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PRECIOUS METALS HIGHLIGHTS : Top Stories of the Day

08/15/2013 | 03:30pm US/Eastern
   TOP STORIES 
 
Global Gold Supply Shrinks in 2nd Quarter Amid Price Fall - WGC 

LONDON--The World Gold Council said Thursday that overall supply in the gold market has fallen in reaction to a sharp drop in the metal's price during the second quarter of this year, due to a drop in recycling, and that a rationalization of gold production by miners could ensue and continue for some time.

 
Gold Price Fall to Fuel China, India Demand Growth in 2013 - WGC 

NEW DELHI--Gold demand from two of the world's largest buyers, India and China, will rise this year over 2012 levels, with falling prices likely to prompt a rush in physical demand, P.R Somasunderam, managing director of the World Gold Council's India office said Thursday.

 
Lonmin Suspends Production at Saffy Shaft Over Fatality 

LONDON--Lonmin PLC (>> Lonmin Plc), a producer of platinum group metals, Thursday announced that an employee was fatally injured in a fall of ground incident at the company's Saffy shaft on Aug. 14, and said production activities will remain suspended until an investigation is complete.

 
   STORIES OF INTEREST 
 
UPDATE: Rio Tinto to Cut 1,700 Jobs at Oyu Tolgoi Mine 

Rio Tinto PLC (RIO, RIO.AU, RIO.LN) plans to lay off as many as 1,700 employees and contractors at its new multibillion-dollar Mongolian copper and gold mine amid a dispute with the government over investments and management of their Oyu Tolgoi project.

 
Tanzania Allocates Land to Small-Scale Gold Miners Near Geita 

The Tanzanian government has allocated more than 50 hectares of land to hundreds of artisanal miners around the country's largest gold mine by output in an effort to resolve longstanding conflicts over mining areas, officials said Thursday.

 
Chinalco Mining to Appoint Goldman, Morgan Stanley to Advise on Peru Copper Mine Bid 

HONG KONG--Chinalco Mining Corporation International (>> Chinalco Mining Corp International), the copper unit of the Chinese aluminum giant, is close to appointing investment banks Goldman Sachs Group Inc (>> Goldman Sachs Group Inc) and Morgan Stanley (>> Morgan Stanley) to advise it on buying the Peruvian copper mine owned by commodities giant Glencore Xstrata Plc (>> Glencore Xstrata PLC), in a deal that could be worth about $5 billion.

 
Hummingbird Resources FY13 Loss Narrows, Focused on Dugbe 1 Project 

LONDON--Hummingbird Resources PLC (>> Hummingbird Resources Ltd), a Liberian gold development company with a 3.8 million ounce resource, Thursday reports a slightly narrowed fiscal 2013 loss and said it has a strengthened balance sheet with fully funded development program, adding that it remains focused on executing its strategy of further advancing the Dugbe 1 Project and progressing it closer to production.

 
   MARKETS 
 
Gold, Silver Rally on Middle East Worries, Equity Declines 

NEW YORK--Silver settled in bull-market territory Thursday, while gold set a fresh eight-week high, as concerns about violence in Egypt and losses in equity markets led investors to buy haven assets.

Write to Tatyana Shumsky at tatyana.shumsky@wsj.com

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