Archive | Gold and Silver

Russia may surpass China to become largest gold producer this decade: consultancy – by Ekaterina Bouckley (S&P Global – May 6, 2021)

London — Russia — the second-largest gold producer in 2020, yielding only to China — stands a chance to become the world’s largest producer of yellow metal in this decade, as it keeps expanding mining operations while China ramps them down, according to consultancy and analytics firm Institute of Geotechnologies.

Russia tripled its gold production over the last 20 years, and between 2010-2019, it grew by an average of 5.5% per year compared to 3% annual increases in the world’s total.

In 2020, Russia delivered 0.6% more gold (excluding recycled volumes) than in 2019 whereas global production fell 5%. Continue Reading →

Gold’s move above $1,800 repairs a lot of damage, momentum points to higher prices – analysts – by Neils Christensen (Kitco News – May 06, 2021)

(Kitco News) – Gold investors can finally breathe a sigh of relief as prices have broken resistance at $1,800 an ounce and some analysts see the potential for higher prices. June gold futures last traded at $1,815.80 an ounce, up 1.77% on the day.

According to analysts, growing inflation concerns pushing real bond yields to their lowest point since mid-February has ignited a spark in the gold market.

Bark Melek, head of commodity strategy at TD Securities, noted that because of rising inflation pressures, the 10-year breakeven rate rates higher, which is also taking its toll on the U.S. dollar. Continue Reading →

Barrick CEO blasts ‘hysterical’ fund managers chasing quick cash – by James Attwood (Bloomberg News – May 5, 2021)

Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high bullion prices, according to the CEO of the world’s second-largest producer.

“Fund managers just bash the table and want money — they’re not interested in this industry reinforcing its foundations,” Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview Wednesday. “Then they turn around and get hysterical when a host country demands returns.”

While Toronto-based Barrick is returning a sizable chunk of earnings and divestment proceeds to shareholders, Bristow urged fund mangers to take a longer-term approach to generating returns for their customers. Continue Reading →

IAMGOLD Côté Gold Project stays on track despite spring pandemic outbreak – by Staff (Northern Ontario Business – May 4, 2021)

Open-pit, accommodations camp development hits 18 per cent completion mark as pace of construction intensifies this year and 2022

IAMGOLD declares construction “on track” at Côté Gold open-pit gold mine project near Gogama. The Toronto mid-tier miner provided a project update on May 3 in a release of its financial results and operating performance for this year’s first quarter.

In a statement, company president-CEO Gordon Stothart seemed pleased with the pace of construction despite a coronavirus outbreak in March.

“At Côté, we started major earthworks ahead of schedule and have attained 18 per cent completion of the project at March 31.” Continue Reading →

Barrick CEO Mark Bristow opens door to merger with great rival Newmont – by Niall McGee (Globe and Mail – May 6, 2021)

Mark Bristow, Barrick Gold Corp.’s chief executive officer, is ruing a lost opportunity to buy a large United States copper miner at a bargain basement price, and is now opening the door to a merger with great rival Newmont Corp.

Just more than a year ago, when the price of copper was in the pits, Mr. Bristow openly pondered a friendly deal with Freeport-McMoRan Inc. Had the transaction happened, Mr. Bristow may well have been hailed as a genius, because in the interim Freeport’s shares have gone up nearly fourfold.

Copper this year has marched to a near record high thanks in part to rebounding demand in China, and speculative demand from traders. Continue Reading →

Gold prices take a hit as Yellen colors outside the lines, talks rate hikes – by Neils Christensen (Kitco News – May 04, 2021)

(Kitco News) – The gold market is trying to crawl up from session lows as it was dragged down by hawkish comments from Secretary Treasurer Janet Yellen.

Speaking in a webinar hosted by The Atlantic, Yellen warned that interest rates might have to rise to stop the U.S. economy from overheating.

“It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat, even though the additional spending is relatively small relative to the size of the economy,” she said in the presentation, catching gold and silver prices by surprise. Continue Reading →

Gold potential for White River miner becoming wider in scope – by Staff (Northern Ontario Business – April 30, 2021)

Harte Gold prepares to launch aggressive summer exploration program to find new deposits

Harte Gold anticipates making more gold discoveries this year at its huge Sugar Zone property, near White River.

The Toronto gold miner provided an update on the “overhauled” regional exploration strategy for its massive, but relatively underexplored, 81,287-hectare property, 30 kilometres northeast of the town.

“There are several reasons to be excited about the potential for new discoveries,” said Dave Schonfeldt, Harte’s vice president of exploration, in an April 28 news release, with “no shortage of highly prospective targets” extending into a part of the property that’s a considerable hike from the Sugar Zone Mine. Continue Reading →

Jewelry and bullion sales prop up gold demand as investors flee gold ETFs– WGC – by Neils Christensen (Kitco News – April 29, 2021)

(Kitco News) – The gold market went back to basics in the first quarter of 2021 as demand for jewelry and physical bars and coins supported a sharp drop in investment demand, according to the latest research from the World Gold Council (WGC).

In its quarterly Global Demand Trends report, the WGC said that physical demand for the precious metal totaled 815.7 tonnes, virtually unchanged compared to the fourth quarter of 2020. However demand was down 23% compared to the fourth quarter of last year.

In an interview with Kitco News, Juan Carlos Artigas, head of research at the World Gold Council, said that shifting demand in the gold market continues to demonstrate the precious duality as an important strategic asset. Continue Reading →

If Papua New Guinea really is part of Australia’s ‘family’, we’d do well to remember our shared history – by Patricia A. O’Brien (The Conversation – April 8, 2021)

Prime Minister Scott Morrison is fond of describing Papua New Guinea as “family”. He did so recently when announcing Australia’s assistance with PNG’s COVID-19 outbreak.

The urgent support for PNG in the form of vaccines, testing kits, medical personnel and training was “in Australia’s interests”, Morrison said, because it threatens the health of Australians, “but equally our PNG family who are so dear to us”.

These familial bonds are “born of history and geography”. PNG is Australia’s closest neighbour. Only 4 kilometres separate the two countries in the Torres Strait, a fluid border that has been redefined numerous times (most recently in 1985). It is currently closed due to the COVID outbreak. Continue Reading →

Cobalt hunter eyes Gowganda, Elk Lake for processing hub – by Staff (Northern Ontario Business – April 26, 2021)

Battery Mineral Resources posts resource estimate of cobalt and silver deposit

Battery Mineral Resources (BMR) has come out of the shadows to post a first-time resource for a cobalt and silver property, southwest of Gowganda.

The low key Vancouver-based explorer, formerly known as Fusion Gold, released a maiden resource of more than a million pounds of cobalt at its McAra Project, according to an April 22 news release.

As the largest claims holder in the historic Gowganda-Cobalt silver mining camp, BMR thinks there’s enough mine potential among its nine exploration properties clustered in this area to consider establishing a processing plant. Continue Reading →

Vancouver-based Fortuna Silver to buy Roxgold in $1-billion deal – by Niall McGee (Globe and Mail – April 27, 2021)

Fortuna Silver Mines Inc.’s $1.1-billion takeover offer for fellow Canadian miner Roxgold Inc. was given a sour reception on the stock market, with the shares of both companies falling short of expectations, and analysts questioning the deal’s rationale.

Vancouver-based Fortuna, which mostly mines silver and whose operations are in the Americas, said on Monday it intends to pay 0.283 of its shares, and 0.1 cent in cash, for each Roxgold share, a 41-per-cent premium to Roxgold’s closing price on Friday.

Toronto-based Roxgold operates a high-grade, low-cost gold mine in Burkina Faso, and has plans to build another one in Ivory Coast. Even though the boards of both companies approved the transaction, their shareholders appear concerned about the merits of the marriage. Continue Reading →

Dryden can be a gold mining ‘hub’ of the northwest – by Ian Ross (Northern Ontario Business – April 24, 2021)

Treasury Metals sees huge exploration upside with Goliath Gold Project

When Treasury Metals’ Jeremy Wyeth assesses the gold potential in the Dryden area, radiating out from the Goliath Gold Complex, he likens it to a “hub and spoke.”

The company president applies that term to describe their development model to create a super-sized mining operation with a centrally-located processing facility built around a series of open-pit mines.

Wyeth delivered a project update on April 21 during a webcast with Dan Wilton, CEO of First Mining Gold. The latter company is a major investor in Treasury Metals and the Goliath project. Continue Reading →

Fortuna Silver to buy Roxgold in $884 million deal – by Cecilia Jamasmie ( – April 26, 2021)

Canada’s Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) is buying fellow miner Roxgold (TSX: ROXG) in a cash-and-stock deal valued at about C$1 billion ($884.32 million), as strong gold prices spur a wave of mergers and acquisitions in the sector.

Vancouver-based Fortuna, which has operations in Peru, Mexico and Argentina, said the combined company would produce about 450,000 ounces of gold equivalent a year.

West-Africa focused Roxgold’s shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold common share held. The exchange ratio implies a consideration of about C$2.73 per Roxgold share, a 42.1% premium to its last closing price. Continue Reading →

Does Recycled Gold Herald a Greener Future for Jewelry? – by Elizabeth Paton (New York Times – April 23, 2021)

With economics and industrial engineering degrees from the University of California, Berkeley, and Stanford, and a decade working at Tesla, the electric-car company where her husband was a co-founder, Boryana Straubel had long set her sights on the technology revolutions spawned in and around Silicon Valley.

Batteries and solar energy were firmly on her radar. Fashion and jewelry were not. At least until several years ago, when she began learning about the devastating toll those industries take on the planet.

“If you told me five years ago that I would end up starting a jewelry business, I simply would not have believed you,” Ms. Straubel said from her home in Nevada this month. Continue Reading →

Kitco mourning the loss of Peter Hug (Kitco News – April 22, 2021)

Once again, the gold market is mourning the loss of another industry leader and titan with the passing of Peter Hug, global trading director at Kitco Metals.

Hug passed from cancer Monday evening at his home in Arizona at the age of 69. Hug joined Kitco’s leadership team in February of 2010 as director of global trading and risk management and was director of Kitco Hong Kong operations.

Bart Kitner, president of Kitco Metals Inc, said that Hug played an integral role in the company’s evolution and growth in the last decade. Continue Reading →