Newmont Mining to Sell Indonesia Copper Mine Interest for $1.3 Billion
Newmont Mining has entered an agreement to sell its interests in the Batu Hijau copper and gold mine in Indonesia for $1.3 billion.
Your trusted source for investing success
Your trusted source for investing success
Gold Investing
Newmont Mining has entered an agreement to sell its interests in the Batu Hijau copper and gold mine in Indonesia for $1.3 billion.
Mining Weekly reported that Newmont Mining (NYSE:NEM) will buy AngloGold Ashanti’s (NYSE:AU) Cripple Creek and Victor mine, the largest gold mine in Colorado, for $820 million. AngloGold will retain a 2.5 percent NSR on gold output from future underground ore at the mine.
Bloomberg reported that some of the world’s biggest miners are ready to spend at least $5 billion in Argentina pending the presidential election results in October that will likely influence mining restrictions put in place by current President, Cristina Fernandez de Kirchner.
Platinum Today reported that Nkwe Platinum Ltd. (ASX:NKP) plans to form a strategic partnership with China’s Zijin Mining Group Company Ltd. (HKEX:2899) in order to further develop Nkwe’s South Africa-based platinum-group metals assets.
Gold’s rally early in the week lost steam as the US dollar rose and oil fell.
Gold approached $1,300 an ounce Thursday following remarks from US Fed Chair Ben Bernanke suggesting a continuation of the central bank’s stimulus program.
Continued concerns about the tapering of quantitative easing brought gold down to its lowest level in nearly three years this week.
Gold companies enjoyed a lift from gold price gains on Wednesday, although some of that was given up Thursday with the release of positive US employment data.
Goldcorp is sticking to its plan of increasing production while gradually bringing costs under control, the world’s largest gold miner by current market value said Thursday in response to a negative earnings report.
Reuters reported that Sudan made $2.2 billion in gold exports last year which has placed gold as its biggest export product.
Driven past $1,600 a week ago on fears of Cyprus going over a financial cliff, gold lost value after a bailout deal was announced.
The gold price started the week on a tear as bargain hunters put the pedal to the metal on bullish comments from the US Fed chair. Good economic news, however, beggared the price, and by the end of the week gold was struggling again.
The world’s third-biggest economy posted its third straight quarter of contraction this week, while the giant CNOOC-Nexen deal cleared its last hurdle.
As share prices stagnate on the back of tough markets, resources companies are trying new tricks to attract investor interest.
Reuters reported that Sudan hopes to produce 50 tonnes of gold this year, earning $2.5 billion, as they try to diversify revenues away from oil.
The US and Chinese economies continued to show signs of recovery this week, but that wasn’t enough to support resource prices.
There was good news and bad news for the gold sector this week as bullion knocked on the door of $1,800/oz, but strikes and protests continued in South Africa and spread to Central Europe.
Gold failed to maintain upward momentum unleashed from the US Federal Reserve’s QE3 last week, despite another round of monetary easing from the Bank of Japan.
Gold hit a seven-month high Thursday with the US Federal Reserve’s decision to push out another quantitative easing program. Silver and North American stock markets also tracked higher on the news.
Last week major miners released disappointing results for the second quarter.
