S. AFRICA GOLD MINING INDUSTRY HAD RECORD YEAR
The gold mining industry had
another "exceptional year" in 1986 with tonnage milled, revenues
and profits reaching high levels, the Chamber of Mines said.
    Nearly 108 mln tons of ore was milled, three pct higher
than the prior year, while revenues rose 17 pct to 16.5 billion
rand and profits increased 6.5 pct to 8.31 billion rand, the
Chamber reported.
    The profit rise was achieved despite substantial cost
increases and a 26.1 pct rise in capital expenditures to 2.42
billion rand, it said.
    The chamber said that a "comparatively buoyant gold price
allowed mines to continue the practise of mining lower grade
ores which has characterised recent years."
    It said the industry now mines to an average grade of 5.63
grams per ton compared with 6.09 grams per ton in 1985.
    Gold output for the year declined five pct to 638 tons
compared with the previous year's 671 tons.
 REUTER
