Gold windfall heading for investors with miners vowing restraint

In the interim, the company is still focused on its core business of building and running gold mines.

The bulk of ScotiaMocatta's business is in precious metals and it is one of five banks that clear bullion in London's $5 trillion a year gold market.

The Mexico-focused precious metals miner expects cost inflation this year to be about 7%, compared with the 6.4% it faced in 2017.

Very few of the 150 companies who expressed interest in investing in the Mining Arc actually presented concrete offers.

Barrick Gold Corp said a power station that supplies its Porgera gold mine had been damaged, while Ok Tedi Mining Ltd said a landslip had blocked a road and damaged pipelines to its copper and gold mine in the Star Mountains.

An accident took place in the Blanket Quartz Reef area of the mine.

Since its recent high of $1,370 an ounce at the end of January, the price of gold has shaved off about $40 as Treasury yields continue to head north.

New study uses the conditions inside of the mine to better understand how life might survive on Jupiter’s moon Europa, which is considered a prime candidate for the search of extraterrestrial activity.

Illegal gold mining has plagued South Africa for decades and it costs the government and the industry more than 20 billion rand ($1.7 billion) a year.