China’s falling out of love with gold, demand drops 19%

President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.

The online marketplace, named Open Mineral, will let miners put up tenders for their concentrate directly to end-users.

The company may be able to begin developing the potential open-pit Century project in Ontario by 2023.

The two new laws allow the government to force mining and energy companies to renegotiate their contracts.

The company also evacuated all of its employees at Namoya mine after trucks belonging to a contractor were caught in crossfire between soldiers and a local self-defence militia.

Only five out of the 19 illegal workers believed to have been at the pit when the accident happened have been rescued since Sunday.

Two of them are foreign firms.

Spot gold ended in June its longest run of monthly gains since 2010.

Australia's Northern Territory will soon be producing gold again thanks to Emmerson Resources (ASX:ERM), which is advancing the Edna Beryl gold mine along with Australian gold producer Evolution Mining (ASX:EVN).