Gold CEOs Build Cash as South African Miners Plan Strike
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South Africa’s four biggest gold producers are hoarding cash and lining up access to more as they prepare for the first industrywide strike since 2011.
Sibanye Gold Ltd. boosted its cash balance sevenfold and AngloGold Ashanti Ltd. has arranged to borrow more from banks if needed, filings show. Like their peers, Gold Fields Ltd. and Harmony Gold Mining Co. have scrapped dividends this month. The National Union of Mineworkers today notified producers that its members will down tools on Sept. 3.