Archive | Gold and Silver

Newmont’s Incoming CEO Says No ‘Fire Sale’ Coming for Assets – by Vinicy Chan and Millie Munshi (Bloomberg/ – September 17, 2019)

(Bloomberg) — Newmont Goldcorp Corp. is ready to sit tight on asset sales, even if that means not reaching a previously announced goal of as much as $1.5 billion in divestments.

That’s according to Tom Palmer, the company’s incoming chief executive officer. The world’s largest gold producer will be focusing on optimizing its current assets and is happy overall with its portfolio, other than a previously announced sale of Red Lake in Canada, he said.

“We’re in no rush to sell anything,” Palmer said in an interview Tuesday at the Denver Gold Forum. “There will be no fire sale in Newmont Goldcorp.” Continue Reading →

The Red Lake resurgence: Miners and explorers seek ever more gold from this busy Ontario district – by Greg Klein (Resource Clips – September 16, 2019)

A new gold producer on the way, attention-grabbing assays from a well-financed junior and high hopes for the price of gold—could that in any way explain the current excitement at Red Lake? A region that’s produced 30 million ounces since its first rush in 1926 still has more gold to mine and, explorers believe, more mines to find.

Just as Newmont Goldcorp TSX:NGT was considering the sale of its Red Lake operations, Pure Gold Mining TSXV:PGM began building Madsen Red Lake, billed as Canada’s highest-grade gold development project. But, as far as juniors are concerned, the district’s biggest newsmaker has been Great Bear Resources’ (TSXV:GBR) Dixie Lake property.

While focused on British Columbia’s Golden Triangle in 2017, Great Bear optioned Dixie from Newmont, also getting decades of data from over 160 historic holes. Given the succession of companies that drilled and departed, the data might have seemed more encumbrance than encouragement. Continue Reading →

In Planet’s Fastest-Warming Region, Jobs Come With Thaw – by Danielle Bochove (Bloomberg News – September 17, 2019)

The Canadian Arctic is melting, and two new gold mines are booming.

James Kalluk spent much of his childhood inside an igloo in Canada’s far north, close to the Arctic Circle. Building that kind of home requires temperatures low enough to freeze the region’s countless lakes, a particular consistency of snow and a long-bladed knife the Inuit call a pana.

“Today, there’s not much snow and it’s harder to make an igloo,” said Kalluk, now in his early 70s. “You may find a spot here or there that’s good, but the snow is very difficult now. It’s different.”

The loss of snow and ice are causing Canada to heat up much faster than the rest of the world—more than twice the global rate of warming, according to a national scientific assessment published in April. The farther north you go, the more accelerated the warming. Continue Reading →

Exclusive: Greece seeks new mining jobs, higher royalties in talks with Eldorado – by Angeliki Koutantou (Reuters Canada – September 16, 2019)

ATHENS (Reuters) – Greece is in talks with Canada’s Eldorado Gold to secure higher royalties from its mining development projects and new jobs, Energy Minister Kostis Hatzidakis said on Monday.

Vancouver-based miner Eldorado has two operating mines and two development projects in northern Greece and its planned investment is viewed as one of the biggest in the country in years. The projects have, however, repeatedly stalled over licensing delays and environmental concerns.

They have become flagship schemes for Greece’s new conservative government, which took office in July with a pledge to unblock foreign investments and help boost economic output crimped by a quarter through years of financial turmoil. Continue Reading →

Kinross to spend $150-million at Tasiast in expansion plan for key African mine – by Nial McGee (Globe and Mail – August 16, 2019)

Kinross Gold Corp. is moving to expand its Tasiast mine in West Africa in a bid to reduce its costs of production and boost output in the region.

On Sunday, Toronto-based Kinross announced it will invest US$150-million into the mine in Mauritania, predicting that production will rise to an average of 445,000 ounces of gold a year starting in 2020. Last year, the mine produced about 250,000 ounces.

The announcement comes after a previous, more expensive expansion plan for Tasiast was put on hold in 2018. Acquired by Kinross in 2010, the mine’s expansion plan has been in limbo for more than a year amid protracted negotiations with the Mauritanian government over taxes and procurement agreements. Continue Reading →

Franco-Nevada chairman slams big miners’ exodus from Canada – Andrew Bell interviews Pierre Lassonde (BNN/Bloomberg News – September 13, 2019)

Franco-Nevada Corp. Chairman Pierre Lassonde is sounding the alarm on the hollowing out of Canada’s big mining companies.

Lassonde, who will step down from his role and become chairman emeritus next year, said he’s “very sorry” that large miners are moving their headquarters outside of Canada, and bemoaned the impact it could have on the whole industry. Continue Reading →

Book celebrates 100 years of Kirkland Lake – by Lindsay Kelly (Northern Ontario Business – September 11, 2019)

Mayors and reeves, renowned strongmen and multi-million-dollar lottery winners are among the cast of colourful characters in a newly published book celebrating the centennial of the Town of Kirkland Lake.

Authored by Bill Glover, Gold for a Mad Miner is an anthology of 18 stories celebrating the town’s history, quirks and legends, printed in time to coincide with the 100th anniversary of the town’s founding in 1919. Glover, who was born and raised in Kirkland Lake, said he’s always been interested in storytelling, and this marks the fifth book he’s written.

Though he’s retired now, he spent close to six decades in the mining industry, first working in Sudbury at Frood and Stobie mines, before establishing his own consultancy firm, which took him to Asia, Europe, South America, the U.S. and beyond. Continue Reading →

PNG demands Wafi-Golpu gold stays in-country, urges Newcrest, Harmony talks – by Jonathan Barrett (Reuters U.S. – September 12, 2019)

SYDNEY, Sept 13 (Reuters) – Papua New Guinea wants to keep 40% of gold produced from the proposed Wafi-Golpu project, the country’s commerce minister said, creating a potential hurdle to an agreement with co-owners Newcrest Mining and Harmony Gold.

The miners had been hoping to secure a mining lease over the major gold and copper deposit earlier this year, before a change in PNG’s leadership and a shift in minerals policy led to delays.

“We’d like to see Newcrest come to the negotiating table on this,” PNG’s Minister for Commerce and Industry Wera Mori told Reuters in a phone interview late on Thursday. Continue Reading →

As gold prices soar, mining companies find themselves under attack from their largest investors – by Gabriel Friedman (Financial Post – September 13, 2019)

For much of September, gold has been trading at its highest price in years, and yet gold mining companies, large, small and in-between, find themselves under attack from their largest investors.

On Thursday, the day gold stood at US$1,502 per ounce — a high-point not seen since 2013 — a coalition of investors released a report that bashed gold mining executives for spending too much money on general expenses.

The Shareholders Gold Council, founded in 2018 by U.S. billionaire John Paulson, and backed by a half-dozen institutional investors, acknowledged that gold equities have outperformed the price of gold during the past year — with one exchange traded fund rising 53 per cent compared to bullion’s 26 per cent climb this year as of Aug. 20. But the report notes gold equities have underperformed over any longer time horizon up to 10 years. Continue Reading →

Century Project, lookout nearing completion, and more updates from Porcupine Gold Mines – by Maija Hoggett (Timmins Today – September 11, 2019)

All-electric Borden Mine almost ready to open

From a public lookout of the open pit to the Newmont acquistion and where the Century Project is at, everything was on the discussion table for Marc Lauzier today.

Lauzier is the general manager of Newmont Goldcorp’s Porcupine Gold Mines and was the featured speaker at the Timmins Chamber of Commerce’s quarterly Inside Their Business event. Earlier this year, the $10-billion merger of Newmont Mining Corp. and Goldcorp was completed, creating a new company – Newmont Goldcorp.

The local operations involved are the Porcupine Gold Mines, which includes the Hoyle Pond underground mine and Hollinger open-pit. Borden Lake near Chapleau is opening this year and is an all-battery-electric mine. The Century project is also still in development. Continue Reading →

Three reasons gold price rally is over – by Frik Els ( – September 11, 2019)

Gold managed to trade back above $1,500 an ounce in afternoon dealings in New York on Wednesday, but a new report suggests that’s as good as it’s going to get.

Capital Economics in a note says all the drivers for the rally in the gold price – weakening global growth, safe haven demand and low interest rates – are now baked into the price.

The independent research house argues that gold will end the year around today’s levels and is set to drop by double digits in percentage terms in 2020 based on three factors: Continue Reading →

World Gold Council unveils new principles of responsible mining – by Gabriel Friedman (Ottawa Citizen – September 12, 2019)

As gold mining executives gather in Colorado for back-to-back conferences this month, the World Gold Council is hoping to polish the sector’s image with the release of a new responsible mining framework.

Released on Thursday, and nearly two years in the making, the Responsible Gold Mining Principles aim to create a set of global standards certifying that bullion has been extracted, processed and refined with a nod to environmental, social and governance issues.

The principles come at a time when all corporations are facing increasing scrutiny of their operations and supply chains from investors, consumers and activists. The gold mining sector in particular has been trying to clean up its reputation in the wake of environmental disasters, such as the Mount Polley Mine tailings dam failure in British Columbia in 2014, as well as reports of human rights abuses at mines abroad. Continue Reading →

City mining for gov’t funds to repair headframe – by Ron Grech (Timmins Daily Press – September 12, 2019)

The city’s iconic McIntyre headframe is in dire need of repairs. The total cost could exceed half-a-million dollars. But the money isn’t in this year’s budget.

Timmins council on Tuesday approved some repairs to the external layer of the structure — a job which is expected to cost about $15,000 — with the plan is to complete the full repairs next year.

Mark Jensen, the city’s director of community and development services, told council there is a chance the project could qualify for government funding covering up to 75% of the cost. However, there is no guarantee the city will receive financial support from upper-tier governments. Continue Reading →

Excerpt from Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise – by Charlotte Gray (September 11, 2019)

To order a copy of Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise:

Charlotte Gray is one of Canada’s best-known writers of non-fiction, specializing in history and biography, and her books have been nominated for or won most major non-fiction literary prizes. Murdered Midas is her eleventh book, and her second study of a great gold rush. In 2010, she published Gold Diggers: Striking it Rich in the Klondike which was the basis for both a PBS documentary and a Discovery Channel mini-series. She lives in Ottawa and is an adjunct research professor at Carleton University and a Member of the Order of Canada.

Excerpt from Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise 

Had Harry Oakes once again arrived too late for a big strike? In Toronto in the spring of 1911, the thirty-six-year-old stared at the geological charts and topographical maps in Ontario’s Department of Mines, noting the extensive grid of prospectors’ claims superimposed on the region north of North Bay, bang in the centre of the immense expanse of Canada.

On paper, Northern Ontario looked as though government surveyors had already outlined its features and its potential. By now, the provincial bureaucrats suggested, the land had been “tamed.” Oakes traced with his stubby, stained finger the settlements strewn across the grim monotony of forest, rock, water, and muskeg swamp.

The charts recorded only mining camps; the cartographers had ignored the numerous Indigenous communities, although their presence showed up in the Ojibwa or Cree names of several features, such as Lake Temagami. Most of the network of links connecting mining camps consisted of rough, winding trails, but there were also newly laid railway tracks, punctuated at regular intervals by stations. Continue Reading →

A Forgotten Gold-Rush Hub Is Producing More Than It Has in a Century – by David Stringer (Bloomberg News – September 10, 2019)

Deep under gum-tree lined paddocks in southern Australia that delivered a bullion bonanza in the 19th Century, the unexpected promise of a second gold rush is luring a new generation of prospectors from billionaires to global miners and weekend panhandlers.

As prices soar, production in the goldfields of Victoria state is rising again and has already climbed to the highest since 1914 as mining companies dig deeper and new technology helps to uncover once hidden and richer deposits in a region that almost rivaled the Californian gold rush and was thought to have petered out decades ago.

“I’ve never seen anything like it in all my life — it’s like finding a safe underground,” David Baker, managing partner of gold investor Baker Steel Capital Managers LLP, and a visitor to mines for more than 30 years, said following a tour last month of Kirkland Lake Gold Ltd.’s Fosterville mine, the flagship for the region’s revival. “You don’t get better than that unless you can dig into Fort Knox.” Continue Reading →