Archive | Gold and Silver

Giant Alaska copper-gold mine gets final environment nod after 15-year fight – by Cecilia Jamasmie (Mining.com – July 24, 2020)

https://www.mining.com/

Northern Dynasty Minerals (TSX: NDM) has cleared the last environmental hurdle for its proposed Pebble copper-gold-molybdenum mine in Alaska, almost two decades after developers first started considering the project.

The US Army Corps of Engineers issued on Friday a final environmental impact statement (EIS), backing the controversial mine in the Bristol Bay region.

The decision opens the door for Northern Dynasty to obtain the federal go-ahead as soon as late August. Continue Reading →

World’s No. 3 Gold Miner Asked CEO to Leave After Fund Pressure – by Felix Njini, Loni Prinsloo and Thomas Biesheuvel (Bloomberg News – July 31 2020)

https://www.bloombergquint.com/

(Bloomberg) — AngloGold Ashanti Ltd.’s chief executive officer was pushed to leave after shareholders asked for further investigations into a bonus payment by his former employer that he didn’t initially disclose, according to people familiar with the matter.

The mining company announced on Thursday that Kelvin Dushnisky would step down after only two years.

That followed a demand from a major shareholder, South Africa’s Public Investment Corp., for an independent probe into a payment of $926,000 from Barrick Gold Corp., according to the people, who asked not to be identified as the details aren’t public. Continue Reading →

What record high gold prices mean for mining companies in Canada — podcast – by Gabriel Friedman (Financial Post – July 29, 2020)

https://financialpost.com/

Episode 65 of the Down to Business podcast from the Financial Post

The price of gold has entered new territory, passing the US$1,900 per ounce mark for the first time since 2011. Technical analysts say all signs suggest gold could continue to climb amidst a weak U.S. dollar, declining interest rates and a general sense of uncertainty about the economy.

This week on Down to Business, Sean Boyd, chief executive of Agnico Eagle Mines Ltd., Canada’s largest gold producer, discussed what it’s been like to run a gold company amidst a pandemic, but also record high prices. Continue Reading →

Agnico Eagle CEO sees more M&A among world’s biggest gold miners amid record-high bullion prices – by Niall McGee (Globe and Mail – July 31, 2020)

https://www.theglobeandmail.com/

Sean Boyd, the head of Agnico Eagle Mines Ltd., predicts there will be more deal-making among the world’s biggest gold companies over the next few years, given the recent rapid-fire increase in the price of bullion.

The price of gold recently hit new all-time highs of more than US$1,960 an ounce after the COVID-19 pandemic caused extraordinary dislocation in financial markets. Historically, investors have sought out gold as a safe haven investment during times of extreme uncertainty.

During the last great bull run in gold that ran from the early 2000s to late 2011, some of the world’s biggest gold miners, including Canada’s Barrick Gold Corp. Goldcorp Inc. and Kinross Gold Corp., struck blockbuster acquisitions – many of which ended up destroying billions in shareholder value. Continue Reading →

GOLD: Auryn to acquire Eastmain, create Canadian-focused Fury Gold (Canadian Mining Journal – July 30, 2020)

http://www.canadianminingjournal.com/

TORONTO – Auryn Resources is acquiring Eastmain Resources in an all-share deal valued at $121 million to create Fury Gold Mines. By mid-day on Thursday, Eastmain shares were up by 57% or 10¢, rising to 27.5¢.

“Fury Gold will combine the high-grade gold projects: Committee Bay in Nunavut, Homestake Ridge in B.C. and Eau Claire in Quebec, to offer investors a robust, Canadian, gold-focused exploration and development company,” Ivan Bebek, Auryn’s executive chairman and director, said in a release.

“Fury Gold will have the capability and access to capital to develop and finance Eau Claire,” added Laurie Curtis, Eastmain’s chairman. Continue Reading →

With deep pockets and long time horizons, China targets struggling Canadian gold companies – by Niall McGee (Globe and Mail – July 30, 2020)

https://www.theglobeandmail.com/

Chinese state-owned gold companies are going after some of the most troubled gold companies in Canada, betting that their deep pockets, cheaper access to capital and long time horizons will pay off.

In the past few months, Zijin Mining Group Co. Ltd. proposed a $323-million acquisition of Guyana Goldfields Inc., and Shandong Gold Mining Co. Ltd. offered to buy TMAC Resources Inc. for $207.4-million.

Both Toronto-based companies are among the most beaten-down assets in the Canadian gold sector, with Guyana long grappling with grade problems at its Aurora mine and TMAC struggling for years with an underperforming mill at its Doris mine in the Arctic. Continue Reading →

Harte Gold back mining with a vengeance – by Staff (Northern Ontario Business – July 29, 2020)

https://www.northernontariobusiness.com/

White River miner undertakes expansion feasibility study

Harte Gold is backing mining and stockpiling gold ore at its Sugar Zone Mine, north of White River, in preparation to restart the mill next week.

The once-furloughed workforce appears to have picked up the pace as the Toronto-based miner said in a July 29 operations update that activities are “ahead on all key mining metrics” with backfill, waste and ore development either “meeting or exceeding expectations.”

The pandemic put a halt to all mining, milling and exploration operations at the end of March. The Sugar Zone Mine, 25 kilometres north of White River. The phased restart of operations began July 17. Continue Reading →

Gold rally, Chinese demand a boon to Canadian miners – by Cecilia Jamasmie (Mining.com – July 30, 2020)

https://www.mining.com/

Canada could see a wave of new gold deals and mines built in the coming months and years, thanks to strong bullion prices and improved demand for metals from China, EY analysts believe.

According to the consultancy’s Canadian Mining Eye index — which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mining companies with market capitalizations of between $240 million and $3.6 billion— local miners are likely to continue benefitting from gold’s upward trajectory.

Prices for the yellow metal increased by 11% in the March-June period this year after a 6% gain in the previous quarter. Continue Reading →

Gold miners get a shot at redemption – by Clara Ferreira Marques (Bloomberg/Moneyweb – July 29, 2020)

https://www.moneyweb.co.za/

Gold’s record run to almost $2 000 an ounce has burnished cash flows and driven a surge in shares of bullion producers. The rally provides a renewed test of discipline for Barrick Gold and peers after a similar climb a decade ago prompted a spate of inflated deals and overly optimistic investments that wasted billions.

The 2020 redux isn’t being fuelled by traditional demand: The China Gold Association says consumption in the world’s biggest buyer plunged by more than a third in the first half. Instead, it’s a combination of low bond yields, pandemic worries and institutional investor appetite.

Silver has also rallied, breaking through $24 an ounce this week to its highest since 2013. Precious metals aren’t always predictable, but Covid’s stubborn resistance means the general picture is unlikely to change soon. Continue Reading →

Kelvin Dushnisky resigns from AngloGold, Ramon appointed interim CEO – by David McKay (MiningMX.com – July 30, 2020)

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KELVIN Dushnisky, CEO of AngloGold Ashanti, has resigned from the South African gold producer in a shock development barely two years into the job.

No reason was given for his departure. Christine Ramon, CFO of AngloGold, has been appointed interim CEO from September, the month Dushnisky’s resignation is effective.

AngloGold said Dushnisky would remain in Toronto “… to spend time with his family”, but would be available to assist the group with a smooth handover until February 28. Continue Reading →

Gold is surging, but silver could go ‘parabolic’ as precious metal ratio narrows – by Victor Ferreira (Financial Post – July 28, 2020)

https://financialpost.com/

Silver has risen 33 per cent in four months, and analysts see it hitting $30

The price of silver has shot up 34 per cent since the beginning of July in a whirlwind rally that has made some analysts more bullish on the precious metal than they are on its more beloved sibling, gold.

In truth, silver has been widely outperforming gold since the two bottomed in March, but it has received far less attention. Since March 18, the price of gold has rallied 33 per cent and grown in appeal for investors trying to hedge their portfolios against slow economic recovery, inflationary risk and currency devaluation.

In that same period, silver prices more than doubled and rallied nearly 108 per cent to reach a trading level not seen since 2013. Continue Reading →

As gold hits all-time high, Canadian miners step back from its glare – by Niall McGee (Globe and Mail – July 28, 2020)

https://www.theglobeandmail.com/

Chastened by past missteps, the Canadian gold industry is swapping recklessness for conservatism, and eschewing expensive deal making in favour of dividends, as the price of bullion hits new all-time highs.

On Monday, gold futures traded north of US$1,940 an ounce for the first time, surpassing the previous record of US$1,920 set back in September, 2011. The most-traded August futures settled at US$1,931 an ounce.

The ultimate safe haven investment, gold over the past few months has benefited from unparalleled volatility in financial markets, as the coronavirus has spread around the world and governments attempt to stave off a global depression by injecting trillions in economic stimulus. Continue Reading →

Gold rips up record book as US$2,000 test looms in hunt for haven – by Ranjeetha Pakiam, Justina Vasquez and Elena Mazneva (Bloomberg News – July 27, 2020)

https://www.bnnbloomberg.ca/

Gold’s unrelenting march higher shows no signs of slowing after a plunge in the U.S. dollar swept prices past the previous high set in 2011 and put the metal on track for even bigger gains.

Bullion’s surge came as a gauge of the U.S. currency sank to the lowest in more than a year, the latest in a long line of bullish factors — including negative real rates in the U.S. and bets the Federal Reserve will keep policy accommodative when it meets this week — that are pushing prices ever higher.

With the world facing an extended period of unprecedented economic and political turmoil, gold’s now got US$2,000 in its sights. Some in the market suggest the haven could rise even beyond that. Continue Reading →

NEWS RELEASE: B2Gold Announces the Launch of its Namibian Rhino Gold Bar Campaign in North America to Support the Conservation and Protection of the Critically Endangered Black Rhinos (July 28, 2020)

VANCOUVER, BC, July 28, 2020 /CNW/ – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce the launch of its Namibian Rhino Gold Bar campaign in North America to help support the conservation and protection of the critically endangered black rhinos, and the community-based rhino rangers and trackers who protect the rhinos, in Namibia, Southern Africa. This announcement coincides with the International Ranger Federation’s (“IRF”) World Ranger Day, which takes place annually on July 31.

World Ranger Day was established on the 15th anniversary of the founding of the IRF and has been observed globally since 2007. The day, which is promoted through the IRF’s Thin Green Line Foundation and sanctioned and supported by global members of the International Union for Conservation of Nature, recognizes and celebrates rangers who are at the forefront of conservation efforts around the world by protecting natural and cultural resources. It also commemorates rangers that are injured or killed in the line of duty.

Due to poaching, driven by the illegal rhino horn trade, over 1,000 wild rhinos are killed for their horns in Africa each year. Continue Reading →

Gold price hits record high as US dollar sinks – by Editor (Mining.com – July 27, 2020)

https://www.mining.com/

Gold continued its upward climb on Monday and made history by touching record prices as worries over the coronavirus pandemic and intensifying US-China tensions weighed on investor sentiment.

Spot gold surged 2.0% to $1,940.96 per ounce by 11:15 a.m. EDT. Earlier in the day, the spot price set an all-time high by trading at $1,945.10 per ounce, eclipsing the previous record high set in September 2011.

Gold futures for December delivery, now the most actively traded contract, rose 1.9% to $1,962.40 per ounce on the Comex in New York. Continue Reading →