22 August 2014 - Gold Fields to try new mining techniques at South Deep |
- 22 August 2014 - Gold Fields to try new mining techniques at South Deep
- 22 August 2014 - Weak monsoon may affect gold demand in rural India
- 22 August 2014 - Gold To Fall Lower But Don't Expect Prices To Collapse - Capital Economics
- 22 August 2014 - 凯投宏观：黄金今年不会重演暴跌 通胀将成先行指
| 22 August 2014 - Gold Fields to try new mining techniques at South Deep Posted: 22 Aug 2014 03:28 AM PDT From:http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=250876&sn=Detail JOHANNESBURG (REUTERS) - Gold Fields will pilot two new techniques at its flagship South Deep mine, the last remaining asset in its South African home base, as it tries to unlock value from the world's second-largest gold reserve. Chief Executive Nick Holland said at an earnings presentation on Thursday the new methods at South Deep, a fully-mechanised operation, were in a bid to meet a target of producing 700,000 ounces a year there by around 2018. Currently, Gold Fields is using a system called "destress mining" in which horizontal cuts are made into the rock in such a way that a lot of the "stress" that can cause rock bursts underground are removed. But it also means opening up vast areas which require a lot of support, so much time and money can be spent before any bullion is extracted. Holland said the company was experimenting with a variation of destress mining as well as an entirely new way of doing things called the inclined slot method, which has been employed at its Australian operations. In layman's terms: with the inclined slot method, you open, extract and then back-fill without support structures, speeding up the whole process of getting to the gold, which is done with machines rather than miners holding hand-drills. "It is much quicker, easier and probably will be cheaper," Holland told journalists. "It's going to be a year for us to pilot it, assimilate all the results and determine the way forward," he said. South Deep descends to three kms (almost two miles) and South Africa, with the world's deepest mines, has over a century of experience when it comes to extracting ore far below the surface with a large, unskilled workforce. But heavily mechanised mining is relatively virgin territory in South Africa's gold reefs, from which a third of the bullion ever mined in recorded history has been produced. South Deep, which sits atop a mammoth 40-million ounce reserve worth around $50 billion at current spot prices, is one of the few gold mines in South Africa where sophisticated mechanisation is possible because the seam is so big - 120 metres wide in some places, making it suitable for big machines. Gold Fields has brought in a top Australian engineering team to help overcome the technical and geological challenges at South Deep, where delays and shifting production targets have annoyed investors. In the most recent setback, production has been curtailed by maintenance and a safety review though Gold Fields insists this "will make the mine safer and position the mine for an improved performance in 2015". It is also a long-term project which is seen producing gold for several decades to come and the company's stable of global mines are generating a steady cash flow at the moment. Gold Fields reported a 20 percent rise in quarterly profit on Thursday despite a fall in prices and production as output increased at its lower-cost mines. (Editing by David Evans) Source:http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=250876&sn=Detail |
| 22 August 2014 - Weak monsoon may affect gold demand in rural India Posted: 22 Aug 2014 03:27 AM PDT From:http://www.asianage.com/business/weak-monsoon-may-affect-gold-demand-rural-india-093 Gold demand in rural India is expected to be lower this year with weak monsoon affecting household savings, according to the World Gold Council (WGC). However, gold demand during the auspicious Diwali festival is expected to be better, it said, adding that the long-term demand for gold remains "intact" in India despite government restrictions. "Rural demand is not looking absolutely great now because rural household savings are coming down even though it is being expected that monsoon will be back to normal," WGC India managing director Somasundaram P R said. About 7-8 per cent of rural household savings goes into gold buying in India, he said. Much of Indian gold demand comes from rural households, especially farmers. Good crop production raises income levels and translates into greater bullion demand. According to the World Gold Council, India's overall gold demand in the 2014 calendar year is estimated to decline to 850-950 tonnes from 974 tonnes in the last year. Stating that government curbs have encouraged smuggling of gold into the country, Mr Somasun-daram said that out of the total demand of 850-950 tonnes projected for 2014 calendar year, about 200 tonnes would be served through grey market. However with easing of import norms since May, gold shipments have risen, he said, adding that the government should review these norms and reverse them soon. The country would continue to depend on imports as recycled gold is only 10 per cent, Mr Somasun-daram added. Source:http://www.asianage.com/business/weak-monsoon-may-affect-gold-demand-rural-india-093 |
| 22 August 2014 - Gold To Fall Lower But Don't Expect Prices To Collapse - Capital Economics Posted: 22 Aug 2014 03:25 AM PDT (Kitco News) – An improving U.S. economy and growing expectations for an early rate hike will drag gold prices lower by the end of the year, but the impact will be limited says commodity economists at a leading macro-economic research firm. Caroline Bain, senior commodity economist at Capital Economics said, in an interview with Kitco News, that they are currently in the process of revising their year-end price target for the yellow metal lower; the firm's current price target is $1,400 an ounce. Bain wasn't able to provide the firm's new price target because their research is still ongoing. She said that they are expecting to release their revised forecast sometime next week. Although the economists are slightly more negative than their previous forecast, Bain added that they are not expecting to see prices collapse by the end of the year. "There are a variety of factors supporting gold but the outlook is still bearish," she said. "However, I am expecting that we will make a small revision to our price outlook." The biggest reason for the downward revision is because of the recent improvement in the U.S. economy, Bain said, which they expect will force the Federal Reserve to hike interest rates sooner than expected. Most analysts are forecasting the U.S. central bank to raise rates in mid-2015, but economists from Capital Economics anticipate that rate hikes could come as early as March. Capital Economics re-affirmed that outlook Wednesday after the central bank released the minutes from the July Federal Open Market Committee meeting. However, Bain added an improving economy, and rising interest rates, are already priced into the market and these factors will have a less negative impact on gold moving forward. Instead the focus is now shifting to inflation expectations, a major driver of gold prices. "We should start to see higher inflation as the economy improves and we don't know how high it will be," she said. "There is still some uncertainty over inflation because of the unprecedented steps the Fed has taken. We are in unchartered territory." Bain also said that gold could find some support later in the year as a result of portfolio reallocations. Rising interest rates could halt the free-flow of capital into the record-breaking equity markets and force investors to take a more defensive position, she explained. Also supportive for the gold market is an expected decline in supply, both from mining and recycling. "We are already seeing junior mining companies struggle because of the low price and that will limit new supply," she said. On the recycling front, Bain said they are seeing more people hold on to their scrap gold jewelry, waiting for prices to return to pre-2013 levels. |
| 22 August 2014 - 凯投宏观：黄金今年不会重演暴跌 通胀将成先行指 Posted: 22 Aug 2014 03:22 AM PDT From:http://finance.sina.com.cn/money/forex/20140822/063920087890.shtml 随着美国经济逐步改善，市场普遍预期美联储将更早地进行加息，并打压金价在年底进一步下跌。然而，凯投宏观(Capital Economics)高级商品经济学家Caroline Bain却称，美国经济复苏以及美联储提前升息对金价的影响实质上有限，今年不会重蹈2013年暴跌的行情。 Caroline Bain周四(8月21日)在接受Kitco采访时表示，"不得不承认，美国经济改善以及美联储加息的压力的确令金价承压，我们也已准备下修今年年底的黄金(1283.40, 8.00, 0.63%)价格目标预估。"此前凯投宏观预计2014年底黄金的目标价位在1400美元/盎司，其将在下周公布最新的修改结果。 Bain指出，"下行金价目标的主要原因是近期美国经济持续改善，同时我们也预计美联储可能会比市场预期更早加息。" 此前多数分析师预计美联储可能在2015年中加息，但凯投宏观认为最早的升息时间可能在明年3月，并在周三(8月20日)美联储7月会议纪要公布后做出进一步确认。 不过，Bain强调，"事实上，目前美国经济改善以及可能提前升息的预期基本已体现在金价中，因此这方面的影响将十分有限。未来通胀预期将取而代之，成为主要驱动金价走势的先行指标。 她认为，"经济增长将带动更高的通胀，问题是我们无法知道通胀究竟能升到多高。由于美联储之前史无前例的宽松措施，通胀风险完全是个未知数。" 与此同时，Bain也列举了几个在2014年下半年中支撑金价的利好因素： 1.利率上升将抑制目前正处于历史高位的美国股市中的资本流动，并迫使投资者采取更多的避险防御措施，比如购买黄金。 2.由于金价下跌，预计未来一些大型黄金生产商的黄金产量将首先，导致供应下滑。 3.目前更多人倾向于持有手中的黄金首饰，并等待金价重返2013年暴跌前的水平，这会减少黄金回收的数量，同样限制供应。 Source:http://finance.sina.com.cn/money/forex/20140822/063920087890.shtml |
| You are subscribed to email updates from Home To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 Comment for "22 August 2014 - Gold Fields to try new mining techniques at South Deep"