Gold Mines News
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Norton Gold Fields Ltd., the Australian producer controlled by China’s Zijin Mining Group Co., said it may seize on the metal’s price slump to make more acquisitions.
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Koza Altin Isletmeleri AS headed for a 16-month low after Deutsche Bank AG cut its price estimate for the Turkish gold miner, citing the impact of the commodity’s deteriorating outlook on earnings.
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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.
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Canadian stocks fell as commodity prices slid after data showed China’s manufacturing grew at a weaker pace in April and U.S. companies added fewer workers than forecast.
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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.
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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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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.
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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.
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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.
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Gold will rebound from its two-year low and rally as much as 27 percent by December as skepticism over the global recovery increases demand, according to billionaire Indian jeweler T.S. Kalyanaraman.
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