Barrick Gold to renew operations after falling gold price

[Caput Lupinum]

The Canadian-based mining company Barrick Gold has confirmed it is reviewing its Western Australian operations in light of the falling gold price.

Barrick Gold operates five mines in the state and owns 50 per cent of the Kalgoorlie Superpit.


http://www.abc.net.au/news/2013-06-...operations-in-response-to-falling-gol/4775894

 

[House]

Renewing opearations after a significant price drop?!

Barrick laid off 55 employees the other day. Stock is at a 21-year low... They'll defintiely be cutting those 100 jobs from their Australian ops.

Newmont (largest US gold miner) cut its staff at one of their facilities by one third about a week ago. Stock price has almost halved in one year.

Who's next?

 

[tiddleyetom]

Newmont
http://www.denverpost.com/breakingnews/ci_23446135/newmont-mining-let-go-one-third-its-colorado

 

[tiddleyetom]

So does this mean with less gold being mined, gold should become more valuable?

 

[volrathy]

So does this mean with less gold being mined, gold should become more valuable?

the amount of gold available / mined etc etc has nothing to do with the price of gold


the price of gold is determined by people that give another person a piece of paper that says

"you own 50oz of gold let me know when you want it 3 months in advanced and I will either give you the gold if I have it or I can choose to give you cash if I want to"

 

[getiton]

i think he means REVIEW instead of RENEW

 

[Caput Lupinum]

The Canadian-based mining company Barrick Gold, which has a half share in Kalgoorlie's Superpit, has announced it is sacking 32 staff.

A spokeswoman says the falling gold price has forced it to review its entire operations to cut costs where possible.

http://www.abc.net.au/news/2013-06-26/barrick-gold-sacks-staff-in-perth/4782720

 

[Holdfast]

Gold Fields pays $330m for Barrick mines

*Australia is to become the biggest production centre for South Africa's Gold Fields after the group's $US300 million ($330m) acquisition of three gold mines in Western Australia from Canada's Barrick.

The three mines -- Granny Smith, Lawlers and Darlot (the Yilgarn south Assets) -- give Gold Fields additional WA annual gold output of 452,000 ounces, 2.6 million ounces of reserves, and an extra 1.9 million ounces in the resources category.

*Gold Fields has long owned the St Ives and Agnew mines in WA.


*The WA mines sold by Barrick had all-in sustaining costs of $US1137 an ounce last year, putting them just below the global average.

Gold Fields had an advantage over other would-be buyers in that it can look to extract synergies between the Lawlers operation and its adjacent Agnew. "We plan to immediately consolidate these two operations and rationalise its processing infrastructure and on-site administrative expenses as well as capital," Holland said.

More info:
http://www.theaustralian.com.au/bus...or-barrick-mines/story-e6frg9df-1226702434354

H