Shares in most gold miners fell Monday as the precious metal price dropped more than 1% in early trading and was steadily heading to its largest single-session loss of the month.
Kinross Gold Corp Mining News
While gold is giving back some of its largest gains following Trump's win in the US Presidential election, miners of the precious metals continue to climb.
Ecuador began last month granting licences for new exploration areas, with over 300 of them to be awarded by the year-end.
The company had halted production in June following a government inspection that led to a row over work permits, but work resumed in August.
Suspension of Maricunga comes earlier than planned after a court upheld the country’s regulator decision to shut down the water system linked to the mine over environmental concerns.
Kinross, which operates two mines in Russia and also owns the problem-plagued Tasiast operation in Mauritania, seeks to strengthen its portfolio in North America.
Decision follows the West African country order to expatriates whose work permits were invalid to stop working.
Early signs of activity include Kinross Gold's March decision to expand its Mauritanian gold mine and Goldcorp acquisition of junior Kaminak for $520 million in May.
Mauritanian workers complain that there is a major gap between their salaries and Canadian expats working for Kinross.
The Canadian miner posted a loss of $13.9 million in its first quarter.
Project is expected to dramatically increase production and slash costs at the troubled mine.
The biggest winner was Anglo American (LON:AAL), which briefly posted its biggest ever one-day percentage gain, closing later still 15% up compared to the previous session.
The precious metal is building on gains from earlier in the week, triggered mainly by escalating geo-political tensions in the Middle East and North Korea’s nuclear test.
The move would help the miner meet its ambitious target for reducing its $13 billion debt by $3 billion before year-end.
222 Tasiast employees let go in September.
The government is planning to open up new mining areas for gold and copper exploration.
The company's president, Kelvin Dushnisky, said he expects the imminent sale of six U.S. assets to close before the end of the year.
The yellow metal was on the brink of five-year lows on Tuesday, with further losses expected in the coming months.
The sale would be one of the largest of a U.S. gold mine since the price of the precious metal began falling in 2013.
The company's ambitions to create most productive gold mine in Brazil plagued by health risks and threats to activists and opponents.
Newmont, Kinross, Goldcorp and Iamgold among the companies said to be interested in all of part of Cripple Creek & Victor mine.
While miners operating in the affected area did not reported any serious damage, blocked roads forced some to halt operations and the final costs remain to be seen.
Toronto-based gold miner also cuts production outlook and raises costs for 2015.
Inglorious writedowns: Gold sector’s bad bets wiping out lifetime earnings — and investor confidence
Goldcorp Inc. could soon join an inglorious group: large gold miners that have a net loss to show for their entire history as corporate entities.
Friday’s rally was just a brief break for the precious metal.