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Monday, 21st November 2005 (4360 views)

A compendium of companies is to launch a gold advance scheme on Thursday.

According to South Africa's Sunday Times, mining companies AngloGold Ashanti and Gold Fields, together with Standard Bank and vehicle and defence group SAAB, will be introducing a gold advance scheme.

Under the scheme, the South Africa jewellery manufacturing sector will gain secure and affordable gold financing.

It is aimed at enabling the jewellery manufacturers to be more competitive in the international market.

This should empower the manufacturers to win export business and should also help them to flourish within South Africa itself.

The scheme will be launched at the Rand Refinery, where South Africa's minerals and energy minister, Lindiwe Hendricks, will be speaking.

South Africa is the world's largest gold producer. Nevertheless, it experienced a 15.4 per cent year-on-year drop in output in the third quarter, bringing that quarter's output to 72.4 tonnes.

 

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