Good Article To ReadMali predicts surge in gold output
3rd January 2011
BAMAKO – Mali expects its gold production to rise 20% in 2011 to 60 t and increase further to 62 t in 2012, according to President Amadou Toumani Toure.
The west African state, Africa's third largest gold miner behind South Africa and Ghana, produced 50 t in 2010 -- 46 t from industrial mines and 4 t from artisinal diggers.
"It is expected that industrial gold production will be 56 t in 2011 and 58 t in 2012, in additional to artisinal production of 4 t per year," he said in a televised address on the weekend.
He did not explain how production would increase, though Malian officials have said high world gold prices were encouraging increased exploration and production.
Mali, a largely desert country, relies on gold for 70% of its exports and 15% of its gross domestic product.
Gold prices rose 30% in 2010 to record highs over $1 400/oz.
Mali's gold production has been hit in recent years by slowing output from some of its biggest operations, many of which are nearly played out.
But new finds, including Gold Fields' Komana discovery, could help boost output.
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