Echo Bay Mines, Ltd. of Englewood, Colo. said Tuesday that its board of directors would wait until gold prices increase before deciding on the final construction decisions of two gold mines in North America.
Echo Bay operates the Kettle River project in Republic, Wash.
The company said it would hold off on construction decisions for Mexican gold mine Paredones Amarillos and its Canadian gold mine, Aqaurius.
If the decision is deferred until next year, the company would save $49 million in capital expenses, Echo Bay said. The company originally planned to spend $114 million for the two new mines.
The spot price for gold Tuesday on the New York Comex was $323.00, up $1.90 for the day.