• Tag Archives Australia
  • They Can And Should Do More” Australian State Slams Banks With $280 Million Tax

    Australian bankers are furious after the country’s smallest state levied a ‘surprise’ tax on the country’s five biggest banks that could siphon off $280 million in profits during its first four years on the books, according to Reuters. The tax was imposed by South Australia, which is struggling with the country’s highest unemployment rate and thanks the banks should be doing more to pitch in.

    This post was published at Zero Hedge on Jun 23, 2017.

  • Gold mine output turning down this year. Is Peak Gold with us? — Lawrie Williams

    The latest weekly Precious Metals newsletter from London-based specialist consultancy Metals Focus at last sees gold output growth grinding to a halt during the current year. Many commentators have been predicting this to happen almost every year since the metal price fell back sharply in 2011, largely ignoring new mega-projects already under construction and too far advanced to be dropped (like Pueblo Viejo in the Dominican Republic) and the industry’s propensity to switch to mining higher grades, where this was possible, to counter declining revenues. As a result of these trends annual global gold output has actually been rising over the past few years, albeit relatively slowly, but Metals Focus now sees this increasing output trend coming to a halt during the current year.
    And along with the halt in increasing gold output, the consultancy sees All in Sustaining Costs (AISC) beginning to increase again. The newsletter notes global AISC rose in Q1 2017, both quarter on quarter(+4%) and year on year (+8%), driven by a recovery in some key producer currencies (most notably the South African rand), the general pickup in the commodities sector (which is fuelling an increase in labour expenses and the costs of mine-site consumables) and an increase in sustaining capital expenditure (as the industry looks to adequately reinvest following a period of austerity).
    Indeed, Metals Focus comments that the annual supply of new gold (as opposed to recycled material) has grown by around 800 tonnes since 2008, an increase of around 25-30%. It puts this growth trend down to being driven by production increases in countries like China, Russia and Mexico coupled with a number of new mine startups across Africa (outside of South Africa) and a recovery in more mature mining jurisdictions, such as Canada and Australia. But now it sees this increasing production pattern coming to an end. Could Peak Gold, so beloved of gold bulls actually be with us at last?

    This post was published at Sharps Pixley

  • Fractional-Reserve Banking and Money Creation

    According to traditional economics textbooks, the current monetary system amplifies initial monetary injections of money. The popular story goes as follows: if the central bank injects $1 billion into the economy, and banks have to hold 10% in reserve against their deposits, this will allow the first bank to lend 90% of this $1 billion. The $900 million in turn will end up with the second bank, which will lend 90% of the $900 million. The $810 million will end up with a third bank, which in turn will lend out 90% of $810 million, and so on.
    Consequently the initial injection of $1 billion will become $10 billion, i.e., money supply will expand by a multiple of 10. Note that in this example the central bank has actively initiated monetary pumping of $1 billion, which in turn banks have expanded to $10 billion.
    But in a world where central banks don’t target money supply but rather set targets for the overnight interest rate (e.g. the federal funds rate in the United States and the call rate in Japan) does this continue to make sense? Additionally, in some economies like Australia banks are not even compelled to hold reserves against their deposits. Surely then the entire multiplier model in the economics textbooks must be suspect.

    This post was published at Ludwig von Mises Institute on June 17, 2017.

  • The foreign business incentives in this country can help double your income.

    Yesterday I spent all afternoon meeting with government officials here in the Philippines, and I’m still in shock. I’ll explain –
    About a year and a half ago I purchased a fairly large manufacturing business that is oddly enough based in Australia.
    It’s been a fantastic investment so far, primarily because it generates so much cashflow relative to the price I paid.
    With big public companies listed on a major stock market, it’s not uncommon to pay 20x, 50x, even more than 100x a company’s annual profits.
    For example, as I write to you early in the morning here in Manila right now, Amazon’s stock sells for 180x its annual profits.
    In other words, if you were theoretically to acquire 100% of Amazon’s shares, at current levels it would take you 180 years to recoup your investment.
    (This presumes you put all the profits in your pocket, but doesn’t account for the effects of dividend taxation.)
    Obviously most investors expect Amazon to keep growing.
    But even if Amazon’s earnings were to grow at an annual rate of 25% per year (which would be unprecedented), it would still take almost two decades to recoup your investment.

    This post was published at Sovereign Man on June 16, 2017.

  • The Inconvenient Truth… Of Consumer Debt

    Oh, but for the days the hawks had a hero in Sydney. Against the backdrop of a de facto currency war, the Reserve Bank of Australia stood as a steady pillar of strength. The RBA held the line on interest rates, maintaining a floor of 2.5 percent, even as its global central bank peers drove rates to the zero bound and beyond into negative territory.
    The abrupt end to the commodities supercycle drove the RBA to join the global currency war. The mining-dependent nation’s economy was so debilitated that policy makers felt they had no choice but to ease financial conditions. In February 2015, after an 18-month honeymoon, the RBA reduced its official rate to 2.25 percent, marking the start of a cycle that ended last August with the fourth cut to a record low of 1.5 percent.
    The Bank of Canada has taken a similar journey in recent years. It embarked upon a mild tightening campaign in 2010 that raised the overnight loan rate from a record low of 0.25 percent to 1 percent in September 2010. The bank maintained that level until early 2015. Two weeks before the RBA’s first cut, the Bank of Canada lowered rates to 0.75 percent. The January move, which shocked the markets, was followed in July 2015 with an additional ease to 0.5 percent, where it remains today.
    Bank of Canada Governor Stephen Poloz, who replaced Mark Carney after he departed to head the Bank of England, explained the moves as necessary to counter the downside risks to inflation emanating from the oil price shock to the country’s economy.

    This post was published at Zero Hedge on Jun 11, 2017.

  • How gold can rescue pensions

    The World Economic Forum, in conjunction with Mercers (the actuaries) recently estimated that the combined pension deficit currently stands at $66.9tr for eight countries, rising to $427.8tr in 2050. The eight countries are Australia, Canada, China, India, Japan, Netherlands, UK and US. Of the 2016 figure, $50.5tr is unfunded government and public employee pension promises.
    Yes, we are now talking in hundreds of trillions. Other welfare-providing states missing from the list have deficits that are additional to these estimates.i
    $66.9tr is roughly 1.5 times the GDP of the eight countries combined, and $427.8tr is nearly ten times. Furthermore, if we take out the non-productive government element, the figures relative to the private sector tax-paying base are closer to twice productive GDP today, and thirteen times greater in 2050. That 2050 deficit assumes a 5% compound annual growth rate. This is a linear projection, but the deterioration in finances for unfunded government pensions may turn out to be exponential, in line with the accelerated increase in the broad money quantity since the great financial crisis.
    The problem is mainly in the welfare states, so we know that the welfare states are in big trouble. Governments routinely offer inflation-protected pensions to state employees, funded out of current taxation. The planners in government treasury departments are coming alive to the scale of the problem, though the politicians would rather ignore it. Government finances are already being subverted by both unfunded pension obligations, and by additional rising healthcare costs for aging populations.
    Furthermore, people are living longer. Someone born in Japan ten years ago who retires at 60 can expect to live to 107, leaving the state picking up a forty-seven-year welfare and pensions bill. And it’s not much less expensive in other countries, with 50% of North American and European babies born in 2007 expected to live to 103.
    The global dependency ratio, those in work relative to those in retirement, is expected to deteriorate from 8:1 to 4:1 by 2050. When most people retire, they stop paying income tax and become a burden on the state welfare system. Therefore, retirement ages must rise. Not only must they rise, but they must rise by enough to pay for those who are otherwise fit but mentally incapacitated by dementia, Alzheimer’s and Parkinson’s, set to spend the last decades of their lives expensively kept.
    That is the background to a global problem. But we shall just say ‘poor taxpayers’, and move on. Instead, this article focuses not on the problems of funding state pensions (which is admittedly 75% of the problem), but is an overview on why the current low growth, low interest rate environment is so detrimental to private sector pensions.

    This post was published at GoldMoney on JUNE 08, 2017.

  • “Stressed” Australians Struggle With Record Debts As Housing Market Overheats

    Australians are dialing back their spending on everything from clothes to cars as sky-high housing costs, the result of a housing bubble fueled by Chinese buyers, threaten to finally derail the country’s twin asset bubbles – housing and stocks.
    But rising mortgage debt isn’t the only thing squeezing Australian customers, as Reuters reports. Inflation on essential items like food, electricity and insurance is accelerating, meaning Australians are also paying higher prices for basic consumer goods.
    Australia’s real-estate prices have been rising for more than 25 years with hardly a pause – the last time real estate prices saw a meaningful pullback was during its last recession, in 1987. Reuters reported Tuesday that Australia’s debt-to-income ratio has climbed to an all-time peak of 189%, according to the Reserve Bank of Australia.

    This post was published at Zero Hedge on Jun 7, 2017.

  • “They’re Going To Have All Sorts Of Issues” – Citi Urges Regulators To Address Australia’s “Spectacular Housing Bubble”

    Citigroup Chief Economist Willem Buiter says Australia is experiencing ‘a spectacular housing bubble’ that needs to be addressed with tougher regulatory measures – something we’ve noted time and time again.
    A shortage of housing, coupled with record-low interest rates, has made Sydney the world’s most second-most expensive property market. The city’s home prices jumped 16% in the 12 months through April, stoking record household debt and putting home ownership out of the reach of many.

    This post was published at Zero Hedge on Jun 4, 2017.

  • Australia’s Q1 gold output down on Q4 2016…but… — Lawrie Williams

    Australia is the world’s second largest gold producer after China and, according to specialist Melbourne-based consultancy, Surbiton Associates, its mines produced 298 tonnes of gold in 2016. World No. 1, China, produced 463.7 tonnes according to figures from GFMS. (The latter’s estimate of Australian production in 2016 was slightly lower than that from Surbiton Associates at 287.3 tonnes, but is at least in a similar range) – we might defer to Surbiton’s figure being a local consultancy which specialises in Australian statistics only.
    Surbiton’s latest assessment of Australian production is for the March quarter of the current year which puts the production figure at 71.5 tonnes, around 8% down on the December quarter last year of 77.5 tonnes but, as Surbiton indirectly points out this doesn’t necessarily mean that Australian production for the full year will be lower than last. The March quarter is a couple of days shorter than other quarters containing the short February month and mine output was also affected by some particularly wet weather which impacted particularly on several of Australia’s largest gold mines. Surbiton’s Dr Sandra Close notes in particular reduced output because of the wet weather at Newcrest’s Telfer operation, which was down by 35,000 ounces, Newmont’s Tanami mine, down 25,000 ounces, Anglogold/Indepence’s Tropicana mine, which saw a fall of 22,000 ounces and Newmont/Barrick’s Kalgoorlie Super Pit down by 16,000 ounces.
    But despite this disruption the country’s total March quarter gold output was similar to that of the 2016 March quarter which came in at 71 tonnes according to Surbiton’s figures of a year ago, which suggests Australia’s total gold production is still on the rise. With a mega producer like Australia still showing gold production strength, this confirms the assessment by the major consultancies that peak gold may well not be with us yet, particularly given Q1 tends to be the lowest quarter for gold production in the Australian year. On this basis there has to be a good chance that Australia’s full year 2017 gold output could exceed 300 tonnes.

    This post was published at Sharps Pixley

  • Here Are The Seven “Black Swans” SocGen Believes Could Shock Global Markets

    As part of its periodic Global Economic Outlook, SocGen traditionally includes a discussion of what it views are the biggest “black swans” both to the upside and the downside, and the latest just released edition titled “On a Plateau”, which took a rather grim outlook to the world economy predicting that a US recession will likely hit in the not too distant future while “China, South Korea, Australia, US, Germany, UK and Japan are in the more mature phase of the cycle”, and that current global growth is “essentially as good as it gets”…
    … was no different.
    Which particular black swan is at the top this time?
    As author Michala Marcussen writes, “to our minds, policy is the main potential source of both upside and downside risk, be it with respect to fiscal expansion, trade policies, wage outcomes, euro area reform or monetary policy. As China tightens policy, what happens next in the US has become critical, we look for modest US tax cuts but believe that, Trumpflation insufficient to offset fading Xiflation. Without tax cuts, the US economy could well slow more substantially as early as 2H18.”

    This post was published at Zero Hedge on May 31, 2017.

  • Gold Production Drops Sharply in Australia

    old supply took another hit, as output in Australia mine production slumped in the first quarter of this year.
    Output fell 8% in Australia, according to data released on Sunday by Australian mining consultancy Surbiton Associates. Australian mines produced 71.5 tons in Q1. This was a drop from 77.5 tons in the previous quarter.
    Analysts blamed bad weather for the slump.
    This year heavy rain in Western Australia, which accounts for about three-quarters of Australia’s gold output, plus the effects of Cyclone Debbie in Queensland in late-March, played havoc with gold production at many operations across the country,’ Surbiton director Sandra Close told Reuters.

    Australia ranks as the world’s number two gold producing country behind China.
    Mine output also dropped sharply in China in the first quarter. According to a rare report issued by the China Gold Association, the country’s first quarter gold production dropped 9.3% year-on-year, falling from 111.563 tons in Q1 2016 to 101.197 tons this year. Meanwhile demand surged 14.7% in the Asian nation.

    This post was published at Schiffgold on MAY 30, 2017.

  • Why an Australian Fund Manager Decided to Sell Everything

    Spooked by a ‘housing calamity,’ banks, overvalued stocks, and China. Philip Parker, chairman and chief investment officer of Sydney-based Altair Asset Management, and ‘proud to have beaten the relevant benchmarks since inception,’ decided it’s time to throw in the towel. With 30 years in the industry, he has seen a few cycles, and the ‘overvalued and dangerous time in this cycle’ has spooked him. In light of ‘the impending crash’ that will ‘assist investors to take stock of the excessive valuations,’ he decided to sell everything.
    His firm will hand the money back to investors. This includes returning an advisory contract for ‘over $2 billion for one of Australia’s largest financial planning companies.’
    There are ‘just too many risks at present,’ he wrote in The Australian. ‘I cannot justify charging our clients fees when there are so many early warning lead indicators of clear and present danger in property and equity markets now.’ Among the ‘more obvious reasons to exit the riskier asset markets of shares and property’ are:
    The ‘Australian property market bubble’ that reminds him of the ‘housing calamity’ of the early 1990s ‘China property and debt issues later this year’ ‘The overvalued Australian equity markets’ ‘Oversized geopolitical risks’ And the ‘unpredictable US political environment.’

    This post was published at Wolf Street on May 30, 2017.

  • Greek, Italian Risks Weigh On European, Global Markets; Oil, Gold Slide

    Tuesday’s session started off on the back foot, with the Euro first sliding on Draghi’s dovish comments before Europarliament on Monday where he signaled no imminent change to ECB’s forward guidance coupled with a Bild report late on Monday according to which Greece was prepared to forego its next debt payment if not relief is offered by creditors, pushing European stocks lower as much as -0.6%. However the initial weakness reversed after Greece’s Tzanakopoulos denied the Bild report, sending the Euro and European bank stocks higher from session lows. S&P futures are fractionally lower, down 3 points to 2,410.
    Elsewhere, the Japanese yen rallied after strong retail sales data while US Treasuries ground higher after returning from a long weekend largely unchanged; Australian government bonds extend recent gains as 10-year yield falls as much as four basis points to 2.37%. Asian stock markets and were modestly lower; Nikkei closed unchanged despite a stronger yen. China and Hong Kong remained closed for holidays while WTI crude was little changed.
    Despite the rebound, the Stoxx Europe 600 Index declined a fourth day as data showed that contrary to expectations of a record print, euro-area economic confidence fell for the first time this year, and as Draghi’s dovish comments to the European Parliament weighed on banking shares. As discussed yesterday, Italian bonds edged lower as traders digest the prospect of an earlier-than-expected election.

    This post was published at Zero Hedge on May 30, 2017.

  • 5 Highly Respected Financial Experts That Are http://theeconomiccollapseblog.com/archives/5-highly-respected-financial-experts-that-are-warning-that-a-market-crash-is-imminent

    If everything is going to be ‘just fine’, why are so many big names in the financial community warning about an imminent meltdown? I don’t think that I have seen so many simultaneous warnings about a market crash since just before the great financial crisis of 2008. And at this point, you would have to be quite blind not to see that stocks are absurdly overvalued and that a correction is going to happen at some point. And when stocks do start crashing, lots of fingers are going to start pointing at President Trump, but it won’t be his fault. The Federal Reserve and other central banks are primarily responsible for creating this bubble, and they should definitely get the blame for what is about to happen to global financial markets.
    My regular readers are quite familiar with my thoughts on where the market is headed, so today let me share some thoughts from five highly respected financial experts…
    #1 When Altair Asset Management’s chief investment officer Philip Parker was asked if a market crash was coming to Australia, he said that he has ‘never been more certain of anything in my life’. In fact, he is so sure that the investments that his hedge fund is managing are going to crash that a decision was made to liquidate the fund ‘and return ‘hundreds of millions’ of dollars to its clients’…

    This post was published at The Economic Collapse Blog on May 29th, 2017.

  • Asian Metals Market Update: May-29-2017

    It is a big week for the US dollar as well as gold, silver and industrial metals. US May nonfarm payrolls will set the trend for the US dollar and also decide whether there will be more than one interest rate hike by the Federal Reserve this year. UK elections trends can result in safe haven demand for gold from the nation. India will decide the GST rate on gold sales and jewelry sales this week too.
    Geopolitics gets a new nation in the form of Philippines. State versus ISIS war in a small region of the nation will greater chances of the same spreading to more parts of Philippines. The current situation in Philippines is similar to Syria of 2012. Assad’s war started with a small bunch of so called terrorists which has gulped the whole nation. I will be looking for clues whether Philippines will be converted into a Syria as state heads of both these nations do not bow to the whims and fancies of NATO leaders. (NATO and the UN have a history of ousting pro people leaders like Gadaffi, Assad, Hosni Mubarak to name a few). I am very confident that both gold and bitcoins will benefit if the situation in the Philippines turn to worse.
    Philippines problems get aggravated by its neighbor, the most populous Islamic nation in the world ‘Indonesia’ and also Malaysia. Indonesia and Malaysia have a great percentage of population leaning towards the ISIS. The peaceful nation of Australia will also get affected if Philippines problems get aggravated. I am looking at the geopolitical developments in East Asia including the South China Sea.

    This post was published at GoldSeek on 29 May 2017.

  • “This Market Is Crazy”: Hedge Fund Returns Hundreds Of Millions To Clients Citing Imminent “Calamity”

    While hardly a novel claim – in the past many have warned that Australia’s housing and stock market are massive asset bubbles (which local banks were have been forced to deny as their fates are closely intertwined with asset prices even as the RBA is increasingly worried) – so far few if any have gone the distance of putting their money where their mouth was. That changed, when Australian asset manager Altair Asset Management made the extraordinary decision to liquidate its Australian shares funds and return “hundreds of millions” of dollars to its clients according to the Sydney Morning Herald, citing an impending property market “calamity” and the “overvalued and dangerous time in this cycle”.
    “Giving up management and performance fees and handing back cash from investments managed by us is a seminal decision, however preserving client’s assets is what all fund managers should put before their own interests,” Philip Parker, who serves as Altair’s chairman and chief investment officer, said in a statement on Monday quoted by the SMH.
    The 30-year investing veteran said that on May 15 he had advised Altair clients that he planned to “sell all the underlying shares in the Altair unit trusts and to then hand back the cash to those same managed fund investors.” Parker also said he had “disbanded the team for time being”, including his investment committee comprising of several prominent bears such as former Morgan Stanley chief economist and noted bear Gerard Minack and former UBS economist Stephen Roberts.

    This post was published at Zero Hedge on May 29, 2017.

  • Markets Wrap: Stocks Flat In Quiet Session With US, UK And China Closed For Holiday

    U. S. markets are closed for the Memorial Day holiday, and with UK and Chinese markets also closed for various holidays, it has been a quiet start to the week, with S&P futures essentially unchanged, trading at 2,415, up 0.06%, a new all time high.
    European stocks opened marginally lower in quiet trading but have since erased the dip to trade little changed, while shares in British Airways owner IAG dipped in early Spanish trading as the airline pushed to recover from a massive technology failure that disrupted hundreds of flights. The Stoxx Europe 600 Index was flat at 391.24, down 0.03%. Italian assets underperformed after Renzi comments on early elections, with banks selling off and bund/BTP spread widening. BTP futures have extended their slide in thin liquidity, with the 10y yield now higher by 7bps fueled by Renzi comments and supply concession. The Italian FTSE MIB fell 2% with traders citing rising risks that the euro zone’s third largest economy could head to early elections in the autumn. “The latest news out of Italy seems to suggest that a new electoral law is indeed in the making,” LC Macro Advisers’ founder Lorenzo Codogno says. “The four major parties appear to converge towards the so-called German system, i.e. a purely proportional system with a 5 percent entry threshold.”
    In Asia, South Korea’s Kospi fell for the first time in seven sessions, slipping from an all time high. North Korea tested another missile although the launch had little impact on risk assets. Australian bonds pared opening gains and slip into negative after sluggish 20-year auction; 10-year yield rises two basis points; ASX 200 down. Nikkei little changed; Chinese developers surge in Hong Kong. Chinese developers lifted the Hang Seng Index, with China Evergrande Group surging to a record in Hong Kong. Bunds have meandered through the session with a speech from the ECB president Mario Draghi at 2:00pm BST in focus, but volumes are also especially light.

    This post was published at Zero Hedge on May 29, 2017.


    Since the 2011 tops, precious metals investors have had their patience severely tested. Six years later, silver is down 66% from the $50 peak and gold 35% off the $1,920 peak. We mustn’t forget off course that these metals started this century at $280 and $5 respectively. But that is no consolation for the investors who got in near the highs. The best time to buy an asset is when it is unloved and undervalued like gold and silver were in the early 2000s. What few investors realise is that the current levels of gold and silver, when real inflation is taken into account, are very similar to where the metals were in 2000-2. Thus gold at $1,265 and silver at $17 is an absolute bargain and unlikely to remain at these levels for long.
    Why are asset markets booming and gold static?
    As the precious metals have corrected for six years, many markets have boomed. Money printing and credit creation can do wonders to asset markets. Since 2009, stocks in the US for example have trebled and many other asset classes such as property have appreciated substantially. Global debt since 2006 is up by 75% or $100 trillion and short term and long term rates in the Western world re down from 5-6% to anywhere from negative to around 2%. This has fuelled stocks and property but so far had limited effect on gold and silver.
    It was the sub-prime mortgage market that started the 2006-9 crisis. Since then, there are property bubbles in many parts of the world. Canada, Australia, UK, Scandinavia, Hong Kong and China all have property markets which are likely to crash in the next few years together with the US one which is still a bubble.

    This post was published at GoldSwitzerland on May 26, 2017.

  • Dollar General Accounts For 80% Of All New Store Openings In The US

    One week ago, when looking at the latest Fitch forecast of retailers most likely to file for bankruptcy next, we listed the hundreds of store closures already announced in 2017 between various bankrupt and still solvent retail chains.
    Declining consumer demand for traditional retail venues and deteriorating financial results aside, we showed the simple reason for the persistent pressure on traditional “brick and mortar” stores to restructure with the following chart which showed that North America has a glut of retail outlets, as well as far too many shopping malls, something which is becoming apparent as sales per capita decline. On a per capita basis, the US has roughly 24 square feet of retail space per capita, more than twice the space of Australia and 5 times that of the UK.

    This post was published at Zero Hedge on May 27, 2017.

  • From Yukon to Patagonia, gold explorers stir after sleep

    The number of holes drilled at gold deposits has been rising steadily for more than a year, according to S&P Global Market Intelligence. And while early-stage exploration budgets haven’t kept pace with spending at existing mines, prospecting hot spots are starting to pop up in traditional destinations Canada, Australia, and Latin America. In some parts of Argentina, exploration has jumped about 50 percent, mainly for lithium but also for gold in provinces such as Santa Cruz, according to state-controlled energy company YPF SA. Chile’s government also sees a pickup this year with prospectors focusing on both copper and gold. Colombia is also attracting more attention.
    In some parts of Argentina, exploration has jumped about 50 percent, mainly for lithium but also for gold in provinces such as Santa Cruz, according to state-controlled energy company YPF SA. Chile’s government also sees a pickup this year with prospectors focusing on both copper and gold. Colombia is also attracting more attention.
    Drilling successes are adding to the interest. Aurion Resources Ltd. shares have more than tripled since Feb. 1 when it announced a discovery in northern Finland, while SolGold Plc has risen 12-fold in the past year as it drilled out a copper and gold find in Ecuador. This week’s $431 million deal between Eldorado Gold Corp. and Integra Gold Corp. is the latest acquisition driven by a need to secure new ounces.
    ‘We need more exploration in the industry; it’s been such a long downturn,’ Mark Ferguson, head of mining studies at S&P Global Market Intelligence, said in a phone interview from Halifax, Nova Scotia. ‘A lot of producers are going to start facing medium-term shortfalls in their pipeline if they’re not replacing the reserves that they’re actively mining.’

    This post was published at bloomberg