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