South Africa's 3 largest gold miners lost $543 million altogether last year ...
Submitted by cpowell on 07:08PM ET Sunday, October 7, 2018. Section: Daily Dispatches ... but none of them questioned gold price suppression by governments and central banks.
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It will be all turn positive - the NWO deep state mafia lose control - the most power full Army in the world is US People elected Trump leader -
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South African Gold-Mining Companies Pay High Price to Keep Digging
By Alexandra Wexler and Thandi Ntobela The Wall Street Journal Sunday, October 7, 3018
JOHANNESBURG, South Africa -- South African gold miners have literally dug themselves into a hole, with the world's deepest mines threatening the safety of workers and the companies' ability to make money.
Powered for decades by the cheap labor of apartheid, the country's deepest gold mines plunge almost 12,000 feet below the earth's surface -- and have provided nearly half the gold bullion and jewelry ever produced.
... Dispatch continues below ...
USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business. Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
But as miners have dug ever deeper to retrieve what remains of the world's largest gold deposits, they have faced an economic and moral conundrum: Gold at these depths is costlier and more dangerous to mine. South Africa's three largest gold miners by market capitalization reported collective losses of about $543 million last year, as global gold prices remain some 40 percent below their 2011 highs. Costs of mining an ounce of gold in South Africa are high compared with the global average. And the human toll is mounting too.
Deaths in South African mines rose for the first time in a decade last year, climbing 21 percent to 88 from 73 a year earlier. So far in 2018, 65 workers have died, including 24 deaths at Sibanye Gold Ltd., South Africa's largest gold producer. ...
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The miners need a high grade mine during the down times, guess where they that hard asset cash to survive and make great profit.... E.g.... :-))
Gran Colombia Gold Reports Third Quarter 2018 Gold Production; Trailing 12-Months’ Gold Production Reaches 214,439 Ounces, Up 23% Over 2017 TORONTO, Oct. 15, 2018 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today that it produced a total 19,120 ounces of gold in September bringing the total for the third quarter of 2018 to 57,163 ounces, up 54% compared to the third quarter of 2017. For the first nine months of 2018, total gold production amounted to 162,741 ounces, up 33% over the first nine months of 2017. This brings the Company’s trailing 12-months’ total gold production as of September 2018 to 214,439 ounces, up 23% from 2017’s annual production of 173,821 ounces. The Company continues to expect that it will produce between 210,000 and 220,000 ounces in 2018.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented, “This was not only our fourth consecutive quarter with over 50,000 ounces of total gold production for the Company, it was our first quarter producing over 50,000 ounces of gold at Segovia alone. We continue to be encouraged by the execution of the development and modernization programs within our high-grade Segovia Operations which are fuelling our production and EBITDA growth.”
At the Segovia Operations, gold production in September amounted to 17,140 ounces, bringing the total for the third quarter of 2018 to 50,968 ounces and for the first nine months of 2018 to 144,241 ounces, up 40% compared to the first nine months of 2017 which included the adverse impact of the civil disruption on operations in August last year. The Company has processed an average of 994 tonnes per day (“tpd”) in the first nine months of 2018 with an overall average head grade of 17.1 g/t, continuing to benefit from growth in production in 2018 from its high-grade Providencia mine. This brings Segovia’s trailing 12-months’ total gold production as of September 2018 to 189,828 ounces, up 28% from 2017. The Company continues to expect that the Segovia Operations' will produce between 185,000 and 195,000 ounces of gold in 2018.
The Company’s Marmato mine produced 1,980 ounces of gold in September, bringing the total for the third quarter of 2018 to 6,465 ounces and for the first nine months of 2018 to 18,500 ounces, about 3% lower than the first nine months of 2017. This brings Marmato’s trailing 12-months’ total gold production as of September 2018 to 24,611 ounces, about 2% below 2017’s annual production and within the Company’s expectation for 2018 of between 24,000 and 26,000 ounces.
The Company will be releasing its financial results for the third quarter and first nine months of 2018 on or about November 13, 2018.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato Operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia Operations.
Additional information on Gran Colombia can be found on its website at http://www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which ----is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com
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