As this edition of Engineering & Mining Journal (E&MJ) was going to press, many mining companies were filing midyear financial reports or end of year financials depending on where they are headquartered. At the same time, prices for most mined commodities had declined across the board, placing miners in a difficult position. During July, gold and copper reached multiyear lows, $1,088/oz and $2.38/lb, respectively. For the week ending July 24, the world's largest gold miner, Barrick Gold, saw its market capitalization drop $2.2 billion or 17%. Similarly, Freeport-McMoRan, a large publicly held copper producer, saw $3.7 billion (or 23%) of its market cap erased during the same week. Mining companies were openly announcing plans to assess options.
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