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Gold Summary for March 31, 2015

2015-03-31 20:23 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $2.30 to $1,182.70 Tuesday, ending the month down $30 as the U.S. dollar continued to rise. The TSX Venture Exchange slipped a fraction of a point to 680.07 and the TSX Gold Index lost 2.20 points to 156.24.

Gold miners in Canada had a down day. Agnico Eagle Mines Ltd. (AEM) dropped 31 cents to $35.19, Barrick Gold Corp. (ABX) fell 28 cents to $13.85, Detour Gold Corp. (DGC) lost three cents to $10.75 and Steve Letwin's Iamgold Corp. (IMG) lost three cents to $2.36.

Iamgold may soon have a new joint venturer at its Sadiola and Yatela gold mines in Mali. It owns 41 per cent of Sadiola and 40 per cent of Yatela with AngloGold Ashanti Ltd. (AU: $9.34 (U.S.)), which holds identical interests (the Malian government holds the rest). This year, however, AngloGold has put several of its assets up for sale because it is hoping to reduce debt. Today, it said it had an offer for the Malian projects. (China's Wanbao Mining was rumoured to be interested in the mines earlier this year.) A new joint venturer would be good news for Iamgold. It spent the past several years trying to convince AngloGold that they needed to expand Sadiola so it can process hard rock. The mine produced 228,000 ounces of gold in 2014, but all of this came from soft rock, which is set to run out at the end of 2015. The Yatela mine is in even worse shape. The JV had to shut it down in late 2013 because of the falling gold price; it has been processing the remaining gold on the leach pad since.

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