Base metals fell on July 28
On July 28, stocks related to base metals fell, while precious metal miners remained mixed. At 3:45 PM EST, base metal ETFs such as the PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) gained ~1.4% and ~1.1%. The SPDR Gold Shares (GLD) fell ~0.34%.
Barrick Gold accelerates its debt reduction process
Barrick Gold (ABX) is the largest gold miner. It confirmed the sale of the Super Pit gold mine in Kalgoorlie. The Super Pit mine is jointly owned by Barrick Gold and Newmont Mining (NEM)—Barrick Gold owns 50%. So far, Barrick Gold lowered its debt by ~$970 million in 2016. The sale of its stake in the Super Pit mine will accelerate its debt reduction process. According to Barrick, this open-pit mine is expected to produce 700,000–730,000 ounces of gold in 2016 at an average cost of $650–$700 per ounce. Since the beginning of 2016, Barrick Gold has gained close to ~180%. At 11:30 AM EST on July 28, it was trading at $20.98—a drop of ~1.7%.