Friday, September 6th 05:18 PM IST

News Update: Africa's NUM attacks rival union members, India Gold imports may pick up soon

# Romania gold mine  # South Africa mine strike  # cyanide  # India gold import  

India gold imports are expected to pick up as Customs Department has issued clarifications regarding use of imported gold and how it will be calculated. Premiums over London gold prices have fall from a high of $35-40 per ounce a week earlier to $25-30 per ounce

LONDON/MUMBAI(Bullion Street): The South Africa's AMCU union alleged that seven of its members were attacked at the Sibamaye's Beatrix Mine on Thursday as they reported for duty by the main rival union, National Union of Mineworkers (NUM) which had convened the strike. While AMC union members reported for duty several thousands of NUM workers were on strike.

Rosia Montana Gold Corporation expects Romania parliament to vote in favour of the company's plan to open Europe's biggest open-cast gold mine despite strong opposition to the project. Thousands of the people in cities across Romania took to the streets on Sunday against the controversial venture. The mine will use cyanide to mine 314 tons of gold and 1500 tons of silver.

RMGC estimates the mine would be worth $10 billion based on a price of $1,200 per ounce of gold. Excluding $3.1 billion for goods and services which need to be purchased abroad, the company and the government estimate Romania would get $2.3 billion in taxes and $2.9 billion in services and jobs, or roughly three quarters of overall benefits over the mine's 16-year lifespan and building and closing periods, Reuters reported.

Meanhile, India gold imports are expected to pick up as Customs Department has issued clarifications regarding use of imported gold and how it will be calculated. Premiums over London gold prices have fall from a high of $35-40 per ounce a week earlier to $25-30 per ounce.

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