Gold News

Gold mining decreases in Indonesia

Demand for gold could pressure supply further following an announcement that gold output in Indonesia decreased last year.

Newmont Mining said that production would amount to much less this year than it did last year.

Spokesman Rubi Purnomo told the newspaper that differing conditions in mining are proving difficult.

"We are mining in a different part of the pit that has lower grade ore than the ore we were mining in 2007. It is part of the normal cycle in mining operations for the type of ore we have in Batu Hijau," he said.

The news could be good for gold prices as demand for the precious metal is still high, particularly in the jewelry sector, while overall output is continuing to decline.

Gold is among Indonesia's main exports, along with gas, plywood, rubber and palm oil, according to the BBC.

Looking to Buy Gold today? For direct access to live Gold Market prices - and to save up to 80% compared with coin dealers' fees - click through to BullionVault now…





BullionVault-cube-18525647-ADNFCR

See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals