McEwen ponders sale of Mexican assets

The seafloor miner revoked Papua New Guinea’s right to a 30% in its flagship project Solwara 1, and is now seeking undisclosed damages.

"We are not happy," said CEO Mark Cutifani.

Despite extreme measures taken by gold miners to balance their books, the sector continues to suffer the aftermath of last year’s precious metal price nosedive.

Investors bought a net 7.5 tonnes in SPDR Gold Shares on Thursday marking the best performance since October 2012 when gold was trading at $1,800 an ounce.

A 15% year-on-year drop in the average annual gold price in 2013 is forcing gold producers to revise the prices they use to identify ores that are profitable to mine,

No progress in talks with Mongolia on underground expansion and a couple of production and sales hiccups.

Retail sales shrink and jobless claims rise in the US, putting an end to tapering back on the table.

Net loss for the entire year climbed up to a monster $10.37 billion.

The miner has been among the most aggressive cost-cutters and plans to find a further $3 billion in savings this year.