About 500 workers will lose their job.
China first delegated the management of gold policy to the Peoples Bank by regulations in 1983. This development was central to China’s emergence as a free-market economy following the post-Mao reforms in 1979/82.
According to The Times, Rio flagged the possibility of a writedown in August.
Woo served as a U.S. State Department representative in Asia for about 15 years with postings in countries including China, Japan and Australia.
The country's ultimate purpose is to extract rare earth elements, breaking China's dominance and pushing prices down.
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.
Midtier producers will soon be desperate to buy low-cost, high-quality deposits.
Members of the World Gold Council spent last year a total of $47 billion in countries hosting their mining operations.
Total gold imports from Hong Kong totalled 91.745 tonnes, as the nation observed its annual holiday the first week of October, a time when millions of people travel and spend more than usual.
That is worth around $534-$854 million, based on prices of $6,675 per tonne.
The country is opening coal mining to private firms.
Resource scarcity and human rights issues surrounding metals extraction, coupled with unrelenting global demand mean the industry is facing some tough realities.
The World Gold Council predicts that India will import 850 to 950 tonnes of gold this year.
The move is seen by analysts as an attempt to strengthen the firm’s image.
The equipment maker beat analysts' expectations and the stock is skyrocketing in premarket trading.
The equipment maker is scheduled to report third-quarter earnings Thursday.
The controversial duties, imposed earlier this month, will be eliminated once ongoing negotiations on a free trade agreement (FTA) between the two nations is finalized.
Planners ruled Anglo’s 100 million-tonne project was a threat to the Hunter Valley's thoroughbred and tourism industries.
He has also insured 280 employees who have been with the company for more than a decade to the tune of $160,000 each.
Beijing has launched a five-month campaign that aims to finally crackdown on illegal extraction and smuggling of the coveted elements.
Announcement comes as Polish authorities work on a plan to group its loss-making mines into a “bad” or a “good” unit.
The country is fine-tuning details of a new mining law that will make it easier for foreigners to tap the nation’s riches.
Indonesia cannot build power stations fast enough. And neither can most of its Asian neighbours.
The agreement signed with Indonesia’s outgoing government also means higher royalties to be paid by the firm.
The LME says its electronic solution for the platinum and palladium price — LMEbullion — could benefit gold bugs.
The miner said the move was driven by its revised pricing outlook and adverse market conditions.
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