Investing.com - Financial Markets Worldwide

Barrick Gold Corp Delays Chilean Mine As Gold, Silver Prices Rise

Published 06/06/2013, 03:23 AM
Updated 07/09/2023, 06:31 AM
GC
-0.10%
SI
-1.40%
PA
-1.72%
PL
-0.95%
FTNMX551030
-2.86%
GOLD
-2.76%

Canadian precious metal mining company Barrick Gold Corp. is making less money than it forecast earlier this year.

As Reuters reported, “the delay is just the latest hurdle for the project, which Barrick has had on its books for more than a decade. Last year, the miner pushed back first production by a year and raised its estimate of capital costs about 70 percent. Pascua-Lama, which Barrick expects to produce 800,000 to 850,000 ounces of gold annually over its first five years, is important to the world’s largest gold producer as it looks to replace depleted mines…”

“Cost overruns and delays at the mine have led to some speculation that Barrick might scrap the project as part of its drive to reel in capital spending, a trend that has swept across the sector over the past year.”

Current Precious Metal Prices
U.S platinum bar saw the biggest upwards shift for the day, rising 2.8 percent on Tuesday, June 4. After a 1.3 percent increase, Japanese platinum bar finished the day up. The price of Chinese platinum bar increased by 1.0 percent.

Chinese palladium bar prices rose 1.2 percent. The price of U.S palladium bar finished the market day up 0.9 percent per ounce. The price of Japanese palladium bar saw essentially no change for the fifth day in a row.

U.S gold bullion finished the day up 1.6 percent. Chinese gold bullion saw its price rise 0.8 percent. Japanese gold bullion gained 0.8 percent. Indian gold bullion prices inched up 0.3 percent.

The price of U.S silver increased 2.1 percent. The price of Chinese silver finished the market day up 0.9 percent per kilogram. The price of Japanese silver is back up, rising by 0.3 percent yesterday. Indian silver closed 0.1 percent lower.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.