Kitco News’ Alex Letourneau discusses Barrick Gold Corporation, Freeport-McMoRan and South Africa on this edition of “Mining Minutes.” Barrick Gold faces a million fine from Chile for not meeting its water management system deadlines to prevent contamination around the mine in Pascua-Lama. Despite this setback, the mine is expected to yield between 800k-850k ounces of gold and 35 million ounces of silver annually for the first 5 years of production, at cash costs under 0 per ounce. Freeport-McMoRan is still dealing with the tragic mine collapse in Papua New Guinea that killed 28 workers two weeks ago. Finally, Sibanye Gold cut 11,000 jobs in South Africa on Thursday and said that there may be more job cuts. Kitco News, May 30, 2013.
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