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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: heinz44	3/8/2007 12:23:57 AM
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Gold production plummets March 7, 2007 Johannesburg - South African gold production fell by 7.5 percent in 2006 to 275 119.4 kilograms, its lowest level in 84 years, as lower grades were mined because of higher gold prices, according to the Chamber of Mines. "This is the lowest level of gold production since the strike in 1922 reduced production to 218 031 kilograms," said the Chamber adding that members of the industry body, representing about 85 percent of production, reported a 1.5 percent increase in tons but a 9.3 percent decrease in the average grade mined. In 2005, 297 311.6 kilograms of gold were produced out of South Africa's mines. Costs were up by substantially more than inflation according to a statement. Total production costs before capital expenditure were up 11.9 percent year-on-year at R99 725 per kilogram, while the figure including capital rose by an even higher 20.8 percent to R125 030 per kilogram. In the final quarter alone, the country's gold production fell by 3.1 percent quarter-on-quarter to 68 117.9 kilograms, while on a year on year basis this figure was 9.3 percent lower than in 2005. Again lower grades were attributed to the decrease. "The 0.1 percent increase in the tonnage of ore milled to 12.9 million tons was not sufficient to offset the 2.7 percent decline in the average grade achieved hence the decrease in production," said the Chamber. "On a year-on-year basis gold production declined by 10 percent in the last quarter of 2006 as the 4.9 percent increase in tons of ore milled was not sufficient to compensate for the 14.2 percent percent decline in the average grade mined." - I-Net Bridge

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