1) Platinum Giants Seek Mediation After Union Declares Dispute
Anglo American Platinum Ltd. and Sibanye Gold Ltd. will seek mediation to break the deadlock in wage negotiations with South Africa’s largest platinum-mining labor union. The producers said they will try to resolve the standoff internally, rather than apply to the nation’s Commission for Conciliation, Mediation and Arbitration. View Anglo Americam Platinum Ltd. Share Prices.
2) Moody’s Says Fixing S. Africa’s Eskom Is Complex, Will Take Time
Fixing loss-making power utility Eskom Holdings SOC Ltd. is complex and it will take time for the government and the company to agree to a plan, according to Moody’s Investors Service.
3) South Africa’s Malema Presents Himself to Police Over Gun Probe
South African opposition leader Julius Malema presented himself to the police’s special investigative unit over allegations that he illegally fired a weapon. Malema arrived at the offices of the so-called Hawks in the capital, Pretoria, on Tuesday. His party, the Economic Freedom Fighters, said Monday the unit would issue a warning statement to Malema.
4) Platinum Will Rally to $1,000 Next Year on Demand, Citi Says
Citigroup Inc. remains bullish on platinum over the next 12 months on expectations of an improvement in automotive demand, although consolidation is likely in the near term, according to note received Sept. 10. * Bank raises 4Q price forecast to $950/oz from $900 previously; seen increasing to $1,000/oz during 2020.
5) Moody’s Says S. Africa Rating Depends on Debt Trajectory, Growth
The future of South Africa’s credit rating is dependent on the debt trajectory, credit profile and the government’s ability to address slow economic growth, Lucie Villa, Moody’s Investors Service vice president and lead sovereign analyst for South Africa, tells reporters in Johannesburg. * The lack of a plan for Eskom is an illustration of uncertainty; Moody’s wants to see a plan that is agreed to by all stakeholders.
6) South Africa Factory Output Falls for Second Straight Month
South African factory output contracted for the second consecutive month in July as the output of petroleum and chemical products and basic iron and steel continued to shrink. Manufacturing production declined 1.1% from a year earlier, compared with a revised 3.6% fall in June, Pretoria-based Statistics South Africa said Tuesday in a report on its website. The median estimate of nine economists in a Bloomberg survey was for a 1.5% contraction.
7) ‘King of Africa’ Smartphone Maker Heads for Shanghai Star Board
Shenzhen Transsion Holdings Co., whose mobile handsets outsell iPhone and Galaxy smartphones in Africa, is planning an initial public offering on Shanghai’s Nasdaq- style Star Board to raise about 3.01 billion yuan ($423 million).
8) South Africa Stocks Fall as Impala Leads Drop in Platinum Miners
South Africa’s main stock index drops 0.9% as of 10am in Johannesburg as platinum producers decline after the companies said wage talks with the industry’s largest labor union reached a deadlock. * Index of platinum miners slumps as much as 3.6%; Impala -3.3%, Amplats -2.4%, Northam -2.4%; Sibanye -1.5% ** NOTE: Platinum Giants Say Union Declares Dispute in Wage Talks. View Impala Platinum Holdings Ltd. Share Prices.