AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Not good news for GEL holders, Newmont is looking at a massive downsizing of the mining staff in Waihi for a six month period starting in the middle of next year. This is presumably because the granting of approvals for the Correnso Mine took a bit longer than they'd hoped, and other mines will be out of ore soon. They have already heavily reduced the exploration staff. Without strong cashflows from the Waihi operations, it's unlikely the Newmont head office in Denver will be too excited about WKP. There is still the Waihi West area under the other part of Waihi township to consider of course.

http://www.stuff.co.nz/waikato-times...-Waihi-economy

You can see their problem: yes, they are the number two gold producer, but the true costs to extract the gold are now US$1149 an ounce overall (2012), and the market price is currently not that far above that.

http://www.newmont.com/about/company-glance

Jobs have also been lost at head office earlier this year.

And then the situation got worse, all-in costs more like US$1500 an ounce.
http://www.proactiveinvestors.com/co...oll-46526.html