Analysis: Gold Mines near Tipping Point as Price Falls BYLINE: Nicole Mordant Vancouver THE PRICE of gold, down more than a third in three years, is approaching the tipping point where the mining industry would see a spike in the number of producers reducing output or even shutting down operations. Several mines globally have already suspended output in the past 18 months, but not as many as industry watchers expected as producers have focused on slashing costs and reworking mine plans to extract more profitable, higher- grade ounces. But with bullion's slide this week to a nine- month low of $1 208. 36 (R13 462) an ounce, those defences may not be enough. Joseph Foster, a portfolio manager at asset management firm Van Eck Global, said $1 200 was a critical level. "The industry has geared itself around $1 200. If it falls below that level, then a lot of mines around the world are really going to struggle." Van Eck is a major investor in Bar...

Mining Battle Lines Drawn Zz Gold Mines Set for Strike after Talks Fail BYLINE: Dineo Faku Rumblings of lockouts by gold sector employers and resolutions to strike by trade unions culminated in a firm commitment to do battle by both parties as the deadline for a wage deal expired at noon yesterday. "This is it. This is our final offer, we cannot afford an increase," Harmony Gold chief executive Graham Briggs told a press conference hosted by the Chamber of Mines yesterday. The industry's final stand includes insisting on a collective bargaining forum and not negotiating or settling with unions at either company or mine level. Briggs said reaching different settlements would probably fuel inter-union rivalry and incite violence. Across the divide, the National Union of Mineworkers (NUM) said it rejected "with contempt" the final pay offer of a 6.5 percent wage increase linked to a profit share scheme as part of a two-year wage agre...

Amcu Loses Bid to Strike at Gold Mines BYLINE: Dineo Faku THE LABOUR Court yesterday dismissed the bid by the Association of Mineworkers and Construction Union (Amcu) to strike at operations owned by three of South Africa's major gold mines. The judgment is expected to bring stability in the gold sector, which is struggling with low margins and is unlikely to be able to afford a protracted strike such as the one seen in the platinum sector. But Solidarity, one of the majority unions in the sector, accused Amcu of leaving "its members in the lurch". In his judgment, Judge Andre van Niekerk ruled that the court's interim order issued in January to prevent Amcu from striking be made permanent. This means a strike by the union would be unprotected and employers would be entitled to dismiss employees for contravening the judgment. The judge was not convinced by Amcu's argument that it was unconstitutional for the Chamber of Mines to in...

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...

Mines near Defunct Town of Walker Yielded Silver and Gold Ascarza, William, AZ Daily Star The town of Walker, located 12 miles southeast of its region's mining base of operations in Prescott, was named for Capt. Joseph Reddeford Walker. In spring 1863, Walker led a group of 30 about gold prospectors in Central Arizona. At the time, placer mining was a dangerous business due to Apache raids, so miners worked in pairs. One used a shovel, while the other had a rifle. Initial panning along Lynx Creek yielded $4. 80 in gold. Sam C. Miller, a member of the Walker party, shot a lynx nearby, and the creek got its name. The Walker Mining District was begun with Walker's party being allotted 300 running feet of steam bed apiece in which to conduct gold panning operations. The discovery of gold on Lynx Creek excited the expedition enough to establish the town of Walker. It had a humble beginning, made up of several log cabins built on either side of the creek. Wa...

Judith Matloff, writer of The Christian Science Monitor, The Christian Science Monitor They slip it into their pockets or bags. They coat it with silver or paint it to look less valuable. They hide it in suitcases and spirit it across borders. They are rarely caught. South Africa is the world's biggest gold producer, and gold is its biggest export earner. But smugglers and thieves are robbing its mines of hundreds of millions of dollars a year at a time when the earnings are needed most. Police and mining sources estimate that 5 to 10 percent of the country's $6 billion annual production  is stolen. This translates to $300 to $600 million. "Mines spend millions of dollars to improve security, but it's difficult to stop gold theft," says Superintendent Piet Otto, head of the Gold and Diamond Theft Department of the South African Police Service. "What we catch is only the tip of the iceberg." He said workers hoping to ...