McEwen suspends mining at Black Fox and Gold Bar

Broad-based advance for mining majors as gold price touches $1,300, iron ore holds $50 and copper price surges 4%

Extreme shortages of food and power continue to ravage the country of Venezuela, and ordinary people have been paying the price.

The company's Bayan Khundii project went from greenfield prospect to the company’s flagship asset in roughly nine months.

The metal is up more than 20% this year, but gold mining equities have doubled and the sector as a whole has returned 53%.

President Almazbek Atambayev has ordered state prosecutors to review the legality of agreements signed with the company in 2003-2004 and 2009.

The country is said to be sitting on mineral deposits worth hundreds of billions of dollars which, once developed, could surpass oil as its main source of income.

No impact on output guidance or expansion plans at West African mine as Toronto-based miner gears up for record annual production in 2016.

Precious metals expert Michael Ballanger explains what is behind these moves

Gold is up more than 20% in 2016 but gold mining equities have doubled and the sector as a whole has returned 53%.