๐ก South Africa Opens First New Gold Mine in 15 Years โ Bullish Signal for PAXG?
West Wits Mining has officially opened the Qala Shallows underground gold mine in South Africa โ the countryโs first new underground gold mine in over 15 years, marking a major revival for the worldโs historic gold region.
๐ฟ๐ฆ Qala Shallows commissioned โ part of the Witwatersrand Basin Project.
๐ Expected annual output: ~70,000 oz of gold over 12+ years.
๐ต Projected economic contribution: $2.75B over its life.
๐ท Over 1,000 new jobs created for local communities.
๐ก Why This Matters for PAXG
With new large-scale gold production coming online โ and global demand for secure, asset-backed tokens rising โ PAXG (PAX Gold) stands to benefit from renewed investor interest in physical gold exposure.
A major gold mine opening during a high-price environment reinforces goldโs long-term strength โ boosting confidence in gold-backed crypto assets like PAXG, especially for investors seeking stability.
