Following in Zambia’s footsteps??
Congo risking billions with planned tax hike, mining code revision | MINING.com.
Lucid Technical Insight For Fund Managers, Companies and Private Investors
Barrick recorded another $3.4 billion in after tax impairments for 2014, giving $2.9 billion in losses for the year. On the back of large write downs for Cerro Casale (Permitting and Capital Cost issues) and Lumwana (Zambian export tax and Low grades/copper prices). These writedowns are reflecting challenges in stakeholder engagement and jurisdiction rather than operational issues, though they lost another 11.1 million oz’s off the reserve list due to mining and divestitures. Whats going to happen with Pascua de Llama?
This compares to 2013 when they recorded a whopping net loss of $10.37 billion ($10.14 per share), including after-tax impairment charges of $11.54 billion. These impairments were largely driven by the price crash in gold and recalculations of reserves, with 36 million oz’s of gold disappearing from the books.
U.S. Mint May Be Penny Pinching as Zinc Market Tighten – Bloomberg.
Cost of making a US Penny is down from 2.4 c to 1.6 c, but US mint making a loss of $45 million on production of $7.5 billion pennies this year. If zinc goes up further this will increase.
I think they will say goodbye to the penny soon.