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Gold/Mining/Energy : Global Platinum & Gold (GPGI)

GPGI 22.13

-5.9%

Feb 4 3:59 PM EST

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To: Thor Carlsen who wrote (5045)	2/10/1998 3:38:00 PM
From: Korey W Carlsen	Read Replies (1) of 14226

14 gold mines, 110 000 jobs under threat - govt considers options Government is considering a range of solutions to alleviate the plight of 14 endangered gold mines which together employ approximately 110 000 mineworkers, Minerals and Energy Deputy Minister Susan Shabangu said yesterday. Addressing journalists at a special briefing in Cape Town, Shabangu said that her department had been warned by the mining industry to expect a significant number of retrenchments in the gold mining industry during 1998, given the present gold price. "At the current gold price there are believed to be about 12 gold mines which are operating at a loss and a further two which are marginal [those with a profit/revenue ratio of less than 5%]", Shabangu said. IT DOESN'T SOUND TOO GOOD. Korey

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