Gold has immunity, silver has ratio – Rick Mills

Construction of the gold mine, located in the south-central Kayseri province, should start in early 2016, followed by production by mid-2017.

The gloomy outlook comes as the International Energy Agency predicts crude oil won't reach $80 a barrel until at least the end of the decade.

The last time the yellow metal dropped in value for three consecutive years was between 1996 and 1998, and experts say prices will fall even further.

Local authorities have issued the highest alert, warning residents to stay indoors.

Analysts estimate the accident is likely to keep the the Samarco iron ore mine shut until financial 2019, with clean-up costs exceeding US$1 billion.

The company has priced its $407 million share sale at a discount of 94% as it fights for survival after a near-collapse in the commodity's price.

Nyrstar is also considering to cut global zinc concentrate supply by up to a further 400,000 tonnes if the slump in commodity prices continues.

John McKay is optimistic.

The decision, confirmed this morning, puts an end to a seven-year saga that became one of the biggest environmental flashpoints of Obama's presidency.