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Oct 7, 2013

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Economist calls on South Africa to save pivotal gold-mini...

JOHANNESBURG – Steps must be taken to halt the rapid decline of South Africa’s crucial gold-mining industry, economic strategist Chris Hart urged on Thursday. Hart, who was delivering the keynote address at the Tenova Mining & Minerals Symposium in Johannesburg, warned that if steps were not taken timeously, the industry on which the South African economy had been founded would be in danger of losing its critical mass. Conversely, if the country set out to save the gold-mining industry, it stood to benefit from gold's pivotal economic contribution for another 100 years. South Africa, the Investment Solutions chief strategist pointed out, had fallen from being the world’s biggest gold producer to the number six position, despite still having an abundance of gold reserves in the ground. South Africa, Mining Weekly Online can report, has fallen below lowly Peru, with a mere 6% contribution to total global gold production, from a massive 68% contribution in the past. lP  (Oct 7, 2013 | post #1)