South Africa has opened the Qala Shallows underground mine, its first new gold operation in 15 years. The launch is timed to capitalize on surging global gold prices influenced by economic and geopolitical factors.
The mine is projected to produce 70,000 ounces annually, targeting $90 million in revenue. The move follows spot gold prices reaching a record $4,227.35 per ounce amid investor attention on U.S. inflation data.