Wednesday, 6th September 2006 (3638 views)

The Chamber of Mines in South Africa has released its second quarter figures for 2006, which show production is up by one per cent.

Total gold produced in the second three months of the year was recorded as 68,685.9 kilograms as many gold exploration and production companies have ramped up their operations on the back of a strong showing from gold on world stock markets.

Mining firms in the country milled 8.5 per cent more ore in the second quarter of 2006 compared with the first, although the average grade fell by 7.5 per cent to 4.59 grams per tonne of ore.

Analysts have apportioned the recent recovery of gold, which hit an 83-year low in March 2005 when figures showed output of less than 300 tonnes for the month, to the higher price as well as the fact that the market now looks far healthier for investors.

South Africa represents one of the most important gold purchasing and producing nations in the world, hosting several of the largest gold mining companies including AngloGold Ashanti and Gold Fields.

 

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