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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (39058)	8/16/1999 6:40:00 AM
From: Rarebird	Respond to of 116972

SA-British accord on gold sales Hein Swart South Africa and Britain have reached an agreement on British gold sales which could benefit SA's gold mining industry and economy in the long term, Mineral & Energy Affairs Minister Phumzile Mlambo-Ngcuka revealed at a parliamentary presentation on Friday. The pact negated the necessity of sending a Government delegation to England to change perceptions there. The two governments had been in constant contact about the matter. Mlambo-Ngcuka said SA did not oppose Britain's sale of some of its gold reserves but the way the country wanted to do this. Nobody could fault orderly sales. After discussions between the two governments, an understanding was reached which she believed would benefit SA. She gave no details. According to her, Government had also held discussions in depth with European countries and the US. And the Americans had succeeded in getting the IMF to rethink its gold sales. Meanwhile, SA is going ahead with plans to help the gold mining industry survive the low gold price crisis - with the emphasis on minimising miner dismissals. As part of a new strategy, the Gold Crisis Committee will be renamed the Co-ordinating Mine Development Committee. It will aim to get away from the concept of a crisis, which implies short-term remedies, and find long-term solutions. A mining conference later this year, similar to last year's job creation summit, will aim to restructure the industry to meet new challenges. Government will also talk to the mining industry about keeping on workers as it believes that mines dismiss their workers far too easily, at the slightest sign of problems. livenews.24.com