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Gold/Mining/Energy : Canmine resources
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To: Ralph Kern who started this subject7/12/2000 2:19:32 PM
From: Marshhawk   of 2769
 
And remember, Zim produces something like 18kt of Ni per year. Maybe Ni is in better shape than Au as price is higher.

Zim gold mines at risk
REUTERS, Johannesburg | Wednesday 12.45pm.

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ZIMBABWE’S Chamber of Mines fear that 90 percent of the country's gold mines were at risk due to a critical shortage of foreign exchange.
The warning came as another Zimbabwean gold mine, suspended operations due to unsustainable losses.
"At least 90 percent of our gold mines are at risk if the situation does not improve," Zimbabwe's Chamber of Mines, Senior Executive Doug Verden said. He added that smaller operations were particularly vulnerable.
"They could stop development and be forced to cut back on employees and it is highly likely that some of the small (mines) could close down," he said.
Zimbabwe's 25 gold mines employ about 30 000 people and produced nearly 28 kg of gold in 1999.
The mining industry suffered a scare in June when President Robert Mugabe said his government was looking at seizing foreign-owned mines after completing the takeover of hundreds of white-owned farms for black resettlement.
Mugabe later clarified his remarks, saying he only wanted blacks to have a share in mine ownership.
A more serious threat is Zimbabwe's hard currency shortage and central bank restrictions which starve companies of the ability to buy key inputs and recapitalise.
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