Gold News

Gold production up 1.3% in South Africa

Gold production in South Africa increased by 1.3 per cent year-on-year in May, Mineweb reports.

Figures from Statistics South Africa showed the first increase in this sector in nine months, although it slid by 8.2 per cent the month before.

The country's gold output has been on the slide for some time, as mines are emptied of ore and companies are forced to undertake expensive operations deep underground.

Indeed, last year it produced less of the yellow metal than it had done in 84 years, while other producers such as China are growing their own output quickly.

However, it is hoped that increased investment will help to stem this decline in the future.

South Africa's mines have also enjoyed large income increases because of a weaker rand and the slight increase in production.

In April, gold sales rose by 30.1 per cent year-on-year to $406.3 million.


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