Bleak outlook for AngloGold Ashanti

Bullion traded near $2,626 an ounce in thin trading after closing 1.1% higher on Friday.

Nigeria has lifted a ban on mining exploration in the northwestern state after a five-year suspension.

The project is 6 miles from Africa’s largest copper mining complex, the Kansanshi mine held by First Quantum Minerals.

In 2017, El Salvador became the first country in the world to ban forms of metals mining.