Gold price is in ‘no man’s land’ after $40 drop as outlook on U.S. economy shifts – by Anna Golubova (Kitco News – September 16, 2021)

https://www.kitco.com/

(Kitco News) Gold dropped more than $40 in the aftermath of better-than-expected U.S. retail sales on Thursday. And analysts are now saying that prices are in “no man’s land” as U.S. economic outlook shifts ahead of the Federal Reserve interest rate announcement.

The U.S. retail sales numbers beat expectations in August, rising 0.7% following a drop of 1.8% in July. Market consensus calls were projecting to see a drop of 0.8%.

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Ottawa wants public feedback on Larder Lake gold mine project: Agnico Eagle sees gold and copper potential at former mine sites – by Staff (Northern Ontario Business – September 14, 2021)

https://www.northernontariobusiness.com/

Agnico Eagle wants to build a gold and copper mine north of Larder Lake, near the Quebec border, and the Impact Assessment Agency of Canada is inviting public feedback.

The agency said it has accepted the initial project description for the Upper Beaver Gold Project and wants the public and Indigenous groups to review the project description and provide comment. The agency will compile a summary of issues to present to the mining company.

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Gold CEO Sees Mid-Sized Deal Potential to Ease ‘Pain’ in Mining – by James Attwood (Bloomberg News – September 13, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — A number of gold deals have been announced in recent years during the annual industry gathering in Denver, including 2018’s takeover of Randgold Resources. This year, the buzz is focused on consolidation potential among mid-tier producers, according to one precious-metals veteran.

“There was a lot of gossip around the bar last night about what might be announced this morning,” said David Garofalo, who ran Goldcorp before it was gobbled up by Newmont Corp. and now heads Gold Royalty Corp. “That’s been the custom here.”

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Barrick eyes new mines, not deals, for future growth – by Ernest Scheyder (Yahoo/Reuters – September 13, 2021)

https://www.yahoo.com/

LAS VEGAS (Reuters) – Barrick Gold Corp Chief Executive Mark Bristow spent years burnishing his reputation as an aggressive dealmaker, but he says now he is focused on new mines that he hopes will boost profit and the company’s sagging stock price.

The strategy eschews the acquisition appetite that made Barrick what it is today and instead pins the company’s growth on exploration projects in Egypt, Nevada, Guyana and elsewhere.

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Four supersized exploration programs – by Staff (Canadian Mining Journal – September 10, 2021)

https://www.canadianminingjournal.com/

Gold exploration in Canada is on the upswing. A strong rise in the yellow metal’s price leading up to the August 2020 peak above US$2,000 per oz. has spurred on exploration in Canada that may lead to the nation’s next new mines.

It’s also had the effect of supersizing drill programs for juniors with promising discoveries, savvy management and talented exploration teams. There are now several juniors carrying out supersized drill programs involving 100,000 metres or more in a single year – in many cases before a resource has been compiled for the project. Here’s our look at four such projects.

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Cameroon Tries to Get Child Miners Back to School – by Moki Edwin Kindzeka (Voice of America – September 09, 2021)

https://www.voanews.com/

KAMBELE, EASTERN CAMEROON – Authorities in Cameroon say they are attempting to remove thousands of children working in gold mines along the country’s eastern border. Some of the children were displaced from the Central African Republic because of violence there and dropped out of school to mine gold for survival.

The 2021-2022 school year in Cameroon started Monday, and Cameroon’s Ministry of Basic Education says thousands of children have not returned to class in areas along the border with the Central African Republic.

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EPA Moves for Permanent Block on Pebble Mine Project in Alaska – by Timothy Puko(Wall Street Journal – September 9, 2021)

https://www.wsj.com/

WASHINGTON—The Biden administration is proposing sweeping environmental protections for Bristol Bay in southwest Alaska, a plan that could permanently block the development of the controversial Pebble Mine copper-and-gold project.

In a decision announced Thursday, the U.S. Environmental Protection Agency said it would undo a decision under former President Trump in 2019 to withdraw a plan to protect the region that had been proposed under the Clean Water Act, according to the EPA.

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West Africa’s political whirligig won’t keep investment dollars from its gold – by David McKay (MiningMX.com – September 10, 2021)

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IN 1997, when Randgold Resources listed on the London Stock Exchange, about 2.5% of world gold production was being dug in West Africa, of which most was from Ghana. In contrast, South Africa produced more than 15% of total world production.

Two decades later, just as Barrick Gold absorbed Randgold Resources in a merger that left a gaping hole in London’s gold investment market, the picture could hardly be more different.

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125 years after gold was discovered in the Yukon, we ventured up to Dawson City. Here’s what it looks like now – by Brendan Kiley (Seattle Times – September 10, 2021)

https://www.seattletimes.com/

DAWSON CITY, the Yukon Territory — The first tourists to Dawson City arrived in July of 1898, a few weeks before the boomtown’s second birthday.

Mrs. Mary E. Hitchcock (widow of a U.S. Navy officer) and Miss Edith Van Buren (niece of the former U.S. president) swept into the new gold-mining settlement, 170 miles south of the Arctic Circle, with opulent cargo: a zither, a parrot, canaries, a portable bowling alley, crates of fancy foods (pâté, truffles, olives), a movie projector, an exhaustive wardrobe (silks, furs, starched collars, sombreros), two Great Danes and a 2,800 square-foot marquee tent for their lodgings.

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NEWS RELEASE: Kirkland Lake Gold Announces 10.1 Million Ounce Increase in Measured and Indicated Mineral Resources at Detour Lake Mine (September 2, 2021)

Measured and Indicated(1)(2) (“M&I”) Mineral Resources increase 10,061,000 ounces or 216% from December 31, 2020 estimates to 14,718,000 ounces at June 30, 2021 (572.0 million tonnes (“MT”) at average grade of 0.80 grams per tonne (“g/t”))

TORONTO, Sept. 02, 2021 (GLOBE NEWSWIRE) — Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced the release of new Mineral Resource estimates for the Detour Lake Mine (“Detour Lake”) as at June 30, 2021 (“Mid-Year 2021”).

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The Drift: The hunt for gold, palladium drives exploration frenzy around Sudbury (Northern Ontario Business – August 25, 2021)

https://www.northernontariobusiness.com/

From River Valley to Massey, junior miners eye old mine sites and underexplored areas in the search for ‘green’ and precious metals

The periphery of the Sudbury basin is proving to be favourable exploration ground for junior mining companies on the hunt for gold and the ‘green’ metals needed to drive the global clean energy movement.

One of the area’s most advanced projects is 100 kilometres east of Sudbury where New Age Metals expects to release a prefeasibility study early next year for a proposed open-pit mine.

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Dragons fly as Chinese millennials take a shine to gold – by Emily Chow (Reuters – August 28, 2021)

https://www.reuters.com/

SHANGHAI, Aug 29 (Reuters) – For many affluent young Chinese consumers, modern simplicity is out and tradition is back in when it comes to jewellery.

Sales of gold bracelets, pendants, earrings and necklaces that draw on dragons, phoenixes, peonies and other traditional Chinese patterns and symbols are flying among consumers, especially those in their 20s and 30s, helping drive a rebound in gold demand in the country after a pandemic-induced slump.

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Gold price technicals ‘look awful’: Metal’s worst enemy weighs on potential recovery – analysts – by Anna Golubova (Kitco News – August 10, 2021)

https://www.kitco.com/

(Kitco News) Gold price could continue to struggle under the weight of its worst enemy – the U.S. dollar – until an official taper announcement is made by the Federal Reserve, according to analysts.

After losing nearly $100 in August, gold will need some time to stabilize and find its new support levels.

“The technicals look awful for gold, but if prices could stabilize between $1,700 and $1,750, that might allow some longer-term investors to scale back in,” said OANDA senior market analyst Edward Moya.

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New mines, hundreds of jobs, loom on the horizon for Northern Ontario – by Staff (Northern Ontario Business – August 9, 2021)

https://www.northernontariobusiness.com/

Open-pit construction underway in Gogama, Dubreuilville and poised to start at Geraldton

Northern Ontario has a raft of new mines currently under construction or close to turning the sod, mainly driven by steady gold prices.

Three companies, with multi-million-dollar open-pit projects on the books in Gogama, Dubreuilville and Geraldton, posted recent updates as hundreds of contractors are streaming to the sites to drill and blast and erect new infrastructure.

Halfway between Timmins and Sudbury, more than 700 contractors are building IAMGOLD’s Côté Gold open-pit mine outside the town of Gogama. Côté, located just off Highway 144, is 130 kilometres southwest of Timmins and 175 kilometres north of Sudbury.

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Barrick Gold’s CEO is stuck: He would love to acquire, but promised investors some discipline – by Tim Kiladze (Globe and Mail – August 10, 2021)

https://www.theglobeandmail.com/

Two and a half years into his tenure as Barrick Gold Corp.’s chief executive, Mark Bristow is sticking to the party line, reassuring investors that miners have learned from past mistakes and will not overpay for deals.

“We blew our brains out over the last big bull market,” he said in an interview Monday. After enduring billions of dollars of writedowns and adding boatloads of debt, he has a new mantra for Barrick: “We’re not putting our balance sheet at risk.”

But Mr. Bristow is a conflicted man, because in almost the same breath he acknowledges that he would love for Barrick to get bigger. After all, this is a man who, without hesitation, publicly floated merging with giants Newmont Mining and Freeport-McMoRan in the past, only to be rebuffed.

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