World’s deepest gold mines on ‘cliff’ as virus cuts output

Bloomberg/Felix Ninji

“The pandemic jeopardizes the future of a 134-year-old industry that once employed more than half a million workers on the world’s biggest gold field. While Cyril Ramaphosa’s government has been praised for its rapid response to the health crisis, the country’s five-week lockdown and the strict conditions attached to reopening gold mines risks undermining their viability.”

bar chart showing decrease in mine production since 2019
Chart courtesy of World Gold Council

USAGOLD note:  Unfortunately once these deeper mines shut down, it is a very costly and time-consuming process to restart production.  As the chart above shows, mine production was trending down before the coronavirus took its toll on global production.

Related: Bloomberg/Felix Ninji/World’s deepest mines to take weeks to reopen after shutdown/4-8-2020


Repost from 5-1-2020

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