Sat 05 Jul 08 | 23:32 GMT
You are here: Home > Investing > Article

S.Africa's March gold output falls 10.9 pct yr/yr

Tue 13 May 2008, 8:57 GMT
[-] Text [+]

JOHANNESBURG (Reuters) - South African gold output fell 10.9 percent in volume terms, while overall mineral production declined 17.2 percent in March compared to the same month in the previous year, official data showed on Tuesday.

Production of non-gold minerals fell by 18.1 percent in March, Statistics South Africa added.

In February, year-on-year gold sales fell 1.3 percent to 3.39 billion rand, sales of non-gold mineral rose by 23.6 percent to 18 billion rand, and total mineral sales rose by 18.8 percent to 21.4 billion rand, according to a statement on www.statssa.gov.za.

Mining output in South Africa has taken a hit after state-owned power utility Eskom struggled to provide sufficient power to mines, following a near collapse in the electricity grid in January, which led to a five-day countrywide mining shutdown.

Eskom has since supplied around 90 to 95 percent power to mines in the country.

South African gold producers, AngloGold Ashanti, Gold Fields, Harmony and smaller miner DRDGOLD all produced less in the quarter to end-March, due to the power crisis, but were rescued by a higher gold price, which boosted their earnings.

 
.JALSH 28172.28 -219.91
.JTOPI 26519.15 -211.51
.CASE30 9949.93 -91.93
Share Graph
Symbol  
British Pound In US $ = 0.5044
Euro In US $ = 0.6368
South African Rand In US $ = 7.7060