Say Lorne, thought this might be of interest
Vancouver, July 10 (Bloomberg) - Placer Dome Inc., the world's fifth-largest gold producer, said it may suspend operations at its US$575 million Las Cristinas project in Venezuela because of gold prices, which have plunged to 20-year lows, the National Post reported, citing the company. The project, which was scheduled to start production in 2001 and produce more than 500,000 ounces of gold a year, is a joint venture between Vancouver-based Placer Dome and Venezuelan state heavy-industry holding Corporacion Venezolana de Guyana SA. ''The project has been wound down and we're making no more financial commitments,'' the Canadian daily quoted Placer Dome spokesman Hugh Leggatt as saying.
Placer Dome said last month that plans to cut back its workforce and reduce costs won't delay construction of Las Cristinas, which is one of Latin America's largest gold deposits.
(National Post, D1, 7/10 www.nationalpost.com)
Jul/10/1999 10:03
Sort of depressing for the gold producer, eh.
Regards
George |
