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Gold is so cheap, it's being given away

Section: Daily Dispatches

By Helen Thomas
The Wall Street Journal
Thursday, September 17, 2015

It is a sign of the beleaguered state of the gold sector that people are effectively giving the stuff away for nothing.

Consider Randgold's agreement to form a 50/50 joint venture with AngloGold Ashanti, aimed at redeveloping the Obuasi mine in Ghana, which AngloGold largely closed last year. Details weren't disclosed, but it doesn't appear Randgold is paying anything upfront for the mine, which offers 5.3 million ounces of reserves. Instead, the pair will share development costs and rehabilitation liabilities.

Mark Bristow, chief executive of Randgold, seems to have parlayed his reputation as the best operator in the business into a cut-price option on a sizable gold mine. AngloGold has already laid off thousands of workers at the loss-making mine. Near-term, Randgold need only shell out a few million to study if the mine can be overhauled and mechanized. ...

... For the remainder of the report:


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