Gold and Silver – Page 186 – Republic of Mining

From ‘Gold Rush’ Star to Trump Administration Prospect? – by Matthew Wisner (Fox Business – November 16, 2016)

November 17, 2016

http://www.foxbusiness.com/

‘Gold Rush’ star Todd Hoffman took a break from mining for gold to weigh in on the election and President-elect Donald Trump’s potential impact on the mining industry.

Hoffman first explained his decision to move his mining business from Canada back to his home state of Oregon.

“We’ve been mining in Canada all these years, and I thought to myself, I’m an American, I want to come back to the United States. I want to either live or die on my own soil,” Hoffman told the FOX Business Network’s Ashley Webster. When told his style was a bit Trump-like, he reacted, “Is that good or bad?”

Soros More Than Doubles Stake in Barrick Gold as Shares Drop – by Luzi-Ann Javier (Bloomberg News – November 14, 2016)

November 15, 2016

http://www.bloomberg.com/

After selling most of his stock in Barrick Gold Corp. in the second quarter, billionaire investor George Soros more than doubled his remaining holding in the mining company.

Soros Fund Management LLC bought 1.78 million Barrick shares in the third quarter, taking total holdings to 2.85 million, according to a regulatory filing.

The fund rebuilt its stake in Barrick, one of the world’s two largest gold producers, after selling 94 percent of its holdings in the second quarter to cash in on the stock’s best first-half performance ever.

A million artisanal gold miners in Madagascar wait to come out of the shadows – by Emilie Filou (The Guardian – November 15, 2016)

November 15, 2016

https://www.theguardian.com/

The downturn in commodity prices has hit the mining industry globally but in Madagascar, it coincided with the end of a five-year period of turmoil, precipitated by a coup in 2009. Any hopes for the sector to propel itself back on the development track were dashed.

“Lots of mining companies came to Madagascar to explore [before 2009] but then we had the political crisis, with all the uncertainty and lack of visibility it brought, and even though we had elections in 2013, that uncertainty has not really lifted,” said Willy Ranjatoelina, executive secretary of the Madagascar Chamber of Mines.

In the mid-2000s, Madagascar had given the green light to two large-scale mining projects: Ambatovy, a $8bn (£6.4bn) nickel and cobalt project developed by a consortium led by Sherritt International, and QMM, a $1bn ilmenite project developed by Rio Tinto. Since then new projects have dried up.

Gold miner Kirkland Lake rises on bid talk; Yamana declines – by Nicole Mordant and John Tilak (Reuters U.S. – November 14, 2016)

November 15, 2016

http://www.reuters.com/

Kirkland Lake Gold shares rose sharply on Monday on speculation there might be another bid for the Canadian gold miner which has rejected three offers, but at least one potential buyer said it would not jump into the fray.

Kirkland’s stock climbed as much as 9 percent, partly boosted as well by the possibility that its planned takeover of Newmarket Gold Inc, which had put its stock under pressure, will be voted down.

Reuters reported on Friday that South Africa’s Gold Fields Ltd and Canada’s Silver Standard Resources Inc have made three joint bids for Kirkland Lake and recently sweetened their offer to about C$1.4 billion ($1 billion).

Gold mining invades new areas of Peruvian Amazon – by Benji Jones (Mongabay.com – November 11, 2016) Environmental Headlines

November 14, 2016

Illegal gold mining in Peru – once restricted to the southern states – is now spreading across new territory in the northern and central Peruvian Amazon. In a report released earlier this month, Monitoring of the Andean Amazon Project (MAAP) revealed three new “frontiers” of gold mining in the departments of Amazonas and Huánuco – regions that boast exceptional biological and cultural diversity.

Across the frontiers, MAAP detected 32 hectares of mining deforestation – an area equivalent to about 42 soccer fields. These mining scars are fresh, and relatively small, indicating that a larger-scale deforestation event can still be prevented.

“Deforestation in these cases is still in its early stages, so there is still time to avoid larger-scale damage, as in the case of [the southern region of] Madre de Dios,” the report states.

HISTORY: Timmins mines, industries supplied war effort – by Karen Bachmann (Timmins Daily Press – November 12, 2016)

November 14, 2016

http://www.timminspress.com/

TIMMINS – When the Americans officially joined the war effort after the bombing of Pearl Harbor in December 1941, Canadians had already been at war for a little almost three years.

Both the troops and the people they left behind at home were battle hardened and used to the drill, so to speak. Every corner of the then British Empire was affected by the conflict – and that means we here in Timmins were not any different.

The early days of 1942 saw some tragic news for the community. Sgt. Pilot B. O’Neill, the first airman from Timmins to receive his “wings” in the Royal Canadian Air Force (from this area, that is), was reported missing in action after being on a bombing flight “somewhere in Europe”.

It’s a gold rush in northern Minnesota – by John Myers (Grand Forks Herald – November 10, 2016)

November 14, 2016

http://www.grandforksherald.com/

COOK, Minn.—AngloGold Ashanti continues to move quickly in its efforts to find mineable gold in Koochiching County in far northeast Minnesota. The Minnesota Department of Natural Resources reports this week that AngloGold has submitted a plan to do exploration drilling on state-owned mineral leases about 20 miles west of Cook.

State mineral rights that are leased often sit for years, even decades with little or no action. But AngloGold is moving fast, first obtaining mineral rights from the state in March and then announcing in June it was ready to start a focused search for gold with basic tools. This is the first actual drilling at the site.

The DNR says AngloGold plans to drill 31 exploratory rotosonic borings within 19 active state nonferrous metallic minerals leases using “rotosonic drilling” — a high-frequency vibration of the drill bit to collect cores of unconsolidated glacial sediment and underlying bedrock.

Kirkland Lake rejects alternative Gold Fields, Silver Standard bids valued at C$1.44bn – by Henry Lazenby (MiningWeekly.com – November 12, 2016)

November 14, 2016

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – Canadian miner Kirkland Lake Gold has rebuffed several alternative transactions, including three joint unsolicited offers by South Africa-based Gold Fields and Vancouver-based Silver Standard Resources, valued at up to C$1.44-billion.

In response to media rumours and a request on Friday by the Investment Industry Regulatory Organisation of Canada, Kirkland Lake issued a statement identifying the suitors and provided details of the sweetened offers, reaffirming that the revised proposal was not financially superior to the company’s C$1-billion all-scrip deal with Newmarket Gold, announced on September 29.

Kirkland Lake acknowledged that it recently received a sweetened revised acquisition proposal from Silver Standard Resources worth C$1.44-billion payable in cash and Silver Standard shares. The latest offer represented a premium of about 50% to Kirkland Lake’s market capitalisation Friday.

Suspected cattle rustlers kill 36 miners in Nigeria: government (France24.com – November 9, 2016)

November 9, 2016

http://www.france24.com/en/

KANO (NIGERIA) (AFP) – Gunmen believed to be cattle rustlers have killed 36 miners in northern Nigeria, the government and residents said Tuesday, the latest in a long-running series of such raids.

Motorcycle-riding attackers struck late on Monday at a goldmine outside Bindin village in northern Zamfara state, shooting dead miners and gold merchants, they said. The state governor condemned the attack “in strongest terms” in a government statement, describing it as an “act of terrorism”.

The statement said an investigation had been launched, while local residents said it was just the latest deadly raid by cattle thieves on herding communities in the state.

Row over Romania’s land of Dracula and gold spills onto new international stage – by Claudia Ciobanu (Reuters U.S. – November 9, 2016)

November 9, 2016

http://www.reuters.com/

ROSIA MONTANA, Romania (Thomson Reuters Foundation) – A battle over plans to build a huge gold mine in Rosia Montana, a Romanian village boasting intact Roman mining shafts and 18th century houses, has moved to an international stage, sparking residents’ fears that the project could be resurrected.

Sitting atop one of Europe’s largest gold deposits, Rosia Montana has for 15 years been at the center of a battle between villagers and Canada-listed mining company Gabriel Resources.

Gabriel Resources said the $1.5 billion project to build Europe’s largest gold mine would provide a major boost for Romania’s lagging economy and create hundreds of jobs for the Transylvania region – the legendary home of Dracula. But local residents fear the mine would destroy historic Rosia Montana, surrounding hillsides, and pollute the local environment with cyanide used in the mining process.

Gold Approaches Busiest Trading Day Ever After Trump’s Victory – by Nicholas Larkin and Eddie Van Der Walt (Bloomberg News – November 9, 2016)

November 9, 2016

http://www.bloomberg.com/

Donald Trump’s victory is also a win for gold brokers.

Gold is having one of its heaviest trading days ever as investors rushed to havens on concern Trump’s presidency will upend decades of U.S. economic and foreign policy. About 570,000 futures changed hands by 8:06 a.m. in New York, based on data using the most-active Comex contract.

That’s triple the full-day average this year and U.S. trading is just getting underway.

There are only two other instances of higher gold volume, June 24, after Britain decided to leave the European Union, and April 15, 2013, when gold had its biggest slump in three decades.

Trump Victory to Have Long-Lasting Impact on Commodity Prices – by Georgi Kantchev (Wall Street Journal – November 9, 2016)

November 9, 2016

http://www.wsj.com/

Commodity markets were feeling the effects Wednesday of Donald Trump’s surprise victory in the U.S. election. Analysts say some of the impact could be long-lasting.

In early trade Wednesday, Brent, the global oil benchmark, was down 1% at $45.55 a barrel. J.P. Morgan analysts predict Brent could trade at $43 a barrel within a week of a Trump win. The bank forecasts copper falling to $4,760 a ton, down from $5,359 a ton early Wednesday.

From oil to copper and gold, analysts expect the risk-off sentiment in financial markets to continue to rattle commodities in coming days. Mr. Trump’s opposition to international trade deals and what analysts say is a lack of clarity in his policies could slow global economic growth and pull down commodities prices in its wake, they say. Gold, on the other hand, is expected to benefit as investors take flight to safe havens.

U.S. presidential election, interest rate uncertainty spurs gold sales – by By Marcy Nicholson (Reuters India – November 8, 2016)

November 8, 2016

http://in.reuters.com/

NEW YORK – Uncertainty ahead of Tuesday’s U.S. presidential election and a possible U.S. interest rate hike in December have boosted demand for gold and silver in the United States, dealers said.

Gold is a traditional safe-haven market, which investors flock to in times of uncertainty. Several analysts have forecast that gold prices will rally if Republican Donald Trump wins the Tuesday election, while they could rise to a lesser degree or even fall if Democrat Hillary Clinton wins.

“The uncertainty about the election and … whether they’re going to raise rates is causing the buying in gold,” said Walter Pehowich, executive vice president in charge of precious metals investments services for Dillon Gage Metals, a major precious metals dealer based in Dallas.

The world’s hardest working gold mines – by Frik Els (Mining.com – November 3, 2016)

November 7, 2016

http://www.mining.com/

Gold’s stellar run this year has not only breathed new life into the exploration sector, but prompted producing mines to maximize output to make the most of higher prices.

It takes years to get a new mine into operation, expansion projects are not completed in a few months and reviving mines under care and maintenance is not a quick task. But confidence in gold’s prospects, planning, timing (and a healthy dose of luck) meant that the mines on our list hit their stride just as gold was entering an upswing.

The list below is based on a compilation from the GFMS team at Thomson Reuters plus data provided by MINING.com’s sister company IntelligenceMine. The ranking compares gold ounces produced (not gold-equivalent ounces) by existing and new mines during the first six months of 2016 with the same period last year (Q3 production figures were not available for all the mines).

Gold’s fundamentals perfectly aligned for constantly rising price – Bristow – by Martin Creamer (MiningWeekly.com – November 3, 2016)

November 4, 2016

http://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – Gold’s long-term fundamentals are perfectly aligned for a constantly increasing price, starting six to nine months out. This is because the gold mining industry has gone ex-growth. An increasing number of analysts are reaching the conclusion that new gold supply is under threat and some forecasts show 2025 as having 30% less gold – 20 t of gold instead of 30 t.

“That’s great for gold,” Randgold Resources CEO Dr Mark Bristow commented to Creamer Media’s Mining Weekly Online from London on Thursday, after his company delivered an outstanding set of results for the three months to the end of September.

At $77.3-million, Randgold’s third-quarter profit was 58% higher than the third-quarter profit of 2015, with all of the London-listed company’s gold mines designed to be profitable at a gold price of $1 000/oz.