El Salvador president proposes bill to overturn metals mining ban
In 2017, El Salvador became the first country in the world to ban forms of metals mining.
AngloGold Ashanti reported record quarterly profits on Thursday of $342 million, up a whopping 68%, boosted by the precious metal’s longest winning streak in almost a century. The world’s third-largest gold miner cut production targets by over 4% and said it expected its cash costs to rise as much as $80/oz however.
The Johannesburg-based company’s CEO said the gold market is entering “a perfect storm” and that gold could “easily” break through $1,700 an ounce. December gold reversed its record setting pace by midday on Thursday to trade at $1,661.70 after touching $1,684.90 in early trade.
Bloomberg quotes CEO Mark Cutifani as saying the company is cutting its annual production target 4.3% to about 4.45 million ounces from 4.65 million ounces and at the same time upping its cost estimates to $740/oz from $660/oz–$685/oz before.
Mining Weekly reports the company will be testing new technology from General Electric, 3M and Schlumberger for automated continuous mining below 5 000m to unlock a further 70 million of ounces of South African gold.
2 Comments
Shewbi2001
am really impressed, i hope the trend continues to december
Viresh Varma
got to watch for the new technology….