Gold Fields spinoff shows decline of South Africa's #gold sector | Reuters $GFI

1 share in #Sibanye, or "We are one" in Zulu, for every Gold Fields share.  Sibanye Gold to be listed on the JSE

 Gold Fields spinoff shows decline of South Africa's gold sector

By Olivia Kumwenda

JOHANNESBURG | Thu Nov 29, 2012 10:00am EST

(Reuters) - Gold Fields (GFIJ.J), the world's fourth-largest bullion producer, is spinning off its two oldest South African mines in the latest sign of the country's once mighty gold industry succumbing to declining output and soaring costs.
In a move that nearly severs its ties with South Africa, Gold Fields' 70-year-old KDC mines near Johannesburg and its Beatrix operations near the central city of Bloemfontein will be renamed Sibanye Gold and floated on the Johannesburg stock exchange in February.
The deal leaves Gold Fields with just one mine in South Africa, the highly mechanized South Deep operation on which it has pinned the bulk of its hopes for growth. The rest of its mines are in Ghana, Peru and Australia.
Gold production in South Africa has halved in the last seven years, knocking Africa's biggest economy off its perch as the world's top bullion producer, a position it held throughout most of the 20th century.
Gold Fields spinoff shows decline of South Africa's gold sector | Reuters

#Gold crashing

Gold crashes as the markets rally on fiscal cliff hopes...


The MasterMetals Blog

Turkey Swaps #Gold for Iranian #Gas

Loophole in Western Sanctions Allows Iran to Buy Gold in Turkey With Turkish Payments for Gas Imported From Iran

Turkey Acknowledges Gold Exports Tied to Iran Gas Purchases - WSJ.com

ISTANBUL—Turkey on Friday acknowledged that a surge in its gold exports this year is related to payments for imports of Iranian natural gas, shedding light on Ankara's role in breaching U.S.-led sanctions against Tehran.
The continuing trade deal offers the most striking example of how Iran is using creative ways to sidestep Western sanctions over its disputed nuclear program, which have largely frozen it out of the global banking system.
The disclosure was made by Turkey's Deputy Prime Minister and top economic policy maker Ali Babacan in answers to questions from the parliamentary budget committee.


Read the rest of the article online (Subs. required): Turkey Acknowledges Gold Exports Tied to Iran Gas Purchases - WSJ.com

See our previous note on the Iran-Turkey Gold-gas situation:  MasterMetals: Iran’s Neighbors Act as Gold Funnels | Gold Investing News:

in the first six months of 2012, [with] gold exports to Iran, we are talking about a gold export figure in excess of $6 billion. So, compared to past trends, we are definitely talking about something extraordinary here,” he said.

In July, Turkish gold sales to Iran reached nearly $2 billion. That trade that did not go unnoticed or unreported; Turkish and international media began to hone in on this relationship.

As the spotlight grew brighter, Iran’s demand for gold from Turkey seemed to decline. Simultaneously, an enormous appetite for gold erupted in the United Arab Emirates (UAE).

Some believe that the players, aiming to mask the trade, switched up their game a bit.