Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Reuters reports AngloGold Ashanti has brought to a halt operations at its Savuka mine in South Africa on Saturday after the body of a worker was found in a gully.
AngloGold, the number one gold miner on the continent, said “it was treating the death as an occupational accident pending an inspection scheduled for Monday.”
Savuka exploits the Carbon Leader Reef (CLR) at depths varying from 2,600m to 3,500m below surface west of Johannesburg in the province of Gauteng which translates to ‘Place of Gold’ in the local Sesotho language.
In 2011, the mine produced 49,000 ounces of gold at $864 total cash cost per ounce.
AngloGold this week reported stronger than expected second quarter gold production of 1.07 million ounces, up 9% compared to the first quarter, boosted by its South Africa operations which achieved 18% better output.
