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Gold and Silver

IAMGOLD sees a gold trail between two deposits – by Ian Ross (Northern Ontario Business – October 16, 2024)

https://www.northernontariobusiness.com/

Toronto gold company envisions a district-scale open-pit mine complex

IAMGOLD is out to connect the dots between its new Côté Gold open-pit operation and its nearby Gosselin deposit in the belief that they are tying into one larger gold system just outside of Gogama.

The Toronto gold miner delivered some operating results for Côté with its third quarter 2024 fiscal year on Oct. 15 with some encouraging exploration results that its proposed district-scale mining complex could eventually become just that.

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Illegal mines, pollution and a thirsty global market: Anger mounts over Ghana’s gold problem – by Zinhle Essamuah and Arleen Aguasvivas (NBC News – October 20, 2024)

https://www.nbcnews.com/

Mercury and heavy metals in the country have contaminated over 60% of the West African nation’s water sources, according to Ghana’s Water Resources Commission.

ACCRA, Ghana — Illegal small-scale gold mining in Ghana has been linked with the destruction of the environment and illness. But for some, the practice known locally as galamsey provides livelihoods and an informal boost to the West African nation’s economy.

With a general election approaching in December, galamsey is proving to be a hot-button issue for the nation’s lawmakers — including President Nana Akufo-Addo — in the face of widespread demonstrations across the country calling for a crackdown on the practice.

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Barrick Gold asks judge to dismiss Ontario lawsuits for alleged killings and abuses at Tanzanian mine – by Niall McGee (Globe and Mail – October 17, 2024)

https://www.theglobeandmail.com/

Barrick Gold Corp. is asking an Ontario judge to dismiss lawsuits alleging that its subsidiary in East Africa committed human-rights atrocities in the vicinity of its North Mara mine, arguing that the matter should be litigated overseas.

Barrick is defending two civil cases in the Ontario Superior Court of Justice, one from November, 2022, and another from February of this year. The plaintiffs are Indigenous Kurya from villages around the mine in Tanzania who were injured in 2021 and 2022 when mine security police allegedly shot at them, as well as family members of victims who were killed during this period allegedly by the police.

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IAMGOLD sees a gold trail between two deposits – by Ian Ross (Northern Ontario Business – October 16, 2024)

https://www.northernontariobusiness.com/

Toronto gold company envisions a district-scale open-pit mine complex

IAMGOLD is out to connect the dots between its new Côté Gold open-pit operation and its nearby Gosselin deposit in the belief that they are tying into one larger gold system just outside of Gogama.

The Toronto gold miner delivered some operating results for Côté with its third quarter 2024 fiscal year on Oct. 15 with some encouraging exploration results that its proposed district-scale mining complex could eventually become just that.

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Agnico Eagle’s Meliadine mine close to extracting 2M ounces of gold – by Arty Sarkisian (Nunatsiaq News – October 16, 2024)

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Milestone expected to be reached in November; Nunatsiaq News takes tour to learn how ore is transformed

Agnico Eagle’s Meliadine gold mine is nearing a milestone. In November, the company projects the mine located near Rankin Inlet will have produced two million ounces of gold, said Pujjuut Kusugak, director of Nunavut affairs for Agnico Eagle Mines Ltd.

Two million ounces is just under 57 tonnes — or perhaps a more appropriate measurement for such occasions, approximately 28.5 small elephants. Nunatsiaq News was given a tour Oct. 2 of the above-ground part of Meliadine mine to learn how rock gets blasted, excavated, crushed and transformed via chemical reaction into such an enormous amount of gold.

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Gold Nears Fresh Record With Focus on US Election and Fed Rates – by Mark Burton (Bloomberg News – October 16, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Gold rallied toward a fresh record high as investors turned their attention to the upcoming US election, with polls forecasting a razor-thin contest with less than three weeks to go.

The precious metal is one of the strongest performing commodities in 2024, setting successive records thanks to its appeal as a safe haven asset and rapacious central-bank buying. Now, it’s finding fresh support as investors across financial markets reposition their portfolios in response to uncertainty over the outcome of the US presidential race.

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Equinox Gold stock takes hit on lowered production guidance for Greenstone mine – by Staff (Mining.com – October 17, 2024)

https://www.mining.com/

Equinox Gold (TSX: EQX) (NYSE American: EQX) said on Thursday it is expecting lower-than-forecasted output this year from its new Greenstone gold mine to reflect its ramp-up progress towards commercial production.

Since its first gold pour in May, the mine located near Geraldton, Ontario, has produced approximately 59,000 oz. of the precious metal, including 42,500 oz. during the third quarter. During Q3, the processed grade averaged 1.15 grams gold per tonne at an average recovery rate of approximately 80%, which Equinox says was largely on plan.

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Gold racks up record highs on safe-haven bidding, bullish charts – by Jim Wyckoff (Kitco News – October 17, 2024)

https://www.kitco.com/

(Kitco News) – Gold prices are higher and have notched new all-time highs in midday U.S. trading Thursday. Spot gold hit a record high of $2,697.90 and December Comex futures a new high at $2,712.70.

Safe haven demand amid geopolitical tensions and the uncertainty surrounding the U.S. presidential elections is driving gold prices north. Technical-based buying amid bullish charts is also fueling gains in both gold and silver. December gold was last up $13.30 at $2,704.60 and December silver was down $0.234 at $31.74.

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Project 2025 wants gold to rule again — But is it fool’s gold? – by Ernest Hoffman (Kitco News – October 10, 2024)

https://www.kitco.com/

(Kitco News) – The Project 2025 conservative policy blueprint has been making waves in recent months as journalists, lawmakers, and academics pore over its recommendations. And while much of the attention has centered on its ideas around social policy and executive authority, one economic proposal will quicken the pulse of precious metals investors regardless of their political affiliation: Reestablishing the gold standard.

The 900-plus page document from the Heritage Foundation is aimed at shaping the policy agenda for the United States government with a focus on conservative principles. Launched in 2023, the Project is geared toward preparing for a potential Republican administration in 2025, emphasizing the need for a comprehensive plan to restore what its proponents view as core American values and governance principles.

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‘Proud northern miners’: Detour Lake gold used for mint’s new coin – by Marissa Lentz-McGrath (Timmins Today – October 11, 2024)

https://www.timminstoday.com/

It’s the first time that a Northern Ontario mine is being used for the initiative

If you ever wanted to own gold poured right here in Northern Ontario, now’s your chance. The Royal Canadian Mint has launched its 2024 single-sourced gold maple leaf coin. It’s crafted entirely from gold poured from Agnico Eagle’s Detour Lake mine.

Detour Lake is located about 300 kilometres northeast of Timmins, this is the second time Agnico has teamed up with the Royal Canadian Mint for the bullion — a coin made from highly refined precious metal. It’s the first time a Northern Ontario mine is featured in the program.

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Plibersek releases reasons why $1bn McPhillamy’s gold mine near Blayney is on hold – by Lani Oataway and Hamish Cole (Australian Broadcasting Corporation – October 11, 2024)

https://www.abc.net.au/

Federal Environment Minister Tanya Plibersek has found the ‘irreversible’ and ‘permanent’ loss to Aboriginal heritage outweighed the financial cost of halting a $1 billion gold mine development in the New South Wales Central West.

Ms Plibersek today released the Statement of Reasons behind her decision to protect part of the Belubula River, its headwaters and springs near Blayney, from the tailings dam earmarked for the site by Regis Resources McPhillamys gold mine.

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Mali seeks $500 million in outstanding taxes and dividends from Barrick – report – by Staff (Mining.com – October 8, 2024)

https://www.mining.com/

Mali’s military government is seeking at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold, according to a Reuters report.

Authorities in Mali briefly detained four Malian staff members working for Barrick last month.On Sept. 30, Barrick stated it had agreed with the government to resolve existing claims and disputes.

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Short-seller report aims to poke holes in story told by fledgling gold company – by Gabriel Friedman (Financial Post – September 26, 2024)

https://financialpost.com/

Raises questions about New Found Gold deposit near Gander

Vancouver-based New Found Gold Corp. has been the toast of Canada’s exploration sector for reportedly striking bonanza-grade intercepts, but a short-seller report is trying to poke holes in the company’s story.

The report, released earlier this month by Iceberg Research, raises questions about the deposit’s “lack of continuity,” saying the best drill holes may be too narrow and spread too far away from one another to be economically mined.

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N.W.T.’s mining future could be in gold or lithium, say companies – by Jocelyn Shepel (CBC News North – October 2, 2024)

https://www.cbc.ca/news/canada/north/

Exploration efforts steady among resource sector

While the price of gold has been climbing steadily, now selling for more than $2,600 USD per ounce, one mining CEO says financing is still hard to come by.

The future of the N.W.T.’s mining industry remains far from certain. Current exploration projects are focused on gold and lithium. Both had company representatives in Yellowknife this week for presentations and to strengthen community relationships.

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Iran-Israel conflict is driving capital inflows into gold despite overbought conditions – TD Securities’ Ghali – by Ernest Hoffman (Kitco News – October 2, 2024)

https://www.kitco.com/

(Kitco News) – Even as the market signals overbought conditions and Asian demand dries up, the increasing chances of a direct military confrontation between Iran and Israel is driving safe-haven inflows into gold, according to Daniel Ghali, commodity analyst at TD Securities.

“Selling activity in Gold has been a bit limited, but the top traders still liquidated nearly 5t of notional Gold over the last week,” Ghali said in a research note. “This contrasts with Western investor sentiment. Our read of macro fund positioning remains at its highest levels since the Brexit referendum in July 2016; re-levering from risk parity and vol-target funds is supporting a reaccumulation from CTAs and prices continue to rally without challenge.”

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