Gold News

Executive confirms gold mine will not re-open

The gold mine closed in the wake of a series of accidents during 2007 will not re-open, a spokesperson has confirmed today (May 20th).

Getchell mine in Nevada had been temporarily closed, although stakeholders had hoped it may have been able to resume operations in the future.

However, in an interview with Mineweb, Greg Lang, president of Barrick Gold, said that Getchell will remain closed and will be placed on a care-and-maintenance basis.

Meanwhile, SMD president Ron Guill said that the contracts at several other operations have been terminated, including Montana's Golden Sunlight underground mine.

This could be good news for those looking for an opportunity in gold investment, as a dwindling supply may lead to increasing gold prices in the wake of continued demand.

Earlier this month, Barrick Gold's Peter Munk called the global supply of gold "tragic", pointing out that few discoveries are being made due to increasingly difficult mining conditions.

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