AngloGold Says There's No Escaping Demise of South African Gold
By GCRU Gold News on Tuesday, July 24 2018, 01:48 - Permalink
South Africa’s gold mines are the world’s deepest and among the most labor intensive. The country’s gold production dropped 16 percent in May from a year earlier, falling for an eighth straight month, as aging infrastructure, depleted reserves and accidents raise costs and curb output.
“Gold is a sunset industry,” Pityana said in an interview last week in Bloomberg’s Johannesburg office. “It doesn’t matter what you do, it doesn’t matter how you do it, you are not going to be able to change that.”