South African gold output falls 5.8pc
Sunday, 14 March 2010
Gold production in South Africa fell 5.8 per cent in 2009 from a year earlier, making the nation the fourth-biggest producer after China, Australia and the US, an industry body said, reports Bloomberg.
Output fell to 6.59 million ounces from 7 million ounces in 2008, when it was the third-biggest producer, the Johannesburg-based Chamber of Mines said in an e-mailed statement today.
South Africa relinquished its position as the world's largest gold producer after holding that post for much of the twentieth century. Costs are rising as resources get depleted, forcing AngloGold Ashanti Ltd. and Gold Fields Ltd. to extend mines that are already the world's deepest.
Fourth-quarter output fell 5.4 per cent from a year earlier to 1.66 million ounces, the chamber said. Last year the industry earned about 48.7 billion rand ($6.6 billion) in foreign exchange.
Output fell to 6.59 million ounces from 7 million ounces in 2008, when it was the third-biggest producer, the Johannesburg-based Chamber of Mines said in an e-mailed statement today.
South Africa relinquished its position as the world's largest gold producer after holding that post for much of the twentieth century. Costs are rising as resources get depleted, forcing AngloGold Ashanti Ltd. and Gold Fields Ltd. to extend mines that are already the world's deepest.
Fourth-quarter output fell 5.4 per cent from a year earlier to 1.66 million ounces, the chamber said. Last year the industry earned about 48.7 billion rand ($6.6 billion) in foreign exchange.