The Minister of Mines said his decision will be in place until the border with Niger is physically demarcated. However, violence has increased in the area in past months.
Crystallex International Corp. and Venezuela agreed to settle a $1.2 billion dispute over the 2011 nationalization of a gold deposit in the South American nation.
“The one thing this industry does very well is mine gold at a loss,” Randgold Resources CEO Mark Bristow told analysts at a breakfast meeting on Friday.
Osisko and Canadian Gold Miner Corp. have acquired a historical gold producer as well as an option for an exploration land package, both in Ontario’s gold-rich belt.
They claim it won’t be possible to cut costs enough to offset the higher levies, and warn that some miners may need to pass on this new cost increase to the industrial production chain.