two or three mines in SA and a further 8 or 10 spread over N.A, S A and Australia.
Agreed, it is registered in SA but that could change quite quickly if it has to.
It is possible that the company is mining its SA resources at a fast rate and preparing for an exit from that country. I hasten to add that this is my opinion and not ascertainable fact
Aug 28 09:26 AM
Link to Comment
Buy This Stock Before Gold Goes Higher
I should have added in my comment that management has stated that it will be mining higher grade ore in its SA mines. I mentioned earlier that in my opinion the halving of the dividend is not a great statement of confidence. Taking this together with the statement about mining higher grade ore ( at a time when gold prices are almost at all time highs) one has to ask oneself whether management has not taken a decision to exit the quagmire it finds itself in in SA. If the company has such existential issues at high gold price can you seriously support your argument that the stock is under-valued?
Nov 8 05:14 PM
Link to Comment
The Opinion Leaders
Xignite quote data
© 2013 Seeking Alpha