He hopes, he said, to find a solution in consultation with the utility and the government, but made it plain that restructuring would be needed at his company's South African mines to ensure that they remain profitable.
This year's September quarter saw a stronger rand, higher electricity tariffs, wage increases and the closure for repairs of the TauTona mine's shaft lift the dollar cash operating cost of each ounce of South African gold rise 18% quarter-on-quarter to $525 and in rand terms by 10% to R130.009/kg.
Cutifani conceded that this year's initial production guidance had been cut by 400000ounces to 4.6million ounces, but would not be drawn on expectations for next year.
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