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

To: goldsnow who wrote (39723)	8/28/1999 11:58:00 AM
From: john mcknight	Respond to of 116798

World: Africa Gold slump hits Burkina Faso A worldwide fall in the gold price caused the mine to close Burkina Faso has become the latest in a string of African countries to be hit by falling gold prices. The west African country's biggest gold mine is closing down despite prolonged efforts by the government to keep it open. A statement from the state-owned mining company Soremib said more than 300 workers at the mine, at Poura in the west of the country, would lose their jobs. It said historically low gold prices and deteriorating facilities at the mine had forced the decision. Compensation On Friday, a committee of employees demanded the government delay the closure to leave time for preparing retrenchment packages. Workers are demanding five years' worth of wages, which would cost the government about $9m. They are also asking for a percentage of salary arrears still oustanding from 1989 and 1990. But the government has offered only one year's salary, which will cost it about $1.3m. Worldwide slump A worldwide downturn in gold prices has caused mine closure, job losses and economic worries in several African countries in recent months. South African miners protested against the sale of gold reserves The slump is due in part to the proposed sale of gold reserves by the International Monetary Fund and the Bank of England. Last month Ashanti Goldfields, Ghana's leading gold producer, announced it was laying off about 2,000 employees - one out of every six of the country's gold workers. Protests Protests against the sell-offs have been most vocal in South Africa, where a joint delegation of mine managers and trade unionists went to London to try to dissuade the Bank of England from selling its gold. Mali and Zimbabwe are among other countries which have reported losses in their gold industry. The low gold price also threatens Lesotho and Mozambique, which rely heavily on revenue brought home by migrant workers on the South African mines.

To: goldsnow who wrote (39723)	8/28/1999 1:19:00 PM
From: Alex	Read Replies (1) \| Respond to of 116798

Greenspan on the market................. ...History tells us that sharp reversals in confidence happen abruptly, most often with little advance notice. These reversals can be self-reinforcing processes that can compress sizable adjustments into a very short time period. Panic market reactions are characterized by dramatic shifts in behavior to minimize short-term losses... users.dircon.co.uk