Gold slides below $1,700 as investors look everywhere for cash

The technology groups key focus.

The deal also includes a $5 million contingent payment and a 1% royalty on a recent discovery north of Waihi’s current operations.

Mali, Papa New Guinea, Burkina Faso, Guinea, Tanzania, DRC and Mongolia among countries where gold mining contributed the most to their locals economies, says the World Gold Council.

They shed $156 billion in market value last year, or about 16% of their combined worth, according to PwC.

China is approaching distressed Australian iron ore miners, hoping to pick them up on the cheap.

BHP Billiton's outspoken chief executive officer believes oversupply will keep global metals prices lower for much longer.

Signs of demand improvement as iron ore imports cover at Chinese ports fall to near two-year low.

A World Gold Council report shows the sector's contribution was greater than the GDP of over 150 different countries and larger than the total value of global overseas aid in recent years.

The dramatic fall was led mainly by the iron ore and coal sectors.