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May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
London - South Africa's Anglogold Ashanti expects cash costs for the fourth quarter to fall below the forecast level of $460 per ounce due to the weaker rand currency.
"If existing exchange rates hold, we could see them at $420 to $430," chief executive Mark Cutifani told the RBC gold conference in London.
AngloGold was in talks with a consortium of banks about the firm's $1bn bond that falls due in February, he added.
"The most likely scenario is some type of bridging facility," he said.
"The reason we would go for a bridge is it would give us time to look at longer-term capital options."
He also said Anglo American was not keen at the moment to dispose of its remaining 16 percent stake in the firm.
Anglo American has already sold the bulk of the majority holding it once held and has said it eventually wants to sell the rest of it to focus on industrial commodities.
Shares in AngloGold were down 6.5% at R170.11 at 16:10, underperforming the DJ Stoxx basic resources index, which was down 1.4%.
- Reuters