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This Top Base Metal Producer Is Diversifying-The 17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
10/15/2015 Metal &Metallurgy expo |
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The last two years saw miners rushing away from gold -- into metals like copper, zinc, and iron ore.
But news this week suggests that trend may be reversing; signaling investment capital and investor confidence returning to precious metals.
The development comes in Mexico. Where local press reports that one of the country''s largest base metals producers is planning to take its first steps into the gold mining business.
The company is Minera Autlan, Mexico''s largest producer of manganese ferroalloys for the steel sector, which said that it is on the verge of buying a minority stake in an unnamed gold mine -- with a formal announcement expected in the next few months.
The move into bullion reportedly comes as Autlan''s management has grown concerned about falling profits in the steel sector, prompting a push to diversify the company''s mining activities.
The fact that management would consider gold as its first purchase speaks highly of the prospects they see for the sector. Given that precious metals represents a greater departure for the firm than, say, copper or zinc.
And Autlan is reportedly putting serious capital behind its new ventures, with management having set aside $300 million for new mining projects.
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-metal&metallurgy-The
17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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