Alan Fine News
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Gold producers, ignored as global stocks rebounded in the past two years and investors turned to exchange-traded funds that track bullion, face closing mines or shutting themselves down after the metal’s worst slump in three decades this week made 15 percent of miners unprofitable.
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AngloGold Ashanti Ltd., South Africa’s biggest gold producer, said workers returned to its operations as wildcat strikes at the country’s gold mines fade in the face of threats of mass dismissals.
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Companies are reinforcing security at their facilities in the world’s trouble spots and reviewing evacuation plans after at least 23 workers were killed in an attack on a natural gas plant in Algeria.
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AngloGold Ashanti Ltd., the world’s third-largest producer of the metal, shut its TauTona mine near Johannesburg for about a week after an earth tremor damaged the shaft used to take workers underground.
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South African gold mine strikes halted about 39 percent of output, including at AngloGold Ashanti Ltd. and Gold Fields Ltd., as unofficial walkouts spread in the country amid demands for above-inflation pay increases.
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Iamgold Corp., the gold producer with mines in Canada and Mali, says the metal will rise to a record $2,500 an ounce as global output peaks and ore grades decline.
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Gold Fields Ltd., the fourth-biggest producer of the metal, will spin off part of its South African business as a wave of strikes and above-inflation pay gains add to costs and curb output for mining companies in the country.
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French forces battled Islamist militants in Mali for a fourth day as a rebel spokesman said the intervention had opened the “gates of hell.”
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A French military team will help recover the bodies of the entire board of Sundance Resources Ltd. , including millionaire Ken Talbot , who were killed in an aircraft crash in dense jungle in the Republic of Congo.
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AngloGold Ashanti Ltd. , Africa’s biggest gold producer, said it was not “appropriate” for Ghana to renegotiate a 2004 agreement that capped mining royalties paid to the government.
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