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Monday, March 15, 2010

South Africa Gold Production Declining

South Africa Gold Production

Even though South Africa has been the leading producer of gold for most of the 20th century, in the 21st century they aren't faring as well, as they've dropped to the No. 4 position globally.

In 2009 gold production in the country fell to under 205 tons for the year. Aging gold mines are the principle culprit in the reduced South African gold production.

To give an idea how quickly this is happening, in 2008 the production levels were down by 14.5 percent, while in 2009 it fell a further 5.8 percent.

There's only one factor going on here, and that is that the country is simply starting to run out of the metal with no new, significant gold mines waiting in the wings.

The top three gold producing countries in the world are led by China, and then the United States and Australia.

What could be good news is this could increase the price of gold which isn't expected to diminish in demand for some time.

South Africa Gold Production

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