Despite Recent Increase, South African Output Down Last Year

As South Africa's mines get older, the closer they come to outright exhaustion. Despite a blip-up earlier this year, total output from South African mines fell by 6.4% last year.

The Chamber of Mines said Monday that production fell 6.4 percent in 2010. They blamed a 7.6 percent decrease in the average grade mined, leading to a lower yield of some 0.11 ounces (3.04 grams) for every ton of ore.

It may seem hard to believe now, but South Africa produced 70% of world gold output as recently as the 1970s. Presently, it's in fourth place.