Blame market conditions! “Polyus Gold said on Friday that it will delay the start of its Natalka mine in far eastern Russia until summer 2015, postponing a key project by a year in a setback for the country’s biggest gold producer,” reports Reuters.
“Polyus cited ‘challenging market conditions’ as the reason for its decision ‘to re-sequence the development of the Natalka project and delay the launch of the plant to summer 2015 from the previously announced target of summer 2014”.
“Although it is operationally possible to commence gold production at the Natalka mine as previously planned, Polyus Gold deems it prudent to postpone its commissioning given the recent substantial decline in the gold price and the possibility of further weakness,’ it said in a statement.”
“The London-listed company had earlier planned to start Natalka, a challenging and costly project to develop one of the world’s largest untapped deposits, by the end of this year.”
In metal price news for precious metals.
The price of US platinum bar increased by 3.1 percent on Friday, December 27, making it the day’s biggest mover. The price of Chinese platinum bar increased 1.1 percent. Japanese platinum bar prices inched up 0.6 percent.
Japanese palladium bar saw its price rise 0.7 percent. The price of US palladium bar rose by 0.4 percent. For the fifth day in a row, the price of Chinese palladium bar remained essentially flat.
The price of US gold bullion finished the day following a 2.0 percent increase. Indian gold bullion prices rose 0.9 percent. The price of Chinese gold bullion increased 0.6 percent. Japanese gold bullion prices climbed 0.5 percent. This marked the fifth day in a row of rising prices and the improvement has accelerated since Monday, December 23.
After a 2.9 percent increase, the price of US silver finished the day. Chinese silver finished the day up 1.4 percent. After a 0.8 percent increase, Japanese silver finished the day. The price of Indian silver finished the market day up 0.6 percent per kilogram.