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DESPERATE DAYS

26th July 2013

By: Darlene Creamer

  

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DESPERATE DAYS – If the South African gold-mining industry continues on its downward path, it will fall from being world number one only six years ago, to being a bit player – even though it still has the world’s biggest gold resource. The number of people it will employ will decline from the 142 000 to 60 000 and the number of tons it produces a year from 167 t to 90 t. The industry is unnecessarily over-laden by high costs, pathetic productivity, desperate labour days and dragged-down pricing. This is an industry that paid out R22-billion in salaries and wages in 2013 and R2.1-billion in corporate taxes but will peter out of much more is hurled at it.

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