Gold Worth $282bn Pillaged in South Africa Annually

Gold worth nearly $300 million is stolen every year by underground pirates from mines in South Africa, according to the findings of a new report.

The Institute for Security Studies investigation has revealed that gold worth about R2 billion ($282.1 million) is pillaged each year either by one-man bands or by precious-metals smuggling syndicates.

The report also found that 41% of the gold thieves were mine employees and that 56% were unemployed.

?As long as poverty exists, there will be criminals trying to obtain precious metals,? said the study.