AuRico Gold Inc. (NYSE:AUQ) shed 12% on Tuesday on massive trading volumes, after its preliminary operational results for the second quarter provided a few nasty output surprises and its CEO stepped down.
The Democratic Party which campaigned on sharing more of the spoils of mining with Mongolian citizens won the majority of seats while the junior partner in the new ruling coalition, the MPRP – led by a former president Nambaryn Enkhbayar – bases its whole doctrine on taking back foreign-owned mines.
Excellon Resources fell 8% on Monday, after announcing it could run out of stockpiled ore at its Zacatecas-state mill "within the next few days" after a dispute with workers and local landowners halted operations at its La Platosa silver mine in Mexico.
With gold, silver, and their miners’ stocks drifting listlessly near correction lows, the sentiment in precious-metals land is even more pessimistic than usual.
Mining companies exploring and operating in Ecuador had some good news yesterday as President Rafael Correa said on state-owned radio station, Radio Publica, he might need to make it easier for miners from now on.
Despite the recent deadly and divisive disputes over mining projects in Peru, London-based mining giant Anglo American got the green light from the regional government of Moquegua for its $3 billion Quellaveco copper mine.
London-based Anglo American and Chile's state-owned Codelco have not come to an agreement, said the world’s largest copper producer Thursday, instead they have agreed to extend the talks until mid August.