Ghana’s largest gold mine is putting AngloGold Ashanti in a tight spot.
“The cost structure at AngloGold Ashanti’s flagship Ghana gold mine is unsustainable and the company is looking to make cuts to counter rising costs and falling production, Chief Executive Srinivasan Venkatakrishnan said on Monday,” according to Reuters.
“Production costs per ounce have more than doubled since 2008 at Obuasi, which is Ghana’s largest mine. A fall in gold prices this year has worsened the financial strain and the company’s Ghana unit is relying on its parent company for funding.”
Meanwhile, silver prices have been bumping up lately, especially in India.
The biggest mover on the weekly Global Precious Metals MMI® was the price of Indian silver, which saw a 15.4 percent increase. Last week marked the fourth in a row of rising prices for the metal.
US silver prices climbed about $3 per ounce from a week ago. One of the big movers this week was Chinese silver, which shot up 11.2 percent. The price of Japanese silver rose 9.2 percent after falling 0.6 percent during the previous week.
The price of Indian gold bullion finished the week 8.4 percent higher. A 4.8 percent jump caught the week’s heaviest change for US gold bullion. With a 3.6 percent climb, Chinese gold bullion claimed the week’s largest gain. The price of Japanese gold bullion rose 3.5 percent after falling 1.4 percent during the previous week.
Japanese platinum bar climbed 3.4 percent increase. US platinum bar rose by a slight 1.6 percent. Chinese platinum bar gained a slight 1.6 percent this past week.
The price of US palladium bar increased by a slight 3.0 percent over the past week. Chinese palladium bar prices ticked up 1.8 percent over the past week. Japanese palladium bar saw its price rise 0.9 percent over the past week.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.