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

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.

Sport24news Hjghhjgjfkgkckgkh

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

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Access Bank South Africa takes CFI’s Best Business Banking Solutions in SA titleThe bank forms part of a financial services group with an established international presence, including subsidiaries in Africa.
Source: ewnupdates - 🏆 30. / 53 Read more »

Business pleads with Ramaphosa: Choose a more effective Cabinet | BusinessOrganised business groups have made a plea to President Cyril Ramaphosa to choose his Cabinet carefully, as his decisions will be 'decisive in setting the trajectory of the country'. | News24_Business politicsblahbla _Business politicsblahbla They are hypocrites, ministers implicated in the zondo state capture report will come back and that organised business groups will keep quiet. _Business politicsblahbla Unfortunately Ramaphosa will have a problem to choose a dynamic government out of the current anc representatives, as criminality and incompetens are the available skills and will not add any value to South Africa's taxpayers. _Business politicsblahbla Pleading.
Source: News24 - 🏆 4. / 80 Read more »