The new Moab gold mine in South Africa is expected to produce 293 tons of bullion annually, Anglo American’s gold division chairman said recently in Cape Town.
Clem Sunter told an investment conference that the projected production would earn the country some 500 million rand (US$149 million) in foreign exchange yearly, Agence France Presse reports.
Moab is an extension of the existing Vaal Reefs complex which straddles the border between Transvaal and Orange Free State provinces.
Main shaft production is to start in 1997 and Sunter said the capital expenditure on the project is proof that Anglo American has confidence in the country’s future.
“Under any political dispensation, we are giving a vote of confidence for the South African mining industry,” he said.
He added he is confident the gold price will hold up and that, by 1997, demand for the yellow metal will outstrip supply.
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