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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.99

+0.3%

4:00 PM EST

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To: russwinter who wrote (64917)	3/3/2001 4:10:48 AM
From: Alex	Read Replies (1) of 116753

Fourteen mines, mostly gold, closed in Zimbabwe Platt's Metals Week, 26 Feb 2001, p 3 Fourteen mines, most of them gold mines, have closed in Zimbabwe over the past two years, and more could follow if conditions do not improve. The closures have resulted in the loss of over 10 000 jobs. The gold mines were affected by the low gold price, and by the fact that they are forced to sell their gold to the Reserve Bank of Zimbabwe at a rate of exchange well below the commercial rate. The mines are allowed to retain only 20% of their foreign earnings and this is not enough if they are to survive. A shortage of diesel, and a lack of investor confidence in the face of Zimbabwe's worsening political and economic situation are other factors contributing to mine closures. Falcon Gold and Ashanti Gold have both warned against the continuing poor operating conditions in the country.

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