To:Darleen Shurgot who wrote (309) From: John Barendrecht Tuesday, Jul 8, 1997 11:21 AM Respond to of 80033
ERPM slides further on mine closure news JOHANNESBURG, July 8 (Reuter) - Shares in South Africa's East Rand Proprietary Mines Ltd (ERPM) continued to fall on Tuesday after the firm said it would stop operations at its Benoni Gold Mining Co Ltd as soon as possible due to the slide in the gold price.
By 0930 GMT ERPM shares were down 10 cents or nearly nine percent to 102 cents in brisk volume of over 1.3 million shares.
ERPM parent Randgold and Exploration Co Ltd (RNGJN.J)also lost further ground to trade at a fresh year low of 16.50 rand -- a drop of 40 cents although volumes remained light.
ERPM said that the decision came on the back of operating losses incurred by the company over the past two months and the current low gold price.
Benoni is the first casualty of the falling bullion price which last week dropped to its lowest level in 12 years on news that the Australian central bank had sold 167 tonnes of its gold stocks over the last six months.
Gold was last trading at $317.40/90 and although some consolidation was forecast in the short term, the drift down was seen prevailing.
Market Data 
Markets 
AI
