Gold price extends loss as Fed cuts rates, signals less easing
New forecasts showed several officials penciled in fewer rate cuts for next year than estimated.
Northgate Minerals Corp.’s Kemess South gold mine in British Columbia is about to close. In fact, it might be happening as we speak. “It could finish today,” chief executive Ken Stowe said. The Financial Post reports:
Compared to other gold producers, Northgate’s share price has underperformed recently because the company is moving into a production lull with Kemess South shutting down. But it should pick up again next year as the company’s Young-Davidson project in the Timmins gold camp moves into production. A few years after the open pit is operating, the plan is to go underground.
