Northern Star Resources managing director Bill Beament says the gold industry is facing an “exploration crisis” that could see open-pit gold mining in Western Australia all but wiped out in a decade.
A Colombian court ruled 11 gold miners must cease operations in a nature reserve, part of an ongoing drive toformalize the mining industry.
The Antioquia superior court ordered mining agency ANM to evict miners from the 50,000ha protected area in the northwestern Chocó department, home to the Embera Katío indigenous people.
Miners with operations in the area include AngloGold Ashanti and local companies Exploraciones Choco Colombia, Gongora and El Molino, according to local newspaper Portafolio. The government awarded mining concessions in the area in 2008, it said.
(Reuters) - The price of gold, down more than a third in three years, is approaching the tipping point where the mining industry would see a spike in the number of producers reducing output or even shutting down operations.
Several mines globally have already suspended output in the past 18 months, but not as many as industry watchers expected as producers focused on slashing costs and reworking mine plans to extract more profitable, higher-grade ounces.
But with bullion’s slide this week to a nine-month low of $1,208.36 an ounce, those defenses may not be enough.