Reviving King of Gold Means Getting Mine Workers Off Their Knees
By GCRU Gold News on Friday, March 24 2017, 02:03 - Permalink
If only it was that easy for the rest of the once dominant South African gold industry. After more than a century as the world’s top producer, the country has slipped to No. 7 over the past decade. Mines are deep, labor intensive and are being developed with mostly drill-and-blast methods little changed since the 1950s, which means costs have soared and output has dropped.
“South Africa is endowed with an unbelievable mineral resource,” said Neal Froneman, the chief executive officer of Sibanye Gold Ltd., the biggest producer of South African gold. “If we don’t have this shift to a new way of thinking about technology, we are going to sterilize resources. The industry will be dead by 2033 if we don’t change.”