South African Gold Production Falls by 7.6% in First Quarter

Source:

The year-on-year decline in the average grade mined to 4.32 grams per ton was facilitated by the 17.4% increase in the US gold price to US$650/ounce and the 17.6% depreciation in the South African rand to R7.23/US$.

South African gold production fell by 7.6% to 62,806 kilograms (2,019,276 troy ounces) in first quarter 2007 compared to first quarter 2006 as grades mined in the quarter declined by an average of 12.9%.

About 8% of production came from marginal mines, the SA Chamber of Mines said in a statement.

The year-on-year decline in the average grade mined to 4.32 grams per ton was facilitated by the 17.4% increase in the US gold price to US$650/ounce and the 17.6% depreciation in the South African rand to R7.23/US$.

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