Gold News

SA gold production falls 7.4%

New figures have confirmed that gold mining production in South Africa saw a significant fall last year.

Statistics released by the Chamber of Mines (CoM) showed that gold production fell by 7.4 per cent to 254,685 kg in 2007 - compared with the average yearly drop of 6.3 per cent that has been seen in the last ten years.

The fall came despite a 37 per cent increase in investment by members of the CoM on gold mining activities. Gold production also fell during the fourth quarter of 2007, dropping seven per cent to 61,845 kg.

Pressures on gold mining production have been cited by a number of experts in recent months as one potential driver of gold prices to record highs.

With the latest figures, it could be possible that the price of gold bullion will continue to increase in the longer-term if South Africa - previously the biggest gold producer in the world - cannot halt its mining decline.

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