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Tag Archives: Gold

Eldorado Gold Corp shares plunge 19% after company suspends most activities in Greece

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Over several years, Eldorado Gold Corp. earned a reputation for getting mines built in challenging countries where its rivals struggled. But in Greece, that reputation is being seriously tested. The Vancouver-based miner’s stock plunged 19 per cent to $3.53 on Tuesday after it announced the suspension of most of its …

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Eldorado Gold Corp suspends much of its mine construction in Greece as permit delays continue

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Canadian miner Eldorado Gold Corp on Monday said it was suspending much of its mine construction and development in Greece after a year of confrontations with the Greek government that included permits being revoked and delayed by the state. Eldorado said it would suspend construction at its Skouries project and …

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Lundin Gold Inc completes development agreement for Ecuador Fruta del Norte project

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TORONTO — Canadian mining company Lundin Gold Inc said on Thursday it will pay the government of Ecuador an advance royalty of $65 million under an agreement setting out the financial terms for development of its Fruta del Norte project. A windfall tax will not apply until Lundin has recouped …

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Eldorado Gold wins appeal of Greek mining ban

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ATHENS — Greece’s top administrative court has annulled the government’s decision last year to revoke Eldorado Gold’s mining licence, according to court documents published on Wednesday. The Canadian mining company had appealed to Greece’s top court to overturn the ban on its plans to develop gold mines in a forested …

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Barrick Gold Corp shares are sinking this morning after warning of $3-billion writedown

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TORONTO — Barrick Gold Corp. shares were lower in pre-market trading, following its advance notice of a US$3-billion asset writedown. Barrick (TSX:ABX) says it will be writing down the value of its stalled Pascua-Lama mining project on the border of Chile and Argentina and its Pueblo Viejo gold operation in …

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Detour Gold targets lifted on improved mine plan

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Shares of Detour Gold Corp. have jumped more than 10 per cent in the last two days as several analysts heaped praise on the company for its new mine plan and hiked their price targets. Detour, which operates a massive open-pit mine in Northern Ontario, announced the updated plan on …

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Eldorado Gold Corp warns of US$1.6 billion write down after halting work in Greece

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Eldorado Gold Corp said it expects to write down the value of its assets in Greece by US$1.2 billion-US$1.6 billion, after the Canadian miner suspended majority of mine construction and development in the European country. The company also forecast 2016 gold production of 565,000-630,000 ounces on Monday, much lower than …

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Gold is back in vogue with investors, but the question is, does this rally have legs?

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Gold is back in vogue as investors seek out a safe haven amid growing global volatility. The question is whether this gold rally will have legs, or whether it will fizzle out like numerous others over the past few years. The yellow metal is in the midst of a tremendous …

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Gold miner Kinross Gold Corp reports big quarterly loss but offers solid 2016 guidance

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Kinross Gold Corp. reported a huge fourth quarter loss on Wednesday due to writedowns, but the company beat its production and cost guidance and offered up a solid outlook for 2016. Toronto-based Kinross was the first senior Canadian gold miner to report earnings this quarter, and the results set a …

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Barrick Gold looks to keep momentum with US$2 billion debt reduction target for 2016

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Barrick Gold Corp. has set aggressive new targets for debt and cost reduction as it looks to continue momentum after a largely successful 2015. However, the Toronto-based mining giant also offered up declining production guidance over the next few years. That underscores the challenges facing the entire gold mining industry, …

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