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Strikes hit gold output hard

Pretoria, South Africa — 12 December 2012 – South Africa’s gold output was nearly halved in October, compared to the same month last year, highlighting the severe impact the industry suffered in the wake of the wave of wildcat strikes that swept the sector earlier this year.  

Fin24 reports that gold production in South Africa has sharply declined in the last seven years, knocking South Africa off its perch as the world’s top bullion producer, a position it held throughout most of the 20th century. South Africa is the world’s number five in terms of gold production.

Statistics South Africa latest data shows that gold production fell by 45.7% in volume in October, with total mineral production 7.7% lower compared with the same month last year.

Production of platinum group metals rose 17.6% after falling almost 18% in September because of labour unrest.

South Africa’s gold and platinum producers were rocked this year by illegal strikes that resulted in over 50 people being killed, and adding to the woes of an industry already battling with rising power and other costs.  

Source:  Fin24. For more information, click here.