The gold price
Tremor-hit South African mine to resume work - 6 September 2007
South African company Gold Fields has been permitted to resume work at the Driefontein mine, after an earth tremor on Monday (September 3rd) forced the suspension of operations.
The Department of Minerals and Energy granted the company the right to start work again, after the tremors claimed the life of one minerand injured several others.
Spokesman for the company, Andrew Davidson, confirmed that "the Department of Minerals and Energy has given us permission to resume operations at the number five shaft".
Gold Fields is the world's fourth largest precious metals producer, forming in 1998 by amalgamating the gold assets of Gold Fields of South Africa Limited and Gencor Limited.
The company said that the Driefontein mine showed a light decrease in performance last year, with gold yield down from1.16 million ounces in 2005 to 1.15 million ounces in 2006, attributing the fall to the adverse effects of seismic acitivity on the mine's higher grade four shaft.
With production now allowed to resume, Gold Fields shares rose in value by 2.05 per cent, sticking close to the gold mining index.
The Department of Minerals and Energy granted the company the right to start work again, after the tremors claimed the life of one minerand injured several others.
Spokesman for the company, Andrew Davidson, confirmed that "the Department of Minerals and Energy has given us permission to resume operations at the number five shaft".
Gold Fields is the world's fourth largest precious metals producer, forming in 1998 by amalgamating the gold assets of Gold Fields of South Africa Limited and Gencor Limited.
The company said that the Driefontein mine showed a light decrease in performance last year, with gold yield down from1.16 million ounces in 2005 to 1.15 million ounces in 2006, attributing the fall to the adverse effects of seismic acitivity on the mine's higher grade four shaft.
With production now allowed to resume, Gold Fields shares rose in value by 2.05 per cent, sticking close to the gold mining index.
Goldbug, 06 Sep '07
Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News, RSS links are shown there.
