Rand within 3c of pre-Gordhan firing level

JOHANNESBURG – The rand achieved an intra-day best level of R12.34 to the dollar on Wednesday‚ before giving back some of its gains by mid-afternoon‚ when settling just a few cents firmer than Tuesday’s close. Prior to the sacking of former finance minister Pravin Gordhan at the end of March, the rand had been trading at about R12.31 to the dollar on Wednesday. The rand firmed in response to the news in the Sunday Times at the weekend that “secret talks” were underway for a negotiated exit for President Jacob…

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Sibanye-Stillwater to buy troubled platinum producer Lonmin

LONDON – South Africa’s precious metals miner Sibanye-Stillwater has agreed to buy Lonmin in an all-share deal, valuing the troubled platinum producer at about $382 million, the two companies said on Thursday. Lonmin, the world’s third biggest platinum producer, has faced the combined pressures of low platinum prices and challenges of operating in South Africa, where laying off workers to improve profitability is a fraught issue. Its share price in London was up 18% by 0822 GMT, while Sibanye-Stillwater’s fell 2.6% in Johannesburg trade. “The flexibility inherent in the larger…

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