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.
The Denver Gold Forum, the industry gathering that usually sees attendance drop when gold prices fall, is drawing a rising number of investors seeking value in battered equities this year, organizers say.
Newcrest Mining Ltd.’s decision to write down the value of its mines by as much as A$6 billion ($5.5 billion) will lead to the biggest one-time charge in gold mining history. It also heralds pain for competitors.
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.