South Africa Daybook: Mining Output, Zuma, Farmers and Phones
In July South Africa’s gold production fell 3.5 percent while total mining output declined by 5.1 percent.
WHAT TO WATCH: * Agri SA, a South African commercial farmers organization, holds its annual congress at Muldersdrift, north of Johannesburg. Minister of Rural Development and Land Reform, Gugile Nkwinti, will speak at the event. * The Independent Communications Authority of South Africa, the country’s telecommunications regulator, holds the third day of public hearings in Johannesburg to discuss the possibility of forcing Telkom South Africa Ltd. to give rivals access to the fixed lines that run into homes and offices. * South African President Jacob Zuma speaks at 10 a.m. to students at the University of Pretoria on South African foreign policy and at 7 p.m. the the South African Transport & Allied Workers Union in Johannesburg. * South Africa’s Cabinet will hold a press conference at 10 a.m. in Pretoria following a meeting of the country’s ministers. CONFERENCES: * The World Federation of Exchanges Conference continues in Johannesburg with Mervyn King, chairman of the International Integrated Reporting Committee, presenting the WFE Award for Excellence at 11:30 a.m. MARKETS: * The rand strengthened 1.4 percent to 7.8058 per dollar at 6:10 p.m. yesterday in Johannesburg. * The FTSE/JSE Africa All-Share Index rose 1.1 percent to 31,129.95 yesterday. * The yield on the 13.5 percent government bond due September 2015, known to traders as the R157, fell 4 basis points to 6.64 percent late yesterday. EQUITY MOVERS: * Anglo American Plc (AGL SJ): The mining company that makes up more than 9 percent of South Africa’s benchmark stock index said it will consider the implications of an announcement by Codelco, the world’s biggest copper company, that it has raised funding to purchase a $9.8 billion stake in Anglo’s Chilean copper mines. * BHP Billiton Ltd. (BIL SJ): The world’s biggest miner hosts a visit for reporters at its Hillside aluminum smelter in Richards Bay, South Africa. * Impala Platinum Holdings Ltd. (IMP SJ): President Robert Mugabe launches the first Community Share Ownership Scheme at Zimplats Holdings Ltd., the Zimbabwean unit of the world’s second-biggest platinum miner. * Telkom South Africa Ltd. (TKG SJ): The Independent Communications Authority of South Africa holds hearings on allowing rivals access to Telkom’s fixed lines that run into homes and offices.
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