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The African nation built on gold loses its production crown to a rival
By Felix Njini
Bloomberg News
Sunday, June 9, 2019
The country that led global gold production for a century and extracted about half the bullion ever mined is now Africa's second-largest gold producer. Output is shrinking as operators capitulate to stubbornly high costs, regular strikes and the geological challenges of tapping the world's deepest mines.
Meanwhile, Ghana, a country whose gold mining industry dates back to the 19th century, is benefiting from lower-cost mines, friendlier policies and new development projects.
... Dispatch continues below ...
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South African industry stalwarts AngloGold Ashanti Ltd. and Gold Fields Ltd. are shifting their focus to other countries -- including Ghana -- where deposits are cheaper and easier to mine. The largest remaining gold miner in South Africa, Sibanye Gold Ltd., is cutting thousands of jobs and diversifying into platinum group-metals as it struggles to contain costs.
The difficulties facing South African gold mines mean output is contracting even though it's got the world's second-largest reserves of the metal, according to estimates from the U.S. Geological Survey. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-06-09/nation-built-on-gold-...
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