It’s a common stat in the sector: only 1 in 1,000 discoveries becomes a mine. But David Harquail, president and CEO of Franco-Nevada, takes that sobering fact one step farther.
Of 35 analysts polled by the London Bullion Market Association Ross Norman of Sharps Pixley is most bullish at $1,321, but 5 others see a dip below $1,000.
According to Michael Fowler, senior mining analyst with Loewen, Ondaatje & McCutcheon, the major gold producers have gorged on debt and sold off their seed corn.
Documents obtained and verified by The Australian, show that Rio Tinto offered Mongolia to forsake a “net smelter return” of 2% cent of the project’s revenue.