South African gold output fell 12.7% yr/yr in Nov
Gold production in South Africa fell 12.7% in November when compared to November 2006. Overall mineral production fell 6.4%.
Posted: Thursday , 10 Jan 2008
JOHANNESBURG (Reuters) -
South Africa's annual gold output fell in November by its biggest margin in seven months, while total minerals production declined 6.4 percent compared with the same month the previous year, data showed on Thursday.
Gold production dropped 12.7 percent year-on-year in November, according to figures from Statistics South Africa, further tightening supplies in the world's biggest producer of the precious metal.
Gold production has been on a downward slope in South Africa, tumbling by over 50 percent over the past decade, as high-grade mines run out of ore and firms grapple with more difficult and high-cost underground operations.
In 2006, gold production fell 7.5 percent to the lowest levels since 1922, industry group the Chamber of Mines has said.
Production of non-gold minerals fell by 5.4 percent in November, Statistics South Africa added.
In October, year-on-year gold sales fell 2.8 percent to 3.29 billion rand ($479 million), sales of non-gold minerals decreased by 3.8 percent to 14.09 billion rand and total mineral sales lost 3.6 percent to 17.38 billion rand, a statement on www.statssa.gov.za said. (Reporting by Gershwin Wanneburg, Editing by Peter Blackburn)
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