According to The Times, Rio flagged the possibility of a writedown in August.
The miner blamed low metals prices and productivity inefficiencies for the decision.
Gold price below $1,200, silver falls to 56-month low.
Value of low-grade ore stockpile at the Peñasquito mine dropped, raising average costs by $64/oz. and negatively affecting adjusted earnings by $0.04/share.
Woo served as a U.S. State Department representative in Asia for about 15 years with postings in countries including China, Japan and Australia.
Tracking the Fed's impact on the gold price since the start of the global financial crisis to the end of quantitative easing.
From the perspective of economists, the impact of a new mine is truly an interesting opportunity. It is the rare situation where we are able to take something from nature, and turn it into new wealth for a variety of stakeholders including the community and regional economies.
Analysts and some precious metals’ sellers tend to focus on the “insurance” aspect of owning precious metals. They point out that having some in your possession helps protect your wealth in case of inflation, political unrest, or for use as an “alternate currency” during a natural disaster, war, etc.
Risk taking is a natural part of life, especially in the capitalist system where the greater the risk, the increased potential reward.
New low for gold ahead… why Jordan believes $1,000 gold is a strong possibility?
Gold price drops 1.7% after Federal Reserve ends stimulus, says rates could rise sooner than "currently anticipated".
Asset bubbles go as far back as finance and speculation themselves. In the past, there have been bubbles in everything from tulips to railroads that have made or broke fortunes.
The affected company is Planetary Resources, the U.S.-based start-up aiming to mine asteroids.
Ecuador recently scared off a potentially huge investment from Kinross, which had been set to develop the massive Fruta del Norte gold mine.
Cheap oil prices and the economic prosperity they bring can make politicians and investors look smarter than they are.
The programme known as Quantitative Easing is due to be halted at the end of October, coinciding with the next meeting of the Federal Open Market Committee which is scheduled for 28/29 October 2014.
Gold prices climbed to their highest level since Sept. 10 last week, breaking above the $1,250 an ounce level.
McEwen Mining Inc. has subscribed, by way of a private placement, 8,333,333 common share units (the “Units”) of Visible Gold Mines Inc. (“Visible Gold”) at a price of $0.06 per Unit for an aggregate amount of $500,000.
If the Swiss vote yes in next month's referendum its central bank needs to buy back 1,500 tonnes of gold sold for $300–$500 an ounce a decade ago.
The country's ultimate purpose is to extract rare earth elements, breaking China's dominance and pushing prices down.
Corvus Gold announces most significant drill results in terms of grading and width at 100%-owned North Bullfrog project 200km northwest of Las Vegas.
The U.S. largest miner by market value and revenue is also dealing with a strike threat at its Indonesia's Grasberg copper and gold mine, which recently resumed operations.
The last time gold-backed fund vaults were this empty was September 2009 when gold was trading below $1,000 an ounce.
The Fed may be winding down its QE program, but negative real interest rates will support gold for the foreseeable future says CEO of Anthem Vault.
David Harquail joined well-known investors ‘Lucky’ Pierre Lassonde and Seymour Schulich in 1987, when Franco-Nevada was just getting its legs. He’s been with the company ever since, currently serving as CEO.
Midtier producers will soon be desperate to buy low-cost, high-quality deposits.
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