Canadian precious metal mining company Barrick Gold Corp. is making less money than it forecast earlier this year.
As Reuters reported, “the delay is just the latest hurdle for the project, which Barrick has had on its books for more than a decade. Last year, the miner pushed back first production by a year and raised its estimate of capital costs about 70 percent. Pascua-Lama, which Barrick expects to produce 800,000 to 850,000 ounces of gold annually over its first five years, is important to the world’s largest gold producer as it looks to replace depleted mines…”
“Cost overruns and delays at the mine have led to some speculation that Barrick might scrap the project as part of its drive to reel in capital spending, a trend that has swept across the sector over the past year.”
Current Precious Metal Prices
US platinum bar saw the biggest upwards shift for the day, rising 2.8 percent on Tuesday, June 4. After a 1.3 percent increase, Japanese platinum bar finished the day up. The price of Chinese platinum bar increased 1.0 percent.
Chinese palladium bar prices rose 1.2 percent. The price of US palladium bar finished the market day up 0.9 percent per ounce. The price of Japanese palladium bar saw essentially no change for the fifth day in a row.
US gold bullion finished the day up 1.6 percent. Chinese gold bullion saw its price rise 0.8 percent. Japanese gold bullion gained 0.8 percent. Indian gold bullion prices inched up 0.3 percent.
The price of US silver increased 2.1 percent. The price of Chinese silver finished the market day up 0.9 percent per kilogram. The price of Japanese silver is back up, rising by 0.3 percent yesterday. Indian silver closed 0.1 percent lower.