Gold News

Zimbabwe gold output 'to drop'

Zimbabwe's gold output is expected to drop to just four tons this year, according to the nation's chamber of mines.

In news that could have implications for gold prices, the figure is a far cry from the 30 tons a year previously predicted by the country, Mineweb reports.

Coming shortly after South Africa's own chamber of mines revealed that it saw gold output fall by 17 per cent in the first quarter of 2008 compared with the same period in 2007, the announcement could be yet another reason for investors to buy gold now.

"The falling production can be attributed mainly to the pricing policy and, over the past one and a half years, the non-payment for gold deliveries from our single buyer of gold," commented Zimbabwe chamber of mines president Jack Murehwa to Mineweb.

The South African production drop was attributed to the power outages that hit many of the country's mines earlier this year. Production fell by 15.6 per cent in the first quarter compared with the final three months of 2007, the South African chamber of mines said.

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