Newmont Mining Cutting Jobs; Indian Silver Up for Third Straight Week

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It looks as though “Newmont Mining Corp plans to cut up to 600 jobs at its Ghana gold mine by June this year, its local manager said on Monday, citing an ageing facility and slumping gold prices,” reports Reuters.

“Global gold prices slumped 28 percent last year. They have recovered around 4 percent so far this year, benefiting from risk-aversion on fears of capital flight from emerging markets following the U.S. Federal Reserve’s move to taper its stimulus.”

“U.S.-based Newmont operates two mines in the West African country. Ahafo produced its first gold in mid 2006, and Akyem commercial production began last year. Both projects constitute around 20 percent of the company’s core assets worldwide.”

“Adiki Ayitevie, Newmont’s external affairs director, said the planned job cuts, mostly at Ahafo, was part of measures to readjust expenditures to the ageing milling rate.”

In metal price news for precious metals…

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Indian silver, which saw a 3.9 percent increase. This week marked the third in a row of rising prices for the metal. The price of Chinese silver fell 2.1 percent after rising 9.2 percent the week before. The price of US silver rose 1.4 percent this week, closing out the third week. Japanese silver rose by a slight 1.2 percent.

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Japanese gold bullion gained a slight 1.7 percent this past week. In the past week, US gold bullion saw its price shift up 0.8 percent. Indian gold bullion prices ticked up 0.6 percent over the past week. Following a 4.4 percent increase in the week prior, the price of Chinese gold bullion fell 0.3 percent last week.

Following a 0.3 percent increase, US platinum bar finished the week. The price of Japanese platinum bar increased by a slight 0.2 percent over the past week. The price of Chinese platinum bar fell 0.2 percent after rising 3.1 percent the week before.

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Following a 2.4 percent increase in the week prior, the price of Japanese palladium bar fell 0.2 percent last week. The week finished with no movement for US palladium bar. The price of Chinese palladium bar did not change since the previous 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.