Barrick shuts hedge book as world gold supply runs out

Nov 11, 2009 - Barrick shuts hedge book as world gold supply runs out Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world's top producer Barrick Gold. By Ambrose Evans-Pritchard, International Business Editor Published: 7:20PM GMT 11 Nov 2009 Comments 11 | Comment on this article Pouring gold bullion - Barrick shuts hedge book as world gold supply runs out Liquid gold: Gold is poured from the induction kiln Photo: JULIAN SIMMONDS Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run. - 1 Comment

U.S. Fears Iraq Won't Keep Up Rebuilt Projects

Nov 21, 2009 - BAGHDAD — In its largest reconstruction effort since the Marshall Plan, the United States government has spent $53 billion for relief and reconstruction in Iraq since the 2003 invasion, building tens of thousands of hospitals, water treatment plants, electricity substations, schools and bridges. But there are growing concerns among American officials that Iraq will not be able to adequately maintain the facilities once the Americans have left, potentially wasting hundreds of millions of dollars and jeopardizing Iraq’s ability to provide basic services to its people. The projects run the gamut — from a cutting-edge, $270 million water treatment plant in Nasiriya that works at a fraction of its intended capacity because it is too sophisticated for Iraqi workers to operate, to a farmers’ market that farmers cannot decide how to share, to a large American hospital closed immediately after it was handed over to Iraq because the government was unable to supply it with equipment, a medical staff or electricity. - 11 Comments