The fall was caused by lower prices and slowing demand from major copper consumers like China, says Gonzalo Fernandez, an analyst with Grupo Santander.
The miner has cut its forecast from its mine in Sierra Leone yet again and is in advanced talks to secure the financing it needs to fund its working capital requirements.
Anglo Pacific has signed a royalty financing agreement with Hummingbird to pay the explorer $15 million in exchange for a 2% return royalty on any gold ore produced from the latter's Dugbe project in Liberia.
China used to be the world's largest exporter of coke, but its exports have almost dried up since 2008, when Beijing raised the export duty from 25% in a bid to reduce pollution.
Plans by both Gold Fields and AngloGold to reduce exposure to South Africa produced different outcomes from ratings agencies, as former got cut, while the latter was affirmed at investment grade.
Gold breached $1700 overnight before settling back just below this level ahead of U.S. opening, but fundamentals - particularly with solid Asian demand - remain positive.
If you want to be happy with your mining stock portfolio over the last two months you need to lower your expectations, says Michael Kosowan but, believes there are opportunities if you follow some simple rules. An interview with the gold report
Contrary to their tarnished image, mining companies are investing in renewable energy faster than other industries and will account for 1.8 percent of global clean-power spending this year
A significant increase in the enormous Twin Metals polymetallic resource in Minnesota, and identified higher grade zones, means the project economics just look like getting better and better
The latest academic report on Fly in Fly out mining camps in Australia suggests that some are hotbeds of crime and drug and/or alcohol abuse and like concentration camps – but are they really?
