Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
At least 19 illegal gold miners died in Tanzania after a tunnel collapsed.
The accident at the operation, located close to Acacia Mining’s (formerly African Barrick Gold) Bulyanhulu gold mine, is believed to have happened on Thursday night, Reuters reports.
Before multinationals arrived in Tanzania, small-scale miners largely conducted the extraction of minerals.
According to a 2013 report by the International Institute for Environment and Development, small-scale mining employs 10 times more people than large-scale mining globally.
Tanzania, Africa’s third-largest gold producer, is also rich in diamonds, emeralds, rubies and sapphires. But illegal mining has cost the life of many since the sector began booming with economic liberalization policies applied in the mid-1980s.
