Illegality in the mining sector has deprived state governments of badly needed revenues, threatened the industry with costly and unpredictable shutdowns, and generated political chaos that helped bring down two state governments in 2011 and 2012.
Shares in Gabriel Resources were hammered again over the latest Rosia Montana shambles, dropping 6.9% on Thursday. Its losses for the week now top 15% and it also received the dubious honour of being included in the S&P TSX grouping of most volatile stocks.
Located in Northwestern Nevada, along the southern edge of the Humboldt Range, lies the Relief Canyon Mine. Situated 110 miles northeast of Reno and 16 miles east / northeast of Pershing County’s Lovelock, the gold mine lies dormant.
Asset manager at JPMorgan, Neil Gregson, says mining companies should pursue more takeovers as escalating costs prompt them to slow spending on expansions.
India should be doing better, according to Raghuram Rajan, a professor of finance at the University of Chicago, but bad government policy keeps stepping on the country's growth and sends its citizens back to gold.
CBC reports that Canadian Zinc (TSE:CZN) has passed another milestone in getting its zinc-silver-lead-copper Prairie Creek Mine up and running with an OK from John Duncan, the minister of Aboriginal Affairs and Northern Development.