Record bullion prices give South African gold miners a lifeline while risks remain

Section:

By Tanisha Heiberg and Promit Mukherjee
Reuters
Friday, August 7, 2020

JOHANNESBURG -- South African gold miners are looking to cut debt and boost dividends as bullion hits record highs, with analysts and fund managers predicting a sectoral growth spurt over the next two years amid rising investor interest.

Shunned by investors due to mines that are old, deep, and difficult to extract metal from, the country's gold miners have traded at a discount to their global peers for years.

... Dispatch continues below ...



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Higher prices, as spot gold roared past $2,000 an ounce for the first time, coupled with a weaker rand currency, come as a lifeline.

Interviews with companies executives, analysts, and fund managers show that higher gold prices could see some local miners bring their net debt to zero and pay healthy dividends over the next 18 to 24 months.

"Gold-mining companies will spew a lot of cash in the next 12 months," said Franco Lorenzani, an independent mining analyst.

... For the remainder of the report:

https://www.reuters.com/article/us-safrica-goldminers/record-bullion-pri...

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