Codelco, the world's largest copper company, is planning to reduce costs by $1 billion in 2015, as the copper price remains mired in lows not seen since recessionary 2009.
It’s a common stat in the sector: only 1 in 1,000 discoveries becomes a mine. But David Harquail, president and CEO of Franco-Nevada, takes that sobering fact one step farther.
According to Michael Fowler, senior mining analyst with Loewen, Ondaatje & McCutcheon, the major gold producers have gorged on debt and sold off their seed corn.