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Goodbye, South Africa
Ending gold price suppression could save you, but your government and mining companies don't care.
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Sibanye May Wind Down Gold Mines in Fading South African Sector
By Felix Njini
Bloomberg News
via Yahoo News, Sunnyvale, California
Wednesday, July 14, 2021
Sibanye Stillwater Ltd. may wind down its three South African gold mines in the next decade or so as it becomes harder to exploit aging assets in an industry that was once the world’s largest.
The company is among the few remaining South African gold producers squeezing profits from mines that are among the deepest in the world and are becoming more costly to run. Sibanye, which also mines platinum-group metals in southern Africa and North America, may look at gold assets outside South Africa as it winds down the three sites there.
... Dispatch continues below ...
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Unless gold prices move much higher and the investment environment improves, Sibanye is unlikely to exploit its Beatrix mine beyond about five years' time, spokesman James Wellsted said. Driefontein -- once Africa's biggest gold mine and which now goes 4 kilometers (2.5 miles) underground -- will run out around 2030, and Kloof about three years after that. ...
... For the remainder of the report:
https://finance.yahoo.com/news/sibanye-may-wind-down-gold-040000343.html
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People Arm Themselves as Looting and Violence Roil South Africa
By Rogan Ward and Siyabonga Sishi
Reuters
Wednesday, July 14, 2021
DURBAN, South Africa -- South African President Cyril Ramaphosa said on Wednesday he might order more troops onto the streets as the army and police struggled to quell days of looting and violence, while some citizens armed themselves to protect their property and businesses from the rampage.
More than 70 people have been killed in the unrest, the worst in South Africa for years, and hundreds of businesses wrecked. Food and fuel supplies are running short.
Triggered by the jailing of ex-president Jacob Zuma last week after he failed to appear at a corruption inquiry, its has widened into an orgy of looting and an outpouring of anger over the hardship and inequality that persist in South Africa 27 years after the end of apartheid. ...
... For the remainder of the report:
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