Colombia: Colombia Continues Work on Gold Projects Despite Dropping Prices

Jan 13, 2016 | LATINONE
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Mining companies are still continuing their gold projects in Colombia despite the weakening local currency, which offsets falling gold prices. Miners, including Continental Gold, Red Eagle Mining, and Mineros, are proceeding with their gold projects in the South American country, Business News Americas reported. Colombia's peso has decreased in value by 70 percent against the U.S. dollar over the past 18 months, lowering costs for international miners, the news outlet wrote. These mining firms are facing gold prices that have plummeted 15 percent to US$1,100/oz over the past 12 months. Energy costs have also crashed for miners as crude oil prices fell to US$30/b this week, a 12-year low.