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by Stockwatch Business Reporter
New York spot gold closed down $6.30 to $1,226.10 Wednesday, giving back some of the gains from its $27 climb on Tuesday. The TSX Venture Exchange tumbled 16.97 points to 667.91, a 15-year low, and the TSX Gold Index lost 3.80 points to 150.92.
Canada's larger gold miners ended the day down. Goldcorp Inc. (G) dropped 57 cents to $22.66, Eldorado Gold Corp. (ELD) dropped 29 cents to $7.96, Detour Gold Corp. (DGC) slid 18 cents to $9.82 and Alamos Gold Inc. (AGI) lost 13 cents to $8.50.
Peter Marrone's Yamana Gold Inc. (YRI) dropped 12 cents to $4.79 on 8.8 million shares. The company has decided to spin out four of its non-core gold projects, Fazenda Brasiliero, C1 Santa Luz, Pilar and Agua Rica, all in Brazil, to a new company called Brio Gold Inc. Fazenda Brasiliero and Pilar are already in production; they should provide Brio with 130,000 ounces of gold production next year. C1 Santa Luz is ready to start production, but Yamana placed it on hold this fall because its cash costs are unlikely to be low. Pilar has also been suffering from a high cash cost problem. Like most gold miners, it too is focused on mining only its highest grade ounces, in hopes of keeping all-in cash costs around $800 an ounce.
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