Goldcorp Cuts Mine Forecast, Saudi Royalty Shake-Up Could Change Oil Policy

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Today in MetalCrawler, can a shake-up of the Saudi royal family mean a change in oil prices? A major Canadian miner is cutting production estimates, as well.

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Saudi Shake-Up

A shake-up of Saudi Arabia’s oil leadership by King Salman has introduced a new element of unpredictability to its energy policymaking at a moment when Riyadh is grappling with slumping crude prices and its war in neighboring Yemen, Reuters reported.

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State-run oil giant Aramco has been without a permanent chief executive since April, when Khalid al-Falih was made health minister, and the old Supreme Petroleum Council, where energy policy was historically made, was abolished in January.

Goldcorp Cuts Mine Forecast

Goldcorp Inc. on Tuesday cut its 2015 production forecast for its newest mine, the Eleonore gold mine in Quebec, because higher-than-expected “folding” in the underground rock has resulted in lower gold grades. Goldcorp, the world’s biggest gold producer measured by market value, said it now expected Eleonore to produce between 250,000 and 270,000 ounces of gold this year.

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