Archive | Gold and Silver

First new all-electric mine dumps diesel; cuts costs, pollution – by Susan Taylor and Barbara Lewis (Reuters U.S. – June 21, 2018)

https://www.reuters.com/

CHAPLEAU, Ontario/LONDON (Reuters) – Hundreds of feet below thick boreal forest blanketing the Canadian Shield, a squad of near-silent, battery-powered machines are tunneling toward gold in a multimillion-dollar mining experiment to ditch diesel.

Goldcorp Inc (G.TO) (GG.N) is building the world’s first new all-electric mine, a high-stakes gambit to replace noisy, fume-belching equipment being closely watched by a diesel-dependent industry.

A rough-hewn tunnel, some 800 feet underground, seems an incongruous setting for revolutionary technology, but front-line workers call it a game changer. Continue Reading →

Trump’s Fickleness Is Dulling Gold’s Appeal, Deutsche Fund Says – by Luzi-Ann Javier (Bloomberg News – June 20, 2018)

https://www.bloomberg.com/

Gold is failing in its traditional role as a haven in turbulent times, and a Deutsche fund manager has an explanation.

On Tuesday, as the deepening trade spat between the U.S. and China sent the S&P 500 index tumbling the most in a week, investors sought haven in the dollar, U.S. Treasuries and yen, overlooking gold. For Darwei Kung, a portfolio manager of the $3.3 billion Deutsche Enhanced Commodity Strategy Fund, the relatively higher transaction costs for bullion may be a contributing factor.

Abrupt changes in President Donald Trump’s policies, such as his alternating stances on North Korea, fuel speculation that his temperament toward tariffs on China could also change over the next few months, weakening the case for holding haven assets over a longer period, Kung said. Continue Reading →

Gold Street Is Where South Africa’s Mining History Goes to Die – by Ana Monteiro and Felix Njini (Bloomberg News – June 20, 208)

https://www.bloomberg.com/

Miners laid off, mines closing, losses mounting—a huge headache for President Ramaphosa

The death rattle of the industry that once symbolised South Africa can be heard in the town of Carletonville—on Gold Street

That’s where Paseka Selemela has been guarding cars since 2010, when the scaffolding business he worked for closed. Prior to that, he was an assistant at a now-shuttered mine owned by AngloGold Ashanti. Nor has he found work in other gold mines around the town, home to the world’s deepest shafts.

Many of his friends and family members also have joined the legions of the retrenched, including 8 500 people in the area last year alone. Continue Reading →

Weddings of the gold rush era – by Laurel Downing Bill (KTVA.com – June 18, 2018)

http://www.ktva.com/

June was a popular month for weddings long before the Klondike gold rush. People of medieval times often took their annual baths in May, which meant a bride would still smell fresh in June. To be safe, she carried a bouquet of flowers to hide any body odor. That’s where the custom of carrying a bouquet down the aisle comes from.

Many miners who came north in search of riches may have chosen brides at the beginning of summer for practical reasons. Once the ground thawed, and a miner found a plot that showed promise, he drove stakes into the ground to lay claim to mining rights. By 1897, only one claim per person was allowed in a district.

But a loophole in the mining laws allowed married couples the right to register a separate claim in the wife’s name, thus doubling the amount of land for prospecting. So taking a wife could mean untold riches from the ground. Continue Reading →

[Quebec Mining] Urban Barry gold camp gold explorers merge – by Esmarie Swanepoel (MiningWeekly.com – June 19, 2018)

http://www.miningweekly.com/

TSX-V-listed junior Bonterra Resources and Metanor Resources have struck a merger agreement to create an advanced Canadian gold exploration and development company.

Under the terms of the agreement, Bonterra will acquire all of the issued and outstanding shares in Metanor for C$0.73 in equity consideration, at an exchange ratio of 1.6039 Bonterra shares, for each Metanor share.

Following the acquisition, Bonterra shareholders will hold some 58% of the combined company with Metanor shareholders holding the balance. Continue Reading →

Lustre may be set to return to gold mining stocks after long decline – by David Dias (Financial Post – June 19, 2018)

http://business.financialpost.com/

After a five-year decline, beaten-down Canadian gold miners may be setting themselves up for a turnaround in 2019, analysts say, as healthier cash flows lead to more spending on exploration and development, and more attractive dividends.

The price of gold has only recently come off its bottom. From 2011 to 2013, prices peaked at around US$1,800 an ounce, before the precious metal commenced its plunge to US$1,050, ending in late 2015.

Since then, prices have come back up to around US$1,300, but those higher prices have not benefited Canadian gold mining stocks, according to analyst Andrew Kaip at BMO Capital Markets. Continue Reading →

Romania says Gabriel Resources $4.4bn lawsuit over halted project can’t be heard by arbitrators – by Cecilia Jamasmie (Mining.com – June 14, 2018)

http://www.mining.com/

Gabriel Resources (TSX-V:GBU) lawsuit against Romania for $4.4 billion in alleged losses related to the company’s stalled Rosia Montana gold and silver project, suffered a setback this week as the country told international arbitrators they can’t hear the Canadian miner’s claim.

Romania’s government said a recent, ground-breaking court decision had slammed the door on certain investment arbitration cases involving European Union members, so Gabriel’s case can’t be solved that way any longer, legal news site Law360.com reported, without elaborating further on the verdict.

Earlier this month, Gabriel Resources said it expected the hearing on the merits of its suit, filed last year at a World Bank’s tribunal, to take place in December 2019. The new development, however, may mean the company will have to wait longer than anticipated to find out whether Romania will pay the demanded figure or anything at all. Continue Reading →

Centerra dispute with Kyrgyz flares up as takeover campaign simmers – by Gabriel Freidman (Financial Post – June 14, 2018)

http://business.financialpost.com/

Centerra Gold Inc.’s conflicts with political leaders in the Kyrgyz Republic continue to rear their head

Centerra Gold Inc.’s conflicts with political leaders in the Kyrgyz Republic, a mountainous former Soviet state where its flagship goldmine is located, continue to rear their head.

Last September, the Toronto-based gold company said it had reached a settlement to resolve environmental, legal and other disputes with Kyrgyz authorities, but it has twice extended its deadline to finalize the deal, with a target date now set for June 22.

On Tuesday, a Kyrgyz news station reported that the country’s prime minister, who took over in April, is studying the settlement anew and also wants a parliamentary review. Continue Reading →

South Africa Union Seeks 12,500 Rand Minimum for Gold Miners – by Paul Burkhardt, Ntando Thukwana and Odwa Mjo (Bloomberg News – June 11, 2018)

https://www.bloombergquint.com/

(Bloomberg) — South Africa’s Association of Mineworkers and Construction Union plans to demand a 12,500 rand ($950) monthly minimum wage from some of the country’s top gold producers in upcoming negotiations.

The labor group decided on its demands on Sunday at a mass meeting near Carletonville, about 90 kilometers (56 miles) west of Johannesburg. It is the second-largest union at producers including AngloGold Ashanti Ltd., Sibanye Gold Ltd. and Harmony Gold Mining Co. Ltd., according to Minerals Council South Africa, a lobby representing the industry.

“12,500 rand, I think it can put the worker in a better place,” especially considering higher taxes and petrol prices, AMCU President Joseph Mathunjwa said in an interview after the meeting. What workers are currently paid “isn’t fair.” Continue Reading →

IAMGOLD breaking new ground with Coté mine – by Len Gillis (Timmins Daily Press – June 7, 2018)

http://www.timminspress.com/

GOGAMA – The new gold mining project being planned near Gogama will present some unique technical challenges, but an official with IAMGOLD Corporation said he is confident his company will be able to overcome and succeed.

This will include such things as moving a lake and using driverless haulage trucks. Steve Bowles, manager of the Coté Gold Project, was one of the key speakers this week at the gala dinner put on by the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) as part of the Big Event Mine Expo.

Bowles was providing an update on the project which is the former Trelawney Mining prospect located in Chester Township, about 20 kilometres southwest of Gogama. Work is expected to begin on a new open pit mine in the new year. Continue Reading →

Russia’s Polyus big step closer to building world’s largest new gold mine – by Frik Els (Mining.com – June 7, 2018)

http://www.mining.com/

Russian gold miner Polyus on Thursday provided an update on its Sukhoi Log project, one of the world’s largest untapped gold deposits. The news sent units of the company trading over the counter in the US up 3% for a market value of some $8.5 billion.

Polyus in May completed the scoping study and verification drilling programme at Sukhoi Log, located in the Irkutsk region of eastern Siberia, and is now entering the pre-feasibility stage with a study out early 2021.

The Moscow-based company, the world’s 7th largest listed gold producer, said it planned to make a final investment decision on Sukhoi Log, by 2020-2021 with a target for production start-up around 2026. Continue Reading →

Nevada continues to be top gold producer in the nation – by Suzanne Featherston (Elko Daily Free Press – June 7, 2018)

https://elkodaily.com/

CARSON CITY — Gold production in Nevada increased more than 3 percent in 2017 compared to last year while gold prices were up slightly, according to reports released in May by the Nevada Division of Minerals.

Nevada’s mines produced 5.64 million ounces of gold in 2017. This total was up 3.2 percent from the 2016 production level of 5.47 million ounces. The average annual price of gold increased slightly from $1,251 per ounce in 2016 to $1,257 per ounce in 2017.

Nevada continues to be the nation’s top gold-producing state, contributing 72 percent of the total U.S. gold production in 2017 of 7.88 million ounces, as reported by the U.S. Geological Survey. Continue Reading →

The Mining Millionaire Americans Couldn’t Help But Love – by Gregory Crouch (Smithsonian Magazine – June 6, 2018)

https://www.smithsonianmag.com/

Unlike the other one-percenters of his age, John Mackay gained his countrymen’s admiration. But in an ironic twist, it means he’s little known today

John Mackay’s was once the most beloved rags-to-riches story in America. A penniless Irish immigrant brought to New York City as a child, he’d risen from the infamous Five Points, the nation’s most notorious slum.

When Mackay sailed from New York en route to California in 1851, he had no name, no money, and not a single influential friend on earth. He’d possessed nothing but strong arms, a clear head, and a legendary capacity for hard work. In the eyes of the times, his road to riches had made no man poorer, and few begrudged him his success.

But in part because of his likability and unsullied reputation, John Mackay is mostly forgotten today. In contrast to titans of industry like Andrew Carnegie or railroad magnate and telegraph cable monopolist Jay Gould, who Mackay would famously defeat, Mackay commanded the admiration of people worldwide. Continue Reading →

How much gold can be mined in India? – by RN Bhaskar (Free Press Journal – June 07, 2018)

http://www.freepressjournal.in/

Officially, India mined just 1.61 tonnes of gold in India during 2017-18. That was essentially from primary sources. But ask geologists, and they will tell you that India should be mining a lot more gold. This is because the terrain from Australia to China has similar geological features. There is a lot of gold to be found there.

For instance, points out an Australian geologist, “In Australia, we produce around 300 tonnes (9.7 million troy ounces) compared to barely 2 tonnes in India. We think India could produce a lot more. In fact,” he adds, “look at China. Even China has a similar terrain. In 1994, India produced around 2 tonnes, and China produced around 3 tonnes. Today, China produces 450 tonnes”. Clearly the potential for India is huge.

Thanks to the Supreme Court, which demanded that all natural resources ought to be auctioned, in May 2016, the Parliament approved an amendment to the Mines and Minerals (Development and Regulation) Act 1957 (MMDR). It allowed private companies to bid for mining licences through a competitive bidding (auction) process. Continue Reading →

Thousands of zama-zamas receive mining permits – by Sibongile Khumalo (Mail & Guardian – June 7, 2018)

https://mg.co.za/

Thousands of illegal diamond diggers will on Thursday be granted a mining permit by the department of mineral resources as part of a plan to formalise the trade which is draining the industry, according to Deputy Mining Minister Godfrey Oliphant.

After years of illegally extracting diamond fragments from a mining site owned by the Kimberley Ekapa Mining Joint Venture, the Kimberley Artisanal Mineworkers will finally be recognised as a legal mining cooperative.

“This is a major milestone for both the mining group and the miners who for a long time have been seen as illegal miners,” said Oliphant. “This came after lengthy consultations between all the parties, including the provincial government of the Northern Cape,” Oliphant told Fin24. Continue Reading →