Zero Hedge, in its September 28, 2012 article, reports that 39% Of South African Gold Production Is Now Offline.
Extract :
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Over a month
ago, when discussing the implications of the South African miner strike
that will not end until all local mining companies' income statements are
crippled after succumbing to wage hike demands, we said "Expect more
South African mines to shutter, as gold production in the world's third
largest gold producer grinds to a halt, and the local workers grasp they had
the leverage all along. Should the South African example spread to other
countries, then expect the price of gold to soar
regardless of how much printing the central planners engage in the coming
weeks and month." Today, we find out just what the final tally is , as
this too prediction is proven correct: "Strikes at South African gold mines have shut about 39
percent of capacity, including at AngloGold (AGG) Ashanti
Ltd. and Gold Fields Ltd. (GFI), as unofficial walkouts spread across the
country in demand of above-inflation pay increases." And boom: "AngloGold, the world’s
third-largest gold producer, today said all of its South African mines have
been halted. Gold Fields Ltd. also lost a metric ton, or
about 32,000 ounces, of production after strikes at its KDC and Beatrix
operations." That's ok, Bernanke will just
print more gold.
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