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Mines Tighten Belts as Gold Boom Ends

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Mines Tighten Belts as Gold Boom Ends BYLINE: Eddie van der Walt London THE BIGGEST gold bust in three decades is about to end a six-year expansion in mine output. From Russia to South Africa to North America, the biggest producers saw profits turn to losses as prices plunged, forcing them to cut spending on mines in half over three years. While bullion output would probably reach a record this year, the increase would be the smallest in at least six years, before production dropped 1 percent in 2016, according to Barclays. Mines supplied 3 114 tons last year, a record high valued at about $127 billion (R1.5 trillion), after companies stepped up investment to capitalise on prices that surged more than fivefold in the decade through 2011. While the appeal of gold as a financial asset means that supply does not usually influence the precious metal's value as much as economic or monetary policies - partly because every ounce ever mined still exists - demand is gr...
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Gold Mines Reach New Depths; Industry Considers Space Age Methods

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Gold Mines Reach New Depths; Industry Considers Space Age Methods Miners in spacesuits. Robots digging round the clock. Colonies of men living and working for days under three miles of solid rock. These are a few of the ideas floating around South Africa's gold industry as it sets out to explore a 21st century frontier - ultra- deep mining. South Africa has the deepest mines in the world, but many shallower areas are mined out and the industry is probing previously unthinkable depths of three miles. The challenge has drawn mine executives, union leaders, government officials and scientists into a massive research project called Deepmine. "We'll be looking at everything from rock engineering to things that are real science fiction," Deepmine chairman Mr Keith Spencer said. The prize for going deeper than ever before is a vast reserve of gold at least equal to what has been mined already. It would extend the life of South Af...
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Barrick Gold Corp. to Sell Three High-Cost Mines in Australia for $300 Million

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Barrick Gold Corp. to Sell Three High-Cost Mines in Australia for $300 Million Posadzki, Alexandra, The Canadian Press Barrick to sell three Australian mines -- TORONTO - Barrick Gold Corp. (TSX:ABX) has agreed to sell off three high-cost mines in Western Australia to South Africa-based miner Gold Fields Ltd. -- a move analysts say will free Barrick up to focus on more profitable operations. Barrick said it will receive about $300 million from the sale, which is subject to customary closing conditions, including approval by Australia's Foreign Investment Review Board. The company said the three mines that comprise the Yilgarn South assets produced a total of 452,000 ounces of gold in 2012 and a further 196,000 ounces in the first half of this year. Kerry Smith, an analyst at Haywood Securities, said selling the higher-cost mines will reduce Barrick's operating expenses and have only a minimal impact on the company's production volumes. ...
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