Russia’s Polyus says 2020 capex will be higher than forecast

Gold edged lower on Wednesday as the dollar pared earlier losses versus the euro, while traders took to the sidelines to await news on Greece's negotiations with its international lenders to avoid default.

Analysts from Goldman Sachs, Citi and ANZ predict prices will drop again below $50 a tonne.

The companies, which bargain collectively under the country’s Chamber of Mines, are already battling low metal prices and mounting electricity costs amid power outages.

The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.

The company will hear by June 30 whether it will be allowed to mine polyhalite, a type of potash fertilizer, from a deposit located under Brittan’s North York Moors national park.

Anglo American’s platinum unit cited dark outlook for the sector as main reason for the cuts.

Gold futures for August delivery declined for the third day Tuesday, hitting $1,177.30 an ounce in early trading on the Comex in New York.

Teck is facing sanctions over infractions that include openings in the deposit where the ore is stored and a failure to build sufficient water infrastructure.

Until now Canadian companies needed to have at least 51% stake in any uranium project.