South Africa’s 112 000 gold mineworkers earn R30bn yearly.

Chamber of Mines CEO Roger Baxter

CAPE TOWN (miningweekly.com) – Despite South Africa no longer being a significant producer of gold on a global scale, gold mining remains a key part of the South Africa economy by providing jobs for more than 112 000 people who earn R30-billion a year, Chamber of Mines of South Africa CEO Roger Baxter said on Monday.

Speaking on the first day of the Mining Indaba at a function to mark the 30th anniversary of the World Gold Council(WGC), Baxter said that for every mineworker, another two workers exist in other industries and there is a ten-to-one social multiplier of people who are dependent on each mineworker for their daily subsistence.

He recalled that in 1970, when South Africa was producing 1 000 t of gold a year, it was mining high grades of 13.7 g/t, which was necessary to breakeven with costs at a fixed goldprice of only $35/oz.

By Martin Creamer.

Full story at Mining Weekly.