Hunan Gold shares surge after large deposit found in China
The Geological Bureau of Hunan Province said on Thursday that it had detected more than 40 gold veins containing an estimated 300 tons of the precious metal.
China’s insatiable demand for commodities has prompted a tripling in the price of mining truck tyres, making them more expensive than a Mercedes sportscar.
Prices for tyres about 3.5 meters wide used on the Caterpillar trucks that haul iron ore and coal have touched $93,500 on the spot market, according to Leighton Holdings, a contractor for mining companies including BHP Billiton. Prices rose as high as $140,000 in 2008.
