How a Joburg “gold mine” ate USD 200m in cash

During 2010, London- and Johannesburg-listed Central Rand Gold (CRG) produced 9,321 ounces of gold. This is the company that categorically stated in its 2007 annual report that it is “intended that CRG will begin gold production in early 2009 at an annualized rate of 100,000 ounces. This production rate is forecast to increase to around one million ounces a year by 2012.”