Bad news, but the price wil go up. That is normal trend in business.
Good news: gas industry will boom
On 8/1/13, Abdalah Hamis <hamisznz@gmail.com> wrote:
> ARUSHA, Tanzania, July 29 (Xinhua) -- Over 1,200 mine workers working in
> Tanzania's two giant gold mines are likely to lose their jobs, following
> the drastic plummeting of gold prices on the world market, a senior
> official said on Monday.
>
> "We are very concerned with the gold price trend in the global market,"
> Ally Samaje, acting Commissioner for Minerals in the ministry of Energy and
> Minerals, said in Arusha soon after presenting a paper on Tanzania's mining
> challenges at a forum that involved different mining stakeholders from
> across the African continent.
>
> He cited two mines which are in danger of suspending operations- - North
> Mara and Buzwagi, both of which are operated by the African Barrick Gold
> (ABG).
>
> ABG, the biggest investor in Tanzania's mining sector, posted total
> revenues of 2.32 billion U.S. dollars in 2011 and 2012. Around 91 percent
> of ABG's total workforce of 5,649 employees comprises Tanzanian nationals,
> with the company aiming to further reduce its expatriate labor in 2013.
>
> "ABG has already expressed concerns to us on the falling price trend in the
> world market. But, they are yet to decide whether to continue or suspend
> mining operations in those two sites," Samaje said.
>
> If the multinational company would opt to suspend business, it is estimated
> that more than 1,200 workers will be forced to go home for unpaid leave.
>
> "This will have a very negative impact on the country's economy and the
> well-being of employees working on the two mines," Samaje said. "On our
> side, we'll lose hefty amount of taxes from the two mines, in terms of
> royalty and other forms of taxes. Social service providers will also be
> affected if the company would suspend the operations in the two sites."
>
> "But, we still hope that is not going to happen... and Barrick Gold also
> are still watching the price trend," he said, attributing the drastic fall
> of gold price to low demand of the precious metal in the global market.
>
> In 2008, gold was one of the minerals which were not affected by the global
> economic crisis. Mining contributes 3.5 percent to the GDP of the east
> African nation and is projected to reach 10 percent by 2025.
>
> http://news.xinhuanet.com/english/africa/2013-07/30/c_132584607.htm
>
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