How world sees SA: Gold price surge sees commando-style heists at mines

Armed gangs target gold mines and processing plants after price rally in latest challenge to struggling economy.

Published on:

12 Mar 2020, 2:03 pm

After attacks on gold mining facilities by heavily armed thugs and armed gangs almost doubled to 19 last year, the Minister of Police Bheki Cele said he was considering plans to set up a task force to tackle the violence. In his budget vote speech, Finance Minister Tito Mboweni asked communities to step in to expose disruptive actions of 'bandits' who storm construction sites or mines that harm growth and lead to job losses; so the law could take its course. In the meantime, the attacks continue. The Minerals Council of South Africa has confirmed to Biznews that another two attacks on mining operations have occurred in 2020. Gold mines are seen to be softer targets for crime syndicates that were previously specialised in cash-in transit heists. The price of gold has been soaring as investors flock to the shiny metal as a safe haven for investments during the coronavirus outbreak and oil war between Saudi Arabia and Russia. The gold price hit a seven year high trading above $1,700 at the beginning of the week. The Wall Street Journal details how mines are beefing up security in attempt to thwart the armed gangs and "have expressed frustration at the lack of arrests of syndicate bosses." – Linda van Tilburg