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90 seconds at 9am; Big Otago gold find; UK 'highly toxic'; Greece cut loose

Posted in News

Watch on our video page here. click here to go to todays 90-at-Nine video report Watch video on YouTube here. Bernard Hickey highlights the key news overnight in 90 seconds at 9am in association with BNZ, including news that Oceana Gold has announced another increase in reserves at its Macraes gold Mine in Otago. It has found an extra 754,000 ounces of gold in the last couple of months that may be worth more than NZ$1 billion with the gold price over NZ$1,000/oz. This extends the life of the mine for a further 3 years to 2016. Meanwhile, big fund manager Standard Life has warned that Britain's AAA credit rating is 'extremely vulnerable' because of the 'highly toxic' political and economic environment. Also, Dutch and German finance ministers have warned Greece that it will have to solve its own budget problems, Bloomberg reported. Greece needs to cut its 12% budget deficit if it wants to maintain its credibility within the euro. This will put immense pressure on the euro and on Greek's economy. Eventually its euro membership may come under threat, raising questions about a bailout, although these comments suggest a bailout is unlikely.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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2 Comments

Greece sounds like Fiji, a

Greece sounds like Fiji, a place not to go to on Holiday...

I suppose its like NZ when Lange got in and inherited a huge mess.

regards

Didn't one of the GReen

Didn't one of the GReen Party MPs ask a question in Parliament last year that revealed how miserably small the Crown's royalties were from Gold mining? Especially compared to Oil.

I assume the question was asked to discredit plans to open up National Parks for mining.