South Africa’s Public Investment Corp. faces a tough choice: back Sibanye Gold Ltd.’s takeover of Lonmin Plc, and take a hit on its investment, or scupper the deal and risk having to pony up more cash for the platinum miner. When Lonmin shareholder votes are tallied next Tuesday at a meeting in London, the PIC’s… Read More
Sibanye Gold Ltd. reiterated that its increased offer for Lonmin Plc is final, but kept its option open to sweeten the deal for the platinum producer should a rival bid emerge. While its current offer “is final and will not be increased,” the company “reserves the right to set aside the no increase statement if… Read More
The world’s top platinum miners are bracing for a fresh round of negotiations with South African workers as a rise in producer profits is likely to provoke higher wage demands from labour unions including the militant AMCU. Higher prices for palladium and rhodium and a weaker rand currency have boosted profits at miners such as… Read More
One of the most polarizing figures in South African mining, union leader Joseph Mathunjwa, has never hesitated to go head-to-head with powerful CEOs. Now he may have to face down the government. Mathunjwa’s Association of Mineworkers and Construction Union has upended labor relations in the local mining sector, leading long and crippling strikes as it… Read More
Anglo American Plc (LON:AAL) has hired three investment banks to fend off a potential takeover bid from the billionaire owner of Vedanta Resources Ltd (LON:VED), Anil Agarwal, the Telegraph reported, citing unidentified people. Agarwal has previously stated he had no intention to take over the miner, but bankers think he is now working with adviser… Read More
Platinum’s lesser-known cousin keeps going from strength to strength. Palladium, once considered an unattractive byproduct of platinum mining until the rise of catalytic converters in the 1970s, is hitting new records. Spot metal peaked at an all-time high $1,344.41 a troy ounce Wednesday. Over the past month, it’s been more costly than gold, which hasn’t… Read More
In an interview on CNBC on Oct. 11, economist Carl Weinberg told the business network that China is going to compel Saudi Arabia to sell them their oil in the Yuan currency, which will have a serious consequence to the dollar and the Petrodollar system.
Beijing is likely to “compel” Saudi Arabia to sell crude oil in yuan, and others will follow, according to the chief economist and managing director at High Frequency Economics Carl Weinberg. This will hit the US dollar, he says. In an interview with CNBC Weinberg said China has become a key player in the oil market since overtaking the US to become the world's largest importer. Saudi Arabia has “to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf US demand,”Weinberg told the media.
“I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them,” he added. A..