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SA's oldest gold refiner runs at 75% as mines dim | Business

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South Africa’s largest gold refiner is operating below capacity as output from local mines dwindles and supplies from elsewhere on the continent are scooped up by unaccredited rivals. | Sport24news

The 102-year-old Rand Refinery in the east of Johannesburg — the only African refiner accredited with the London Bullion Market Association — is running at about 75% of capacity, said Chief Executive Officer Praveen Baijnath. While it still processes the output of its biggest shareholders — AngloGold Ashanti Harmony Gold Mining Co. and Sibanye Stillwater — about half of the continent’s gold, from artisanal and small-scale miners, goes to smaller unaccredited refiners.

That surplus capacity partly stems from the demise of South Africa’s gold industry, where output peaked decades ago. The plant was originally built to end the practice of shipping crude bullion to London from the vast Witwatersrand basin, the source of half the gold produced on earth. Now power outages are crippling the nation’s economy and threatening to hasten the end of those operations, the CEO said.

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Sport24news Our gold is finished, and we got nothing to show for it…This continent is cursed ☹️

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