But companies do not need to go too far, say experts, as there are plenty of opportunities inside Africa.
Libya Mining News
Suncor Energy Inc. (NYSE:SU), Canada's largest energy company, announced third quarter record earnings of $1.287 billion or 82 cents per share. Operating earnings almost tripled to a record $1.789 billion or $1.14 per common share. On the news, which was announced on Thursday, the company's shares were up 1.8% to $31.88. Production from oil sands was a bright spot for the company with an increase from 306,600 to 326,600 barrels a day; however cash costs increased $3.30 a barrel.
Libya has declared gold reserves worth more than $6bn at current prices, thought to be held largely at home. The reserves are substantial, ranking in the global top 25, according to International Monetary Fund (IMF) data.
Friday was a lackluster day until almost the end of the day. Through the weekend and on Asia’s Monday we saw gold take off.
Buyers seek safe-haven in bullion as violence spreads in Libya. Spot gold to test 3 January high of $1,423.57 per ounce, says Reuters market analyst.
Libya is one of the worlds major oil exporters so the concern about the outcome of the current civil unrest is most certainly warranted.