Gold News

Mining firm warns of lower gold output

Sydney-based Sino Gold has issued a statement warning that its projected gold production for February will see a significant drop as a result of power problems - adding further to the woes currently being seen by gold mining firms elsewhere.

The company said that its mine in Jinfeng, China, may not see its full power supply restored until after February 21st following ongoing work on power lines.

It said that while gold production will still continue, it expects to see February production drop by 12,700 ounces - an announcement that may be of interest to those buying gold.

The news comes as uncertainty continues to surround those mines in South Africa affected by ongoing power outages, which has helped to push the price of gold bullion to new highs.

While officials in the country have said that production should be able to resume later this week, mining firms may already have substantial wounds to lick - it is thought that losses ranging into millions of dollars may have been incurred since the crisis started.

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