Gold output slumps to 82-year low
The country's gold production fell by 13.3 percent to 296.3 tons in 2005 versus the 342 tons recorded in 2004, the South African Chamber of Mines reported on Friday. This is the lowest level of gold production since the 284.6 tons recorded in 1923.
The Chamber said the key reasons for the decline in production during the year included: the relatively weak rand price of gold in the first half of the year (due to rand appreciation); higher production costs; and the restructuring of a number of shafts and mines during the year.
However, the body expected the large 2005 decline to be a "once-off aberration" when compared to the average annual rate of decline in production of five percent over the past decade.
( Full story here )
The Chamber said the key reasons for the decline in production during the year included: the relatively weak rand price of gold in the first half of the year (due to rand appreciation); higher production costs; and the restructuring of a number of shafts and mines during the year.
However, the body expected the large 2005 decline to be a "once-off aberration" when compared to the average annual rate of decline in production of five percent over the past decade.
( Full story here )
posted by Oil Shock at 3/05/2006 10:05:00 AM
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