Gold News

Another gold mine halts production

Isidora gold mine in Venezuela has become the latest in a steady stream of mines to announce problems with production in recent weeks.

The mine, owned by Hecla Mining, told Resoource Investor that it is to cease operations for at least eight days following disagreements within the company.

It will mean a drop in gold output, which could be ideal for investors as it may lead to a rise in prices in the coming months.

Analysts are predicting that output in 2008 may drop as low as 85,000 ounces or below, compared to a 2007 level of 87,490 ounces, reports Resource Investor.

According to Vicki Veltkamp, vice president of investor and public relations for Hecla, the mine only has a lifespan of a few years left due to its reserves diminishing faster than new gold can be discovered.

Earlier this month, Newcrest Mining stated that gold output would fall in its mines during 2008 and beyond.

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