Gold price rises 3.2% in Q3

South African Bullion Gold Report has shown that Gold experienced a “strong and fairly steadily rising” third quarter, with the price having increased by $40/oz, or 3.2%, in dollar terms.
A one-year analysis indicated a 2.9% contraction in the gold price, while the three-year growth analysis showed a steady performance of 3%, as did the ten-year analysis, with growth at 5.6%.
“The five-year performance figures [of a 6.2% contraction] make for grim reading, as the starting point, at September 30, 2012, was the high point before the huge washout of the financial crisis-inspired boom-and-bust in the gold price,” the report, which was released on Monday, noted.
In rand terms, the gold price accelerated by 7.4% in the third quarter, mostly as a result of the 4% depreciation of the rand during the quarter.
“Bumpiness in the rand and in dollar gold is highly evident in the one-, three- and five-year measurement terms,” the SA Bullion Gold report said.
Over one year, gold contracted by 4.8% in rand terms; however, the “most instructional” longer periods of three and five years show growth of 8.1% and 3.4% respectively. The ten-year compound yearly returns were recorded at 13%.
However, the report indicated that the rand was “working off the gains” achieved against the dollar in the last year.
The gold price ended the third quarter at $1 283.35/oz in dollar terms and at R17 363.72/oz in rand terms.
Australian mining coys unlocking people’s puzzle in Africa
At the recent Africa Down Under Conference in Perth Western Australia, international HR Consulting firm Globe 24-7 hosted an industry panel on Community Engagement, Skills Transfer, Training and Sustainable Employment in the African mining industry.
Additional to the panel, a conference survey was produced seeking to uncover delegate views and thoughts on Australian mining companies operating in the region and encouragingly, Australian mining companies are on the front foot.
The survey found that almost 70% of participants agreed that Australian mining companies do a ‘good job’ engaging with local communities and are very strong at Local Employment, building Infrastructure and developing Training Programs.
There is a widely held view that the Industry could do more to upskill local workers (87%) with Frontline Management & Technical skills being identified as the highest need although Australian mining companies are viewed very positively in regards to their reputation for implementing training programs.
There is a definite preference towards local employment vs expatriate employment in Africa with the majority of respondents (93%) agreeing that if a local worker holds 90% of the desired skillset, then they should receive the employment opportunity.
Developing long-term & sustainable community employment, health and education was identified as key issues for mining companies with a large contingent of respondents (68%) stating that it is the responsibility of the mining company to create economic benefit for a community.
Globe 24-7 (Globe) has been conducting human resources consulting and search assignments for local and international mining, power, manufacturing and oil and gas companies around the world for over a decade. Globe has offices in the major markets of the world to ensure consulting assignments and search campaigns are effectively managed at both site and corporate locations and has grown internationally to now service small, mid-tier and large-scale companies through its project recruitment, search, HR consulting and HR Systems divisions.