Miners must decrease costs to increase ability to borrow

May 01, 2013 | 10:09 AM | Andrea Hotter

Tags  mining finance, cut costs, James Verraster, Auramet Trading, gold, Society for Mining, Metallurgy and Exploration, Andrea Hotter

NEW YORK — Mining firms need to cut costs in order to increase their ability to borrow money, James Verraster, chief executive officer of Auramet Trading LLC, said.

"The cost of production has in many instances risen so dramatically and the price decline has been so rapid that no one can borrow money," he said, referring in large part to gold miners.....

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