Gold miners led by Barrick Gold Corp., the world’s largest, will likely accelerate spending cuts and trim high-cost output as the metal’s biggest plunge since 1980 threatens to make about 30 percent of production unprofitable.
Barrick Gold Corp. ’s North Mara mine near the Tanzanian border with Kenya disgorges millions of pounds of waste rock each week, piled high around communities where almost half the people live on less than 33 cents a day.
Capital spending by the largest gold producers is increasing at a faster pace than earnings for a second straight year as the industry’s biggest mining projects are beset by delays and surging labor costs.
Goldcorp Inc. , the second-largest gold producer by market value, must temporarily shut its Marlin mine in Guatemala during a probe into alleged environmental damage and human-rights abuses, a government official said.
Goldcorp Inc. , the world’s second- largest gold producer by market value, has been called on to shut its Marlin mine in Guatemala until an investigation into human rights and environmental issues is complete, the Globe and Mail reported .
Barrick Gold Corp. Chief Executive Officer Jamie Sokalsky makes his public debut tomorrow as head of the world’s biggest gold company battling rising costs, a decline in profit and a sluggish price for the metal that can no longer paper over the industry’s struggles.