Kirkland Lake Gold Inc is making some big decisions and “has started a strategic review and is considering selling assets or shares, sending its stock down more than 8 percent in early trading,” reports Reuters.
“Gold miners are under pressure after the gold price posted its biggest annual decline in 32 years in 2013, falling 28 percent.”
“The dive in the gold price came as Kirkland was boosting production and hiring and training workers at its operation in Kirkland Lake in northern Ontario. That effort could eventually cut costs per ounce, but in recent quarters expenses have been above long-term targets.”
“The company said in December that it would focus on preserving cash and reducing costs, in part by mining higher-quality ore and boosting productivity. It froze hiring, but as of Oct. 31 about 100 of the company’s 1,215 workers were still in training.”
In metal price news for precious metals…
Following a three-day flat streak, the price of US platinum bar climbed by 3.5 percent on Monday, January 6. After a 1.1 percent increase, the price of Japanese platinum bar finished the day. Weakening prices followed two days of improvement as the price of Chinese platinum bar dropped 0.3 percent.
After a few days of little change, the price of Japanese palladium bar jumped 1.5 percent. US palladium bar fell 0.3 percent on Monday. Following a two-day rise, the price of Chinese palladium bar flattened.
The price of US gold bullion finished the market day up 1.2 percent per ounce. The price of Chinese gold bullion increased 1.1 percent. Indian gold bullion saw its price rise 0.8 percent. The price of Japanese gold bullion remained essentially flat.
US silver prices inched up 0.7 percent. The price of Japanese silver rose by 0.3 percent. The price of Chinese silver closed. Following a couple days of improvement, the metal’s price weakened by 0.2 percent. Indian silver gained 0.2 percent to finish.