Out of Rand Crisis, Opportunity for World's Costliest Gold Mines
- President's decision to fire minister brings unexpected gains
- Rand's collapse to a record hands 15% boost to Harmony shares
S. African Finance Minister Reversal Sees Rand Jump
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South African President Jacob Zuma is causing turmoil in financial markets and accidentally throwing a lifeline to his country’s struggling gold industry.
Zuma’s decision to fire respected Finance Minister Nhlanhla Nene drove the rand to a record low, instantly reducing labor and other costs in the local currency for mining companies relative to the U.S. dollars they earn by selling gold.