MONDAY, 12.00NOON
THE Reserve Bank is examining the possibility of reducing its role as the major marketer of SA gold production abroad, Bank sources say, with the likelihood of private sector participation by the end of the year.
Bank international banking GM Bertus van Zyl said on Friday the Bank is in negotiations with the finance department and the Chamber of Mines on its role in the sale of gold. A committee has been set up to examine the issue. As well as the negotiating parties, the committee includes representatives from the mineral and energy affairs ministry and gold producers.
At present, SA gold producers are obliged to market the bulk of their production through the Reserve Bank and the Rand Refinery, owned by a consortium of major gold producers.