Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Anglo American (LON:ALL) is ready to resume production at its El Soldado copper mine in Chile after authorities approved a new permit plan for the operation, which has been halted since February.
Chilean regulators had rejected an initial redesign of the mine on concerns of potential for collapse where the project crossed former underground operations, but found the new one to be satisfactory, the company said in a statement (in Spanish).
As a result, Anglo American said it would immediately adopt the necessary measures to operate the mine “as soon as possible.”
The company had warned it would evaluate options for its majority-owned mine, including walking away form it, if it didn’t receive the necessary permits.
The mine, part of the Anglo American Sur complex, produced 47,000 tonnes of copper last year. Chile’s Codelco, as well as Japanese Mitsubishi and Mitsui also hold stakes in the operation.
