Gold price back below $1,700

Move is a fresh attempt to curb costly imports and stop precious metals from being used to hide billions of dollars of undeclared "black money".

The move could have driven away investors at a time of historically low commodity prices and energy shortages that are driving down output in the country.

The figure is the second largest year-over-year decline since the U.S. Bureau of Economic Analysis (BEA) began reporting the series in 1948.

Canada's Lucara Diamond had launched a a competition to name the rock earlier this year.

Using a rare earth magnet anyone can exploit the nickel piece in a safe and get it open without any damage.

Mining in the area of the Andes mountains right above the continuous tree line had been prohibited since 2011, but concessions granted before such ban had continued to date.

The incident happened at Gosowong's Kencana mine — the same area where two men were trapped underground for eight days in December 2010.

Company has already told employees that the mine will shut down in August.

Firms says the affected pipe only carries ground ore mixed with water.