• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 13 mins Buy IELTS, IDP TOEFL, GMAT, ESOL, DEGREE, DIPLOMAS WhatsApp............+237(683)(483)(021)
  • 2 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 56 mins Hydrogen FTW... Some Day
  • 2 days Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 16 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 1 day Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 15 hours Emmissions up, renewables nowhere
  • 1 day Plants are Dying
  • 2 days The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 2 days We Are Better Than This
  • 2 days (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 2 days Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
Alt Text

Tanzania Wages War Against Gold Miners

Tanzania’s national government is stepping…

Alt Text

Experts: Expect A Wipeout For South African Miners

The downturn in South African…

Alt Text

Expect Mine Closures In This Key Gold Mining Nation

Major gold mining nation South…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

This South African Gold Miner Just Declared War On Illegal Miners

Small-scale mining is a growing issue across Africa. With regulators in Ghana this week making their first moves to shut down artisanal operations — part of an emerging campaign against environmental damage.

And in Africa’s top gold-producing nation, South Africa, things are getting even more serious. With one of the country’s top miners unveiling a never-before attempted strategy to deal with informal and illegal gold mining at its operations.

That’s Sibanye Gold. Which said over the weekend it is moving to completely drive out small-scale miners from its South African mines.

Sibanye’s management said they are setting a goal to have all illegal miners cleared out by next January. Making the company the first-ever in South Africa to implement such a “zero tolerance” policy.

This a critical gauntlet being thrown down. With illegal mining being a rampant problem across South Africa’s gold sector — often carried out by well-organized and well-funded gangs, who rob gold ore from active shafts at big mines.

To get rid of them, Sibanye is dedicating significant resources. With a budget of 200 million rand ($15 million) set aside by management for programs like rewarding whistleblowers — and installing high-tech check points at mine entrances to keep out illegal miners. Related: The Bullish Case For Oil Is Fading Fast

The move is potentially a big one economically for Sibanye. The company hasn’t released estimates of its specific losses from illegal mining — but a recent study from the South African Chamber of Mines pegged losses from stolen gold for the mining sector as a whole at a stunning $1.5 billion.

That suggests a successful campaign could make a huge difference to Sibanye’s bottom line. Which in turn could help revitalize operations for the company, and perhaps other South African miners who might follow Sibanye’s example.

The move also shows just how desperate South Africa’s miners are getting in trying to restore profitability. Watch to see how effective Sibanye’s fast-unfolding campaign will be — and if this can indeed give a lift to the company, and the wider gold mining sector.

Here’s to going clean.

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News