SA gold mines are on the brink of death

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Beginning of the end: The entire mining sector could be headed for closure as mining costs rise and production decreases. Picture: Deon Raath
Beginning of the end: The entire mining sector could be headed for closure as mining costs rise and production decreases. Picture: Deon Raath

Johannesburg - AngloGold Ashanti’s announcement that it will close two mines and retrench 8 500 workers is only the first of many large-scale job cuts that were predicted in 2007.

A study done in 2006 and 2007 had predicted that virtually all of South Africa’s large gold mines would be shut by 2014. This turned out not to be true, mostly due to the unpredicted depreciation of the rand, which pushed up the local gold price.

Now, one of the people involved in the study says AngloGold’s announced mine closures are the beginning of the end.

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Rand - Dollar
14.45
-0.3%
Rand - Pound
20.00
-0.3%
Rand - Euro
17.02
+0.1%
Rand - Aus dollar
10.58
-0.1%
Rand - Yen
0.13
-0.3%
Gold
1,772.33
-1.2%
Silver
23.38
-1.9%
Palladium
2,092.84
+3.8%
Platinum
946.00
-0.2%
Brent Crude
75.46
+2.5%
Top 40
57,371
-1.5%
All Share
63,617
-1.2%
Resource 10
59,637
-2.7%
Industrial 25
79,944
-0.6%
Financial 15
14,127
-1.1%
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