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The pursuit of Harmony

Article Abstract:

The South African gold mining industry faces a number of problems such as a drop in the price of gold, while labor costs have risen after the end of apartheid, and many workers have become sick through HIV infection. Mining companies are restructuring in response to these problems. Harmony is a former contractor which has been successful in the industry, and which has focused on operations, cutting management layers and promoting multi-disciplinary teams. Labor unions have agreed to layoffs, which were needed to revive the company. Remaining workers benefit from higher wages.

Publisher: Economist Newspaper Ltd.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
Management, Harmony Gold Mining Company Ltd.

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The great black hope

Article Abstract:

Ashanti's Sam Jonah has been hit by a rise in the price of gold which has created problems due to his policy of hedging gold. Creditors are seeking their money, and Ashanti does not have the financial strength to pay them. The terms imposed by counterparties have been stricter for Ashanti than for some other companies since it is located in Ghana, which is seen as a high risk country. Ashanti has also issued debt to fund acquisitions and used hedging to seek a profit rather than give protection against changes in gold prices.

Publisher: Economist Newspaper Ltd.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
Finance, Ashanti Goldfields Corporation (Ghana) Ltd.

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Losing its glitter

Article Abstract:

Gold prices have dropped and this has led to conspiracy theories and criticisms of a British decision to sell gold from its reserves. Gold has become less attractive as a hedge against inflation as a result of a drop in inflation rates. The drop in prices could have been exacerbated by the public way in which the sale was announced. The International Monetary Fund is also to sell gold as a way of cutting debt for poorer countries. Congress is not keen on the sale, but neither is it keen on providing aid for poorer countries.

Publisher: Economist Newspaper Ltd.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
Gold Bullion, Economic aspects, Prices and rates, Gold

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Subjects list: Gold industry, Gold mining
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