Mining Potential Still Strong In Australia – RBS Morgans on Kitco News

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Kitco News speaks with James Wilson of RBS Morgans about mining news specifically in Australia. Mining companies in Australia are struggling to be profitable due to lower metals prices, higher costs and lack of funding. “Now States are considering potentially increasing royalties in some of the gold companies,” Wilson says when asked about political issues in Australia. “That has put a bit of a scare amongst the local gold companies.” With regards to exploration in the country, Wilson says that companies are now focusing on making every drill hole count. “We’ve seen a number of high profile CEOs depart a number of big mining companies in the past 12 months,” Wilson adds. “Newcrest had over 4 or 5 production downgrades in the last few years and multibillion dollar write-downs, so the CEO departure is the icing on the cake.” Tune in now to hear more about the mining industry and what mining companies are focusing on to push forward. Kitco News, October 16, 2013.

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