Video: Gold mining faces a cliff after 2025, CRU analyst predicts
Global gold production will peak at about 3,250 tonnes (105 million oz.) next year, according to CRU's Oliver Blagden.
South Africa’s Anglo American Platinum (Amplats), the world’s largest platinum producer, has offered to reinstate 12,000 miners fired in early October for illegally striking and pay them a $230 “hardship allowance” if they return to work by Tuesday morning.
The company will also give a $230 “loyalty allowance” bonus to workers who did not participate in the wildcat strike.
Those who do not return to the mines on Tuesday will remain dismissed and/or be subject to illegal strike disciplinary action, added the company.
Labour unrest affecting Amplats’ operation has lasted for more than six weeks and, as Oct. 24, has resulted in a loss of 138,000 troy ounces of platinum production.
Majority-owned by Anglo American (LON:AAL), which saw its chief executive —Cynthia Carroll—step down last week, the platinum producer announced further cut capital spending plans for the year and said it expects an 8% increase in unit operating costs.
The gold sector, in the meantime, seemed to be have resumed production at several operations by Monday afternoon. Gold Fields (JSE:GFI) had already resumed full production at one strike-hit mine, with another set to follow later this week, while AngloGold Ashanti (NYSE:AU) is preparing operations to ramp up production.
But operations at Gold Fields’ KDC East mine, which was one of the last gold mines to go on a strike remained suspended.
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