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International Business History: Randfontein Estate Gold - Essay Example

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Topic: International Business History: (Research Project) Randfontein Estate Gold Mining Company Background Randfontein Estate Gold Mining Company was founded in 1889 by the mining financier J B Robinson. The present employee strength of the company is 7,350 managed by the chief executive, Alwyn Pretorius, Irector and the official address is CNR Main Reef Road & Ward Avenue Randfontein, GP 1759 (Mergent Online, Oct…
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Download file to see previous pages 2011). Till 1998, the name of the said company was not changed but on 30th June 1998, it was renamed the Randfontein Estate Limited. Overview Randfontein Estates Limited is a private company that is into the business of gold mining in Gauteng, Randfontein, Westonaria and Roodepoort districts. Previously, the company has earned a name in South Africa in the 1930s as the largest gold mining company. The mine, it operates is 16 Km long from North to South and presently has four shafts working, the Cooke 1, 2 and 3 and Doornkop. The monthly production capacity at Cooke 3 aimed to be achieved is 180,000 tons (Business Week, 2011). Randfontein has earned a reputation of a long time existing company, currently acquired by Harmony Gold Mining Company. The company has been into other similar businesses as well such as treatment of surface waste materials. It was the leading company into the production of gold ore in the 1900s, as there were many other companies operating in South Africa at that time; in the 1930s it was the leading gold mining company, as stated above. It shows how strongly the company was rooted in its primary business of gold mining. ...
Randfontein Estates was acquired by Harmony Gold Mining Company in early 2000. Harmony Gold presently comes on the 5th place worldwide in the production of gold, with a number of projects functioning out of South Africa, namely in Australia and Papua New Guinea (Business Week, 2011). Activities As per the Financial Times Industry Class, Randfontein Estates belongs to mining and extracting industries with the GIS code: 15104030 – Gold. It produces gold as per the US SIC codes with various core codes, primary codes, secondary codes; NAICS 2007 core, primary and secondary codes, such as primary code 21221 for gold ore production and NACE Rev. Codes taken from US SIC codes such as core code 2441 for precious metal mining (Business Week, 2011). Business of Randfontein Estates is expanded in Gauteng, in the Randfontein, Westonaria and Roodepoort districts. Currently, it produces gold bullion bars as subsidiary of Harmony Gold Mining Co., Ltd. (Business Week, 2011). It was a listed company on the Johannesburg Stock Exchange but after acquired by Harmony on 7 July 2000, it was delisted (Mining Company Database, 2011). Political Climate’s Repercussions on Labour Front No industry remains untouched from the labour issues. From that perspective mining industry of the 1900s also was not an exception to it. It suffered huge setback due to political climate when South Africa was engulfed in war from 1899-1902. The gold mining industry made an experiment of importing Chinese labourers to provide a new lease of life to the dying mining industry. The decision of importing labourers from China had impacted the political climate because of the expatriation of the labourers. A ...Download file to see next pagesRead More
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