Kinross Gold Corp., Canada’s third- largest producer by revenue, says now isn’t a good time to sell assets and the company will work on improving its least- profitable mines before it considers offloading them.
Barrick Gold Corp., the biggest producer by sales, is working with Bank of America Corp. and UBS AG on a possible sale of three gold mines in Australia, according to two people with knowledge of the matter.
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.
Outside, it’s minus 30 degrees Celsius as a February wind blasts across the Central Asian steppe and through the Mongolian capital, Ulaanbaatar. Inside Government House, President Tsakhia Elbegdorj delivers a televised speech that simultaneously warms his people and chills foreign investors.
AngloGold Ashanti Ltd., the third- biggest gold producer, had a proposal to split its South African assets from mines elsewhere rebuffed by the country’s government, three people familiar with the matter said.
Koza Altin Isletmeleri AS headed for its steepest slump on record on speculation the Turkish gold miner’s earnings will be hit as a two-day slide in the precious metal pushed it into bear market territory.