Performance of base metals and precious metal miners
On November 16, the stocks related to base metals weakened, while precious metal miners were mixed. The PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) fell 2.4% and 1.5%. The SPDR Gold Shares (GLD) fell 0.31%.
Newmont starts commercial production at Long Canyon
According to the announcement made by Newmont Mining (NEM), it started commercial production at Long Canyon. It’s located 100 miles away from Newmont’s Nevada operations. According to Newmont, it’s the most significant oxide ore discovered in Nevada in more than decade. It completed the Nevada project two months before the schedule with an investment of $225 million. The first phase of development is expected to produce 100,000–150,000 ounces per year of gold over eight years. The estimated costs are $500–$600 per ounce. Since the beginning of 2016, Newmont rose more than 80%. At 1:00 PM EST on November 16, it was trading at $33.22—a fall of ~2.1%.