What Rout? This Gold Miner’s Getting Near Record-High Prices
- Peso is worst performing Latin American currency in 3 months
- Mineros is expanding acquisition search to North America
One-kilogram gold bars.
Photographer: Junko Kimura/BloombergThis article is for subscribers only.
While other gold companies have been stung by an 11 percent drop in prices in the past year, Colombia’s biggest producer is getting near-record high prices for its output thanks to its sinking local currency.
Colombia’s peso has lost 39 percent in the past year amid slumping prices of coal and oil, the country’s main exports. That’s shielding Mineros SA from bullion declines that are forcing cutbacks at other mining companies.