The affects of limited power to mines for the purpose pf gold production is beginning to show. Funny how the price of gold is getting hammered as fundamental factors limiting the amount of available supply is decreasing.
Tue, May 13 2008, 11:30 GMT
http://www.djnewswires.com/eu
South Africa March Mining Production Falls 17.2% On Year
JOHANNESBURG (Dow Jones)--Mining production in South Africa slumped in March, falling 17.2% on the year as output was knocked by a nationwide power shortage, official data released Tuesday showed.
Gold production for March was 10.9% lower than a year earlier and non-gold mineral output down 19.1%, Statistics South Africa said. Production for the first quarter of the year was 11.4% lower on year, it said.
Annual mining production was down 7.3% in February.
Many of the country's largest gold, platinum and other mines were forced to suspend operations for up to five days in late January after state utility Eskom Holdings Ltd. said it couldn't ensure supplies of electricity. Mines and other large industry in the country has from the beginning of February had power supplies rationed.
Statistics SA said the value of mineral sales in February was 18.8% higher on the year at 21.42 billion rand ($2.8 billion), with gold sales down 1.3% at ZAR3.39 billion but non-gold mineral sales up 23.6% at ZAR18.03 billion.
Statistics SA Web site: http://www.statssa.gov.z
