INDUSTRY NEWS / PR
A year ago $1 dollar bought 14.47 Rand, today it’s 11 per cent stronger at 12.94. South Africa’s currency has been robust, despite international rating agency downgrades and accusation of a government lacking a clear focus, mired in scandal allegations and focus on the next presidential candidate. And that’s been bad news for mine operators who must pay wages in Rand but sell in dollars in then country with the world’s third largest gold reserves.
Rising commodity prices like gold and copper are creating a more stable environment; and exploration has returned, according to Jean-Claude Bastos de Morais, founder & CEO, Quantum Global Group; International Council member, Belfer Center for Science and International Affairs, Harvard Kennedy School, writing for The Mining Review
Deal will see ROSGEO use seismic and drilling vessels to explore South Africa’s south coast