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FNB Economist Warne Extended Mining Strike Will Weigh on Output, Activity

SOUTH AFRICA

LOCAL NEWS

  • FNB economist warns that extended strike at Sibanye Stillwater’s gold mining operations has depressed gold output. This follows yesterday’s weaker March mining production data at -9.3% y/y vs -6.0% prior – marking the steepest decline since June 2020. This impact will increase through April and May with the strike still holding - bbg
  • Govt retains special voting rights in SA Airways even after selling the majority stake, and will be given R3bn in preference shares that can be redeemed through future cashflow.
    • This means that Govt retains a stake of 33.3%, hold voting rights and will benefit if new owner Takatso Consortium can revive the airline. Takatso will provide R3bn in working capital and has valued SAA’s assets at about the same amount – BusinessTech
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LOCAL NEWS

  • FNB economist warns that extended strike at Sibanye Stillwater’s gold mining operations has depressed gold output. This follows yesterday’s weaker March mining production data at -9.3% y/y vs -6.0% prior – marking the steepest decline since June 2020. This impact will increase through April and May with the strike still holding - bbg
  • Govt retains special voting rights in SA Airways even after selling the majority stake, and will be given R3bn in preference shares that can be redeemed through future cashflow.
    • This means that Govt retains a stake of 33.3%, hold voting rights and will benefit if new owner Takatso Consortium can revive the airline. Takatso will provide R3bn in working capital and has valued SAA’s assets at about the same amount – BusinessTech