Gold News

Gold production 'down throughout 2007'

Gold production was found to have reduced worldwide to an 11-year low in 2007, according to a report by the Gold Fields Mineral Service (GFMS).

The total decline was measured at 0.4 per cent, with the highest losses being in Africa, which could be good news for investors in gold as the world supply continues to reduce, while demand increases.

Demand for gold jewelry was found to have increased by another five per cent.

All mining regions except Asia recorded a decline in output. GFMS chairman Philip Klapwijk said that "further declines are expected in South Africa due to its ongoing power supply issues".

Latin America experienced a 23-tonne decline in output.

The increasing problems for gold mining can also be attributed to a reduction in available gold at the surface of mines - the Mine Health and Safety Council (MHSC) said that fatalities in gold mining were higher in 2006 and 2007 than in previous years, due to miners having to work in deeper, more unstable mines, according to Mining Weekly.

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