The company's quarterly copper output also declined.

The new area, called Royropata, is not in the current permitted area, but the company believes that the discovery “has the potential to secure the medium-term future of the Pallancata mine.”

The first drill hole returned 4.69 metres of 5.15 g/t gold starting 171.5 metres downhole, including 2.2 metres of 9.38 g/t gold.

James Stunt, the former son-in-law of motor racing supremo Bernie Ecclestone, told a court in Leeds the charges against him are slanderous and railed against an “oppressive” police investigation and prosecutors.

“We might see a slowing of the economy, but inflation may not come down as much as the Fed would like and yet they will be no longer able or willing to raise rates further, and that is a very positive environment for gold,” analyst says.

The new US sanctions expand a previously signed Trump-era executive order to include specific potential restrictions on trade and investment involving Nicaragua, with a particular reference to the gold industry.

ISS on Monday had recommended Turquoise Hill shareholders to vote "against" the deal, joining the Canadian miner's second-largest shareholder Pentwater Capital Management.

The South vent raise has been under construction for the past three years.