Mali slashes rosy gold output forecast
Tue Mar 29, 2011 2:25pm GMT
* 2011 forecast cut to 49.577 T from over 60 T
* Mining companies revise their projections lower
* Output still seen up on last year
BAMAKO, March 29 (Reuters) - Mali, Africa's third-largest
gold miner, cut its 2011 production forecast by more than 15
percent after mining companies revised their numbers lower, the
government said on Monday.
Output for the year will reach 49.577 tonnes instead of the
more than 60 tonnes announced by Mali President Amadou Toumani
Toure in a televised address in January, said Bafa Sangare, a
mines ministry official.
The forecast would still mark an increase over 2010
production of 46.033 tonnes.
"The projection of 60.5 tonnes was downgraded because of
revisions by the private companies, who are planning 45.577
tonnes in 2011, adding to artisanal output of 4 tonnes to total
49.577 tonnes of domestic production," he said.
The previous forecast had industrial production at 56.527
tonnes, with artisanal output at 4 tonnes. There was no clear
explanation for the downward revisions by companies.
Mali, a largely desert country, relies on gold for 70
percent of its exports and 15 percent of its gross domestic
product. Its gold output has been hit in recent years by
slowdowns at some of its biggest and oldest mines.
But new mines, including Randgold's (RRS.L: Quote) Gounkoto
discovery, will help boost output.
Below is a table showing gold production forecasts by mine,
as released by Mali's mines ministry:
Mines 2011 2010
Sadiola (Anglogold, Iamgold (IMG.TO: Quote), SFI) 9.622 10.381
Morila (Randgold, Anglogold) 6.523 8.954
Yatela (Anglogold ANGJ.J) 2.570 5.022
Loulo (Randgold <RRS.L) 11.062 11.046
Gounkoto(Randgold) 3.500 -------
Kalana (Avnel Gold (AVK.TO: Quote)) 0.185 0.491
Tabakoto/Segala (Avion Resources) 3.228 3.328
Kodieran(Wassoul'or) 4.208 -------
Syama (Resolute (RSG.AX: Quote)) 4.665 2.810
---------------------------------------------------------------
Total industrial 45.577 42.033
Artisanal production 4.000 4.000
---------------------------------------------------------------
Total industrial/artisanal 49.577 46.033
(Reporting by Tiemoko Diallo; editing by Richard Valdmanis and
Jane Baird)
