Australia’s largest mint sees surge in gold, silver sales

High cost domestic Chinese iron ore mines will stay shut, boosting already surging imports.

About 90% of China’s rare earth producers are currently operating at a loss as prices for the coveted elements continue to drop due to a global glut and illegal mining.

But gold is, so far, profiting from the situation, heading for its longest winning streak in three months.

The decision of the People's Bank of China (PBOC) to devalue the yuan by 1.9% sent most mining stocks and commodities down the slippery slope.

The mining giant is watching every single expense, including those related to safety equipment.

The cuts represent 14% of what was once a 4,300 workforce.

According to local newspaper El Mercurio, the unnamed fund is buying Anglo's Mantoverde and Mantos Blancos copper mines.

Mining Minister Ngoako Ramatlhodi has decided to conditionally withdrew a licence suspension ordered earlier this week.

His comments follow this week's decision by the federal court of Australia to overturn government approval for the construction of one of the biggest coal mines in the world.