AngloGold reopens 30 million ounce Ghana mine

The miner is spending $1.3 million in exploration work aimed to reopen a historic tin-indium mine in Nova Scotia.

Gold producers offered above-inflation wages, which make up 55% of their mining costs in the country.

The Canadian miner said it expects the lower output to "adversely" impact costs at the mine.

Burkina Faso's transitional parliament passed a new mining code on Friday that abolishes a previous 10 percent tax break on mining company profits and obliges firms to pay into a local development fund.

The miner, which does not yet generates any income, expects to kick-off production at its Lemphane and Mothae mines later this year.

The company, however, said it remained committed to the diamond industry.

The commission into the deaths at Lonmin's Marikana platinum mine in August 2012 concluded the plan to quell the massive protest was “defective,” and shouldn't have been executed as such.

Analysts from Goldman Sachs, Citi and ANZ predict prices will drop again below $50 a tonne.

The companies, which bargain collectively under the country’s Chamber of Mines, are already battling low metal prices and mounting electricity costs amid power outages.