(Kitco News) – Raging risk-on sentiment continues to keep gold prices down and analysts are worried that things could get worse before they get better.
Gold prices struggled through a major sell-off this week, falling 1.4% and touching a four-month low. June Comex gold was trading flat on the day on Thursday, last seen at $1,275.20.
Better-than-expected retail sales played a significant role, revealing improved consumer sentiment, with the best results since September 2017. Continue Reading →
DENVER–(BUSINESS WIRE)–Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced the successful conclusion of its transaction combining Newmont Mining Corporation and Goldcorp Inc. to form the world’s leading gold business.
The resulting company features an unmatched portfolio of assets, prospects and talent. This portfolio includes long-life operations and profitable expansion and exploration options in some of the world’s most favorable mining jurisdictions. Newmont Goldcorp will also offer investors the highest annual dividend and the largest Reserves and Resources per share among senior gold producers.
“We’ve met our goal to become the world’s leading gold business, and we’ll maintain that position by executing our winning strategy,” said Gary J. Goldberg, Chief Executive Officer. “That strategy focuses on constantly improving safety and efficiency at our current operations while we continue to invest in expansions and exploration to fuel next generation production. An equally important part of that strategy is to meet stakeholders’ expectations by continuing to lead the sector in value creation and sustainability performance.” Continue Reading →
The chief of a northern Ontario First Nation says an ongoing project to build an all-season road to the community will help in many ways.
Marten Falls, which is about 300 kilometres northeast of Thunder Bay, is in the midst of the provincial environmental assessment process to construct a thoroughfare that will link the remote First Nation to the provincial highway system north of Nakina.
“There’s a lot of socio-economic benefits that would derive from having an all-weather road to the community,” said Chief Bruce Achneepineskum, adding that those would include lowering the cost of freight, making it easier for community members to travel and better positioning the First Nation to take advantage of various economic development opportunities in the forestry, mining and tourism sectors. Continue Reading →
Central Newfoundland mine proposal registered for environmental assessment
It’s a gold reserve glittering with job potential but the proposed Valentine gold mine in central Newfoundland is several years away. The undertaking was registered this week for environmental assessment under the provincial Environmental Protection Act.
Marathon Gold Corp. is the Toronto-based gold exploration company proposing to develop the gold mine roughly 55 kilometres southwest of Millertown in central Newfoundland. The net present value of the project is about $500 million USD.
“It’s a major gold deposit, certainly the largest in Newfoundland and Atlantic Canada and it really stands out as one of the top projects in North America,” president and CEO Phillip Walford said in a telephone interview from Toronto Wednesday. Continue Reading →
MHONDORO-NGEZI, Zimbabwe (Reuters) – Zimbabwe will in coming weeks name two new investors who will develop separate platinum mining projects west of the capital as the country ramps up mining output in an attempt to ease a severe dollar shortage, the mines minister said on Wednesday
The southern African nation has the second largest platinum deposits after South Africa and hopes to transform its economy by boosting investment in the mining sector.
Winston Chitando said the two investors would be confirmed in the next few weeks, joining a sector where Anglo American Platinum and Impala Platinum already operate. Continue Reading →
Mining dealmaker Mick Davis has won permission to export iron ore from a planned mine in West Africa, adding momentum to the industry veteran’s comeback.
Davis, through his new Niron Metals vehicle, has signed an agreement with Liberia that will allow him to use a rail and port to export iron ore from the mine that he’s seeking to build in neighboring Guinea, according to a statement.
The Zogota project, where mining giant Vale SA has already spent hundreds of millions of dollars, could be brought on quickly and relatively cheaply. Continue Reading →
FOR A FEW months each winter, Canada’s Tibbitt to Contwoyto Winter Road is the world’s longest ice highway, a 300-plus-mile network of frozen lakes that connects lucrative diamond mines in Canada’s Northwest Territories to supplies from the nation’s not-quite-so-far north.
But warmer winters and earlier springs have shortened the road’s open season by up to two weeks over the past decade. The loss of the road for even such a short time is very expensive, because the only other way to reach these mines is by air.
Salvation may come from space. A Canadian researcher has demonstrated that radar emitted from satellites can peer through the ice, determining not just its thickness but also its quality. (Does it have a lot of bubbles? Continue Reading →
https://business.financialpost.com/
As the Senate continues its hearings on Bill C-69, it might be useful to focus on what is claimed to be the objective of the new environmental and regulatory approval act: A fairer, faster regulatory system.
Calgary’s National Energy Board will become a less-powerful Canadian Energy Regulator while an Ottawa-based body, the Impact Assessment Agency, will provide final advice to the government to determine whether a project is in the “public interest.”
The new legislation is ostensibly intended to reduce delays for federal approval of resource projects while providing greater political acceptability. It is hard to see how that will be case. Continue Reading →
SX-listed B2Gold exceeded its first-quarter production and sales guidance by 6%, producing 230 859 oz and selling 232 076 oz of gold.
The Fekola, Masbate, Otjikoto and El Limon mines all exceeded their targeted production, with the Mali-based Fekola and the Philippines-based Masbate mines, having produced 6% and 15% above guidance, respectively.
The consolidated gold revenue of $302-million generated for the sale of 232 076 oz of gold at an average price of $1 300/oz was lower than the $344-million in revenue generated from the sale of 259 837 oz at an average price of $1 325/oz in the first quarter of 2018. Continue Reading →
Nunavut News
Whether you notice it or not in your daily life, all reports show a glittering economic forecast for Nunavut. Speaking at the Nunavut Mining Symposium, Bank of Canada governor Stephen Poloz noted that the territory is set for the strongest growth among all territories and provinces for 2019, at a rate of nine per cent.
“That’s pretty spectacular stuff,” Poloz said. “That’s not some fiction, that’s real.” Nunavut’s senior economist Francois Picotte piled on the good news, noting the territory will see very high growth for the next four years.
All of this is thanks to mining, which is becoming such an economic force in Nunavut that it will surpass even government in its weight in the territorial economy. Continue Reading →
LONDON/CONAKRY, April 18 (Reuters) – Liberia has signed an outline deal with a new venture set up to mine iron ore in Guinea to be shipped via Liberia, an export route the Guinean government has vetoed for the much larger Simandou project.
The Zogota iron ore project in Guinea is being developed by former Xstrata boss Mick Davis through his Niron Metals venture and marks a relaunch of his mining career.
Following a pledge on economic cooperation by the presidents of Guinea and Liberia at the start of the month in Dakar, an announcement on Thursday in London said the Liberian government and Niron Metals had signed a memorandum of understanding on the passage through Liberia of iron ore from the Zogota deposit. Continue Reading →
https://business.financialpost.com/
OTTAWA — Canada and the European Union hit back Wednesday at the Trump administration’s decision to allow lawsuits against foreign companies connected to properties seized from American firms during the Cuban revolution, vowing to protect their businesses.
Canada and the EU pledged to work together in the World Trade Organization and ban the enforcement or recognition of American court orders against Canadian or European companies.
The landmark tightening of the U.S. trade embargo on Cuba’s communist government represents a major shift in U.S. foreign policy — one that could place Canadian mining, tourism and financial services companies at risk in American courts. Continue Reading →
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For more than a decade, indigenous communities in Alaska have been fighting to prevent the mining of copper and gold at Pebble Mine in Bristol Bay, home to the world’s largest sockeye salmon fishery and a crucial source of sustenance.
The proposed mine, blocked under the Obama administration but inching forward under the Trump administration, has been billed by proponents as necessary to meet the growing demand for copper, which is used in wind turbines, batteries, and solar panels.
Similar stories are playing out in Norway, where the Sámi community is fighting a copper mine, and in Papua New Guinea, where a company has been mining the seabed for gold and copper. Continue Reading →
I don’t think he [Trudeau] has the foggiest idea what’s
going on,” Kenney told a reporter in one particularly caustic
put-down. “This guy is an empty trust-fund millionaire who
has the political depth of a finger-bowl.”
Jason Kenney saved his vitriolic interventions in the Alberta election campaign for Prime Minister Justin Trudeau rather than his opponent, NDP Premier Rachel Notley.
This made sense — political attacks rarely work when the target is more popular than source and many voters held Notley in greater esteem than Kenney.
But there was an edge to the United Conservative Party leader’s attacks on Trudeau that went beyond campaign strategy. The Liberal leader was citizenship and immigration critic while Kenney was the minister for the file in his early days in Stephen Harper’s government, and it would be fair to say Alberta’s premier-designate didn’t hold his counterpart in high regard. Continue Reading →
Anyone who’s surprised Jason Kenney won a majority government Tuesday night has either been asleep for a long while, or working in the Prime Minister’s Office. The indefatigable, persevering, and super-industrious Kenney is a miracle of political endurance. No ordinary politician could out-work Kenney even if supplied with a few spare clones.
There are many reasons why he won but let us establish right at the top that the first reason, and the one that fired all the rest of them, is that he works like the sun never sets, and that sunrise is just something that happens only long after he gets up.
Secondly, he knows what a job is. To be exactingly precise he knows what not having one means to normal everyday people. It is always annoying to listen to the bigheads who rabbit on about “transitioning to a non-carbon economy” of how glibly and disinterestedly they reference the tens and hundreds of thousands who will be displaced from their employment in oil, gas and coal industries. Continue Reading →
