Much of the overall decline in reported gold output was due to a significant quarter-on-quarter production declines from AngloGold Ashanti, Goldcorp, and Sibanye Gold.
Saying that just over 20% of miners had met the black economic empowerment criteria is to tun a blind eye to the progress members have made so far, claims the ming group.
Demand fears continue to restrict the extent of upside moves, whilst supply disruptions at the mine level have more recently provided a floor to prices following the early-year sell-off.