/ 2 May 1999

AVGOLD BACK IN RED

GOLD mining company Avgold showed a loss for the quarter ending March 31, as production fell over 25% to 4355kg. While earnings were about R19-million as of December 31, the firm showed a R4-million loss. Production problems drove the cuts and losses, and included an underground fire, geological difficulties, and lost shifts over Christmas. Safety problems have also hurt the mine, as the casualty rate has doubled. Company officials are confident that shortfalls will be made up and profitability will be restored.