Cost inflation, combined with a lower gold price, is forcing major producers to make some hard decisions.
Articles Tagged "South Africa"
Giyani Gold Corp. (TSXV:WDG) provided the final assay results for the 2012 drill program at its South Africa-based Klein Letaba mine. Robert S. Middleton, Giyani's vice president of exploration, noted that a new discovery at Holes KL-19 and KL-20 indicates that gold remains in the deposit.
The approaching fiscal cliff and promising jobs data out of the United States conspired to pull down gold this week. A report from PwC, however, is bullish on the precious metal in 2013.
The gold price failed to catch fire this week even though the US Federal Reserve announced news that was bullion-supportive.
Gold prices have been on a bumpy ride this week, reacting to rising fears of deflation and prolonged economic slowdown concerns.
There was some relief this week for South Africa's beleaguered gold sector, with just under 10,000 workers heading back to their shifts after downing tools in illegal strikes. The gold price, meanwhile, was mostly flat, hemmed in between good economic news from the US and continued uncertainty in Europe.
Gold Investing News identifies the top-ranked countries and their gold reserves for 2011.
Gold Fields Limited (NYSE:GFI) announced a formal agreement with the National Union of Mineworkers ("NUM") to implement a new operating model at its developing South Deep Gold Mine near Johannesburg in South Africa.
AngloGold Ashanti (NYSE:AU) announced that its South African mines remain inactive due to an unprotected strike, but commented that it is open to considering negotiations.
Business Insider reported that mine strikes taking place in South Africa are having an impact on gold supply.