The streetTRACKS Gold Shares gained 1.65%, but Harmony Gold was up 6.85%.
In trading on Tuesday, shares of Harmony Gold Mining Co.
FORBES: Harmony Gold Mining (HMY) Shares Enter Oversold Territory
The accident at the Harmony Gold mine in South Africa and the freeing of more than 3, 000 trapped miners has once again turned attention to the issue of mine safety.
But a battle could be on the cards, since Harmony Gold is thought to be bidding for some of the same mines, although it has yet to say more than that it is in talks with a third party.
Streamlining and incentives have made Harmony the most productive gold-mining firm in South Africa.
In 2003 ARMgold merged with Harmony, giving Motsepe a stake in the gold miner (ARM now owns 16% of Harmony).
South Africa's three biggest gold producers AngloGold Ashanti, Gold Fields and Harmony have suspended production, along with the world's biggest platinum miner, Anglo Platinum.
Some of the big gold and platinum producers, such as AngloGold Ashanti, Gold Fields, Harmony, Lonmin and Aquarius, have been granted new licences for existing mines.
Unless Harmony's shareholders or Gold Fields' lawyers halt it first, the battle will last at least to November 26th, when the first stage of Harmony's bid is due.
Gold Fields this week put out its own figures, to show that it mines 15% more cheaply than Harmony, per kilo of gold, and needs no lessons from its rival.
O'Brien also cites aggressive buying of Harmony, AngloGold and Kinross Gold (nyse: KGC - news - people ) by Fidelity as evidence that big (and smart) money is behind gold's advance.
Harmony's aim in bidding for Gold Fields is plain enough: it wants to get its hands on more of South Africa's gold deposits despite the rising cost of producing the stuff there.
In January 2002 Motsepe teamed up with Harmony, among the world's biggest gold producers.
As other companies copy Harmony's cost-cutting techniques, the South African gold industry will probably achieve reasonable margins even if the price remains depressed.
Yet, even at a premium of 29% to the average price of Gold Fields' shares during the past month, Harmony's offer is not a knock-out blow.
The secret, according to Bernard Swanepoel, Harmony's chief executive, is to stop trying to influence the gold price and concentrate on operations.
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