Gold Bust Means Less Mine Spending
The Cresson open pit gold mine, Colorado's only active gold mine, is seen in Victor, Colorado.
Photographer: Neal UlevichThis article is for subscribers only.
The biggest gold bust in three decades is about to end a six-year expansion in mine output.
From Russia to South Africa to North America, the biggest producers saw profits turn to losses as prices plunged, forcing them to cut spending on mines in half over three years. While bullion output will probably reach a record in 2015, the increase will be the smallest in at least six years, before production drops 1 percent in 2016, according to Barclays Plc.