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

To: Bearcatbob who wrote (33461)	5/8/1999 11:57:00 AM
From: Alex	Read Replies (1) \| Respond to of 116764

Gold theft in South Africa: the cuffs come out C Dorfling Mining Weekly, 16-22 Apr 1999, p 4-5 South Africa can no longer hide the theft of gold and precious metals because external auditors cannot sign off a clean audit on the financial statements of gold mining companies when it is common knowledge that around 30 t/y of gold goes unaccounted for. According to the police, gold and diamond syndicates are not small, specialised organisations. Most syndicates use resources gained in one industry to fund operations in another, and while there is competition between syndicates, some are joining forces to share information and expertise. Police and security organisations are now also beginning to coordinate their operations. A national security forum is about to come into being that will establish a national database on gold and precious metal crimes. The database, together with proposed legislation and the increased resources that mining companies are putting into security, indicate that gold and precious metals theft has finally become a national priority. Platinum producers indicate that the crime syndicates have recently targeted the platinum industry. They have found that 80% of metal theft involves collusion between security personnel and crime syndicates, while 90% of all crime in the mining sector is believed to result from non-conformity to standard procedures. Producers are investing in technology to try to curb the theft.