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Gold Heists at South African Miners

Posted: Thu Mar 12, 2020 7:26 am
by dualstow
Commando-Style Heists Put South African Gold Miners on Defensive
... over the past year, the industry has increasingly been besieged by Kalashnikov-toting gangs from organized crime syndicates trying to rob gold mines and processing plants.
https://www.wsj.com/articles/commando-s ... eatst_pos2

Re: Gold Heists at South African Miners

Posted: Thu Mar 12, 2020 7:52 am
by Kriegsspiel
The armed gangs, which authorities and mining executives say are connected to organized crime syndicates, are increasingly well-organized and well-funded. They can easily outgun security personnel, whose use of lethal force and automatic weapons are constrained by company policies and local laws.
Because of the under-resourced police force, when armed gangs roll up, they often get unfettered access to plants for at least a short period.
AngloGold Ashanti Ltd., the world’s No. 3 gold miner, said in February that it would sell its last remaining South African assets and exit the country where it was founded. . . “It’s unacceptable that there’s a lack of law enforcement. The police don’t respond, and if they do, they’re completely useless,” said Neal Froneman, chief executive of Sibanye-Stillwater Ltd
*Black Lives Matter and American leftists busily taking notes*

I appreciate the WSJ going for Realtalk instead of spin.

Re: Gold Heists at South African Miners

Posted: Thu Mar 12, 2020 8:17 am
by dualstow
One would think gold miners have their own security and they do, but
(The gangs) can easily outgun security personnel, whose use of lethal force and automatic weapons are constrained by company policies and local laws.

Re: Gold Heists at South African Miners

Posted: Thu Mar 12, 2020 3:01 pm
by Tortoise
On the bright side for PP investors, this will tend to drive gold prices higher.

Re: Gold Heists at South African Miners

Posted: Thu Mar 12, 2020 3:27 pm
by Libertarian666
Tortoise wrote:
Thu Mar 12, 2020 3:01 pm
On the bright side for PP investors, this will tend to drive gold prices higher.
Maybe a tiny bit, but not significantly. Mining output each year is responsible for only a few percent of the gold supply.