South Africas gold output seen falling 5% in 2012 - survey.

By bne IntelliNews September 6, 2012
South Africa, which ranked as the worlds fifth-largest gold producer in 2011, is expected to slip into sixth place this year, ousted by Peru, where gold production is rising, Business Day reported, quoting a survey by Thomson Reuters GFMS. South Africa was the biggest gold producer in the world back in 1970, but output has been falling since then as mines become deeper and more dangerous for workers. GFMS projects South Africa to post a 5% decline in gold production for 2012 from 198 tonnes last year. Wildcat strikes, which have recently spread from the platinum industry to the gold sector, could lead to a further reduction in output. South Africas three major gold miners, AngloGold Ashanti, Gold Fields and Harmony, are all looking to reduce their exposure to the country. GFMS projected gold prices to rise above USD 1,800/oz before the end of 2012, and to grow to USD 2,000/oz in 2013.

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