Twitter

Gold and Silver

As Pakistan bets on a mining boom, can it equal Indonesia’s nickel success? – by Tom Hussain (South China Morning Post – April 26, 2025)

https://www.scmp.com/

A landmark deal unlocking vast copper and gold reserves has Pakistan eyeing a transformative economic shift

Pakistan is poised to join the ranks of the world’s top producers of critical metals by the end of the decade, thanks to an April 8 deal between the government and Canadian mining giant Barrick Gold.

Together, they aim to unlock the vast potential of Reko Diq, home to the world’s largest known untapped deposits of copper and gold with near-term production potential. Chinese firms are already on the ground, Saudi Arabia is on the verge of investing, and the United States is clamouring for access to Pakistan’s mineral wealth.

Read more

First Nation challenges B.C.’s approval to raise Mount Polley mine tailings dam (CBC British Columbia/Canadian Press – April 15, 2025)

https://www.cbc.ca/news/canada/british-columbia/

The Xatsull First Nation has filed a petition in B.C. Supreme Court

A First Nation in B.C. has filed a legal challenge over the plan to allow the Mount Polley mine to raise its tailings dam a decade after a similar storage site at the mine gave way, creating one of the province’s largest environmental disasters.

The Xatsull First Nation has filed a petition in B.C. Supreme Court requesting a judicial review of the government’s decision to approve the raising of the dam by four metres without “meaningful” conversations with the nation.

Read more

Chinese takeover of Vancouver gold miner unlikely to be blocked by government, analyst says – by Naimul Karim (National Post – April 22, 2025)

https://financialpost.com/

In recent years, the government blocked deals involving Chinese companies and Canadian miners developing critical minerals

A Chinese company’s subsidiary is buying a Vancouver-based gold miner for about $581 million amidst rising gold prices, subject to approval by the Canadian government, among others.

Lumina Gold Corp., which is listed on the TSX Venture Exchange, isn’t producing gold yet but is developing the Cangrejos project in Ecuador, which it describes as that country’s “largest primary gold deposit,” based on a study conducted in 2023. The project is being sold to a Singaporean entity of China’s CMOC Group Ltd.

Read more

Surging gold stocks lift mining’s top 50 companies above tariff chaos – by Frik Els (Mining.com – April 21, 2025)

https://www.mining.com/

Two weeks into the second quarter, the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $1.36 trillion, up $79.7 billion so far in 2025. The total stock market valuation of the world’s biggest mining companies remains almost $400 billion below the peak hit in the second quarter of 2022.

This snapshot was taken at the close of trading on April 17 and not at the start of Q2 as usual to avoid some of the market distortions brought on by the chaotic weeks following Trump’s on-again off-again tariffs. This flatters the index to some extent as gold stocks rode the coattails of the record setting bullion price and almost all big names regained some ground after the severe sell-off during the first week of April.

Read more

Barrick exits Alaska with Donlin Gold sale – by Shane Lasley (North of 60 Mining News – April 22, 2025)

https://www.miningnewsnorth.com/

To sell its 50% stake in the 39-million-oz gold project to Paulson and Novagold for $1 billion.

After nearly two decades of exploration, engineering, and permitting, Barrick Gold Corp. has sold its 50% joint venture ownership of the world-class Donlin Gold project in Southwest Alaska to hedge fund billionaire John Paulson and Novagold Resources Inc. for $1 billion in cash.

“The Donlin agreement allows Barrick to exit the Donlin Gold Project at an attractive valuation, while allowing NOVAGOLD and Paulson to pursue the development of the project,” Barrick Gold President and CEO Mark Bristow said in an April 22 statement announcing the sale.

Read more

Gold is overbought, but remains well supported as US dollar weakens – by Neils Christensen (Kitco News – April 17, 2025)

https://www.kitco.com/

(Kitco News) – With markets closed on Friday for the Easter long weekend, investors took some profits off the table on Thursday after gold reached a new record high above $3,350 an ounce. And while gold continues to look overbought, some analysts have said that the market remains in a solid uptrend.

Despite the selling pressure, gold has held solid support around $3,300. Spot gold last traded at $3,316.90 an ounce, up nearly 2.5% for the week. David Morrison, Senior Market Analyst at Trade Nation, described gold’s price action this week, including Wednesday’s $100 rally, as a blowoff top.

Read more

The billion-dollar standoff: Alamos Gold versus Türkiye – by Gordon Feller (Canadian Mining Journal – April 15, 2025)

https://www.canadianminingjournal.com/

An important mining dispute is playing out in The International Centre for Settlement of Investment Disputes (ICSID), which is considered to be the world’s leading institution devoted to international investment dispute settlement. It has administered the majority of all international investment cases.

Almost all member states of the U.N. have agreed that ICSID should serve as the forum for investor-State dispute settlement — and they have encoded this into most international investment treaties, as well as in numerous investment laws and contracts. As of today, 165 countries have signed the ICSID Convention, with 154 of these having ratified it, thereby becoming contracting member states.

Read more

Mali shuts Barrick office and issues threats to key mine in tax dispute – by Geoffrey York (Globe and Mail – April 15, 2025)

https://www.theglobeandmail.com/

Mali’s military junta has closed Barrick Gold Corp.’s national office and threatened to seize control of one of its biggest gold mines in a further escalation of a protracted tax dispute, the Toronto-based company says.

Barrick says it negotiated an agreement with the Malian regime in February to resolve the dispute, but the deal has been blocked by a small group of individuals for “personal or political reasons.” The company’s long-term future in the West African country is now at risk, it said.

Read more

Goldman puts $4,000 gold on the agenda as hunt for havens grows – by Sybilla Gross (Bloomberg News – April 14, 2025)

https://www.bnnbloomberg.ca/

Goldman Sachs Group Inc. and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025.

Goldman analysts including Lina Thomas now see gold rallying to $3,700 an ounce by the end of this year — with prices set to hit $4,000 an ounce by mid-2026 — while UBS strategist Joni Teves pointed to $3,500 an ounce by December 2025, according to two separate notes on Friday.

Read more

Strong safe-haven demand sees gold surge as stocks struggle – by Jim Wyckoff (Kitco News – April 10, 2025)

https://www.kitco.com/

(Kitco News) – Gold prices are posting very strong gains and silver is modestly up in midday U.S. trading Thursday. More robust safe-haven demand amid a wobbly U.S. stock market again amid worries about a U.S.-China trade war, as well as a cooler U.S. inflation report are propelling the precious metals traders late this week.

Also, there are still some lingering worries about the stability of the U.S. Treasury market. June gold was last up $100.60 at $3,180.50. May silver prices were last up $0.37 at $30.775. Mostly overshadowed by the tariff news Wednesday, today’s key U.S. consumer price index report for March came in at up 2.4%, year-on-year, and was expected to come in up 2.6% and compares to up 2.8% in the February report.

Read more

Agnico Eagle explores extending life of Meadowbank, Meliadine mines – by Jeff Pelletier (Nunatsiaq News – April 9, 2025)

Homepage

Hope Bay in Kitikmeot Region is also part of company’s future, VP says

Agnico Eagle Mines Ltd. is looking at extending the lives of its two Kivalliq Region mines beyond their planned closure dates. “It’s safe to say that Nunavut is an important platform for Agnico Eagle,” said Chris Adams, Agnico Eagle’s vice-president for Nunavut, speaking alongside executives from B2Gold Corp. and Baffinland Iron Mines Corp. on a panel Wednesday at the Nunavut Mining Symposium in Iqaluit.

Agnico Eagle’s Meadowbank site, which produced 504,719 ounces of gold last year and employs 1,831 people, is scheduled to close in 2028.

Read more

In the rush for Canada’s critical minerals, Indigenous rights and sovereignty are being ignored – by Jon Thompson (Ricochet Media – April 9, 2025)

Front

First Nation leader warns that a proposed gold mine in northwest Ontario would impact their water source

A First Nation chief in northwestern Ontario says political rhetoric about running roughshod over Indigenous consultation to fast-track mining and other extraction projects is emboldening an abusive approach to resource engagement.

Onigaming Chief Jeff Copenace says his community “fundamentally opposes” a proposed gold mine and warns that the development “will be opposed at any cost necessary including peaceful protest and direct action.”

Read more

Wesdome to acquire Angus Gold in $28 million deal – by Cecilia Jamasmie (Mining.com – April 7, 2025)

https://www.mining.com/

Wesdome Gold Mines  is acquiring junior explorer Angus Gold in a cash-and-share deal valued at approximately C$40 million ($28 million), expanding its footprint in Ontario’s Mishibishu Lake greenstone belt.

The transaction will quadruple Wesdome’s land position at its Eagle River operation, creating a 400 km² contiguous land package. Wesdome already owns 6.3 million Angus shares, about 10.4% stake in the target company.

Read more

Lakota artist smudges the former gold mine inside the Black Hills – by Graham Lee Brewer (Toronto Star/Associated Press – April 5, 2025)

https://www.thestar.com/

When Lakota artist Marty Two Bulls Jr. looks at the Black Hills of South Dakota, he doesn’t just see its natural beauty. He also sees a scar cut deep into the heart of the universe.

The mountain range is central to the origin story of several tribal nations, including his, and it has become an international symbol of the ongoing struggle for Indigenous land rights and the destruction of sacred sites. To the Lakota, Mount Rushmore is the most visible scar on the mountains. The former gold mine beneath is another, and that’s what motivated Two Bulls to use his performance art to cleanse it.

Read more

Gold price down over 2% as safe-haven metal falls victim to market selloff – by Staff (Mining.com – April 4, 2025)

https://www.mining.com/

Gold slumped more than 2% on Friday as the metal fell victim to the global markets sell-off following US President Donald Trump’s new round of tariffs that turned out to be more aggressive than expected.

Spot gold fell 2.2% to $3,044.28 per ounce by 10:40 a.m. ET, erasing all of its gains for the week despite setting a new all-time high just two sessions ago. US gold futures lost 1.7% to trade at $3,068.70 per ounce.

Read more