Kinross Gold Is Saving Up, No Plans to Expand; Japanese Palladium Bar Rising

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Kinross Gold Corp is keeping their money in their pocketbook. The company “will keep its main expansion in Mauritania on hold to 2015, no matter how far the gold price rises, as it plans to save rather than spend for now, its chief executive told Reuters,” (Reuters).

“Kinross, which has assets in the Americas, West Africa and Russia, has deferred a decision on the $2.7 billion expansion of its Tasiast mill in Mauritania to 2015, whatever the findings of a feasibility study due in early 2014.”

“The decision to suspend the dividend and defer a decision on the Tasiast mill was about ‘Let’s have a save-year instead of a spend-year’ while we see where the gold price settles down”, chief executive Paul Rollinson said.

The price of Japanese palladium bar rose 2.2 percent on Wednesday, October 16, making it the day’s biggest mover. Following two days of rising prices, the price of US palladium bar dropped 1.1 percent. The price of Chinese palladium bar was essentially unchanged.

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Japanese platinum bar closed 1.0 percent lower. The price of Chinese platinum bar finished the market day up 0.3 percent per gram. US platinum bar stayed flat.

Japanese gold bullion fell 1.7 percent on Wednesday. The price of US gold bullion increased 0.6 percent. Chinese gold bullion saw its price rise 0.2 percent. The price of Indian gold bullion held steady.

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The price of Japanese silver declined 1.6 percent. Following a 0.2 percent rise yesterday, the price of Chinese silver closed. The price of US silver is back up, rising by 0.1 percent on Wednesday. Indian silver held its value on Wednesday.