Pretium reports Q1 profit at Brucejack, shares up

The company cited “challenging conditions” in the steel and iron ore markets as the main reason for such decision.

The ruling comes only a few days after the Canadian miner decided to halt work at its mine in northern Greece, putting 600 jobs in the line.

In a fresh attempt to counter weakening demand, the diamond giant is said to have cut prices by as much as 7% at the Jan. 18 sale.

Gold has become this year the best-performing non-agricultural commodity.

Last year, the CRA slapped the company with a fine and ordered the miner to pay more than $200 million in back taxes, but the firm objected the decision.

The indefinite suspension of the Picadilly mine, in Canada's New Brunswick, is expected to cut the company's capital costs by $50 million in 2016 and $135 million over the next two years.

Brace yourselves Canadians, the pipeline drama is about to heat up again.

After months of hostile rhetoric, the two Calgary-based companies have reached a takeover agreement.

Move comes as Canada's Eldorado, Europe's largest potential gold producer, announced massive job cuts as a result of government bureaucracy.