Give Us All The Info
10/2/99
BBC had the 'report' below.
No comment on the effect the mine
industry has on the environment.
-------------------------------------South African hopes for gold
The government in South Africa says a rise in the price of gold during the past week could result in fewer redundancies in the country's mining industry.
The Finance Minister, Trevor Manuel, said he believed higher gold prices would save some jobs and allow the industry to plan for the longer-term.
South Africa is the largest gold producer in the world and the precious metal accounts for at least fifteen percent of its export earnings.
The deputy president, Jacob Zuma, said the country must lessen its dependence on gold.
He said South Africa was extremely vulnerable to fluctuations in its price. Despite higher gold prices, the Canadian mining firm, Placer Dome, is going ahead with two-and-a-half-thousand redundancies at a big gold mine west of Johannesburg.
From the newsroom of the BBC World Service
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10/5/99
The lame press release below failed to mention
how destructive the mine industry is.
So I did it for them.
Butte | Diamonds | South Africa | Africa
----------------------------------October 5, 4:58 pm Eastern Time
CORRECTED - Anglogold says welcomes
In New York story headlined ``Angolgold says welcomes gold price surge'', please now see company stock symbol as
NEW YORK, Oct 5 (Reuters) - South Africa's Anglogold, the world's largest gold producer, said on Tuesday that it would benefit from the the surge in gold prices because the bulk of its mine production was still not hedged.
``By far the majority of Anglogold's gold production going forward remains priced at the spot price of gold, enjoying all the benefits of the current stronger market,'' the company said in a press release.
In addition, Anglogold said it has no gold lease rate exposure at all before early 2000 and limited exposure thereafter. This has contributed substantially to the stability of its hedge position.
At the end of the second quarter 1999 the company reported net forward sales of 421,438 kilograms, spread over a number of years but equal in total to less than 40 percent of annual production for the next five years.
The gold bullion price hit a new 23-month high on Tuesday at $338 an ounce, extending an explosive short-covering rally after news last weekend that 15 European central banks would cap gold reserve sales and leasing for five years.
Spot bullion was last quoted at $326.00/8.00.
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