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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: SA Gold Production Drops 12%
Not that fundamentals mean much anymore but South African gold production is down another 12.3% YOY. This is a large decrease in gold supply considering that SA is the second largest gold producer in the world. The restrained electrical supply may be responsible for part of the decrease but those deep gold mines are much past their prime.
Also, it is becoming increasingly apparent that North American media coverage of reduced commodity supplies is becoming extinct. In contrast, news of increased supplies and the latest "demand destruction" headline is alive and well. Nothing like biased media control.
Regards - VHF
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S.Africa gold output falls 12.3 pct yr/yr in June
Thu Aug 7, 2008 5:11am EDT
JOHANNESBURG, Aug 7 (Reuters) - South African gold output fell 12.3 percent in volume terms, while overall mineral production fell 6.3 percent in June compared to the same month in the previous year, official data showed on Thursday.
Production of non-gold minerals declined by 5.4 percent, Statistics South Africa said on its website www.statssa.gov.za
South African mine output has fallen after state-owned power utility Eskom [ESCJ.UL] suffered a near collapse in the electricity grid in January, which led to a five-day country-wide mine shutdown.
Eskom has since supplied around 90 to 95 percent power to mines in the country, the world's biggest source of platinum and the second-ranked gold producer.
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