Four years of falling gold prices, reduced capital expenditures and declining output from existing mines has a silver lining, no pun intended.
According to GFMS and the CEOs of some major gold companies, supply of the precious metal has peaked, offering a ray of hope for gold bulls.
As 2016 seeks to gain traction, the Indonesian mining industry finds itself in the crosswinds of a global downturn in commodity prices, combined with domestic regulatory challenges that dampen investment sentiment among both local and international mining investors.
House of Representatives Commission VII overseeing the energy sector has described a share value that PT Freeport Indonesia offered to the Indonesian government as unrealistic.
Freeport Indonesia must explain the basis of valuation for the offering price of US$1.7 billion (Rp 23.69 trillion) for 10.64 percent of its shares to the government, said Commission XI member Ramson Siagian.
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Gold was the shinning light amongst global market turmoil on Thursday, January 7th.
Gold jumped above $US 1100, jumping as high as $1109.90 an ounce on safe haven buying. Given the drop in the Australian dollar to 70.1c, the local spot gold price is $A1580.30/oz this morning.
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s coal market will continue. The production levels proposed by large coal miners are quite different from those filed by small and medium coal miners, who mostly plan to reduce production on account of low demand in the world’s coal market.
BASE metals rallied, iron ore was back over $US40 a ton, and gold regained some ground in a happy day for miners. Lead was the market leader, up 4.6% to $US1689 a ton, followed by copper, which rose by 3.1% to $4685/t. Other metals in London jumped by more than 1% each.