Archive | Gold and Silver

CZECHS, GERMANS HOPE TO WIN UNESCO LISTING FOR KRUŠNÉ HORY–ERZGEBIRGE MINING SITES – by Brian Kenety (Radio Praha – July 2019)

https://www.radio.cz/en/

The Ore Mountains have formed a natural border between Bohemia and the German state of Saxony for some 800 years. Known in Czech as Krušné hory, the uniquely preserved landscape is also among the most heavily researched mountain ranges in the world.

In total, the Czech delegation to Azerbaijan has nominated five sites in this country for inclusion on the UNESCO World Heritage Site list. A German delegation, with which it submitted a joint bid, has nominated 17 sites on their side of the border.

Michal Urban of the non-profit Montanregion Krušné hory – Erzgebirge, formed to coordinate public and private regional groups in hopes of getting the listing explains how it would help the region. Continue Reading →

Taseko Mines seeking court injunction after First Nation members block work at Fish Lake – by Andrea Woo (Globe and Mail – July 4, 2019)

https://www.theglobeandmail.com/

A B.C. mining company is seeking a court injunction after its crew was blocked from beginning work this week on a controversial open-pit mine near Fish Lake, also known as Teztan Biny.

Brian Battison, vice-president of corporate affairs for Taseko Mines Ltd., said the company has no other choice but to pursue the authoritative option after members of the Tsilhqot’in Nation blockaded access to the site on Tuesday. “What else can you do but rely on the law?” Mr. Battison said Wednesday.

The roadblock was set up roughly 80 kilometres from the site of the proposed New Prosperity copper and gold mine project, southwest of Williams Lake. When Taseko crews arrived on Tuesday, members of the Tsilhqot’in Nation told them they did not have access to the site. Continue Reading →

Barrick and Newmont Goldcorp launch Nevada Gold Mines (Mining Technology – July 2, 2019)

https://www.mining-technology.com/

Barrick Gold and Newmont Goldcorp have concluded a transaction establishing Nevada Gold Mines. Canadian mining company Barrick Gold will own 61.5% of the new company, while Newmont takes the remaining 38.5%.

The joint venture (JV) assets in North-eastern Nevada comprise ten underground and 12 open pit mines, two autoclave facilities and two roasting facilities. It also consists of four oxide mills, a flotation plant and five heap leach facilities.

Barrick Gold president and CEO Mark Bristow said: “The establishment of Nevada Gold Mines was designed to combine arguably the industry’s best assets and people in order to deliver the best value to stakeholders. Continue Reading →

Police Swarm Gold Rush Mountain Amid Ecuador Emergency – by Stephan Kueffner (Bloomberg News – July 2, 2019)

https://www.bloomberg.com/

Before dawn Tuesday, troops escorted more than 1,000 police officers to seize a remote mountain at the center of a gold rush at illegal mines in Ecuador’s northern Andes.

As many as 10,000 people flooded the remote region known as Buenos Aires over the last two years, to illegally mine gold owned by an Australian exploration company.

The area became the scene of crimes including human trafficking, sexual exploitation, extortion, money laundering and murder, as well as severe environmental damage, Interior Minister Maria Paula Romo said at a news conference in Quito. Continue Reading →

[Bougainville/Copper] Mining Hopes for Independence – by Geoff Hiscock (U.S. News – July 1, 2019)

https://www.usnews.com/

A copper quarry helps fuel Bougainville’s hopes for separation from Papua New Guinea, a move that would resonate across the Pacific.

SYDNEY, AUSTRALIA — THE Pacific island of Bougainville is moving a step closer to potential independence from Papua New Guinea as preparations begin for a long-promised referendum later this year.

Whether it can survive as a stand-alone nation is a key question for its 250,000 inhabitants, and for other separatist movements in the Pacific. The future course of the island could ripple across the region, as the question of Bougainville’s independence will touch on a complicated mixture of business concerns, environmental worries and geopolitical interests stretching from Australia and New Zealand to China, Japan and the United States.

It’s an outsized international role for Bougainville, which lies 900 kilometers (560 miles) east of the Papua New Guinea mainland. The roots of the referendum stem from a bitter inter-clan and separatist conflict that ran from 1988 to 1997, fighting that claimed between 10,000 and 20,000 lives through a combination of violence, disease, poverty and dislocation. Continue Reading →

Gold on six-year high, with observers predicting ‘multiyear bull market’ – by Niall McGee (Globe and Mail – July 1, 2019)

https://www.theglobeandmail.com/

After about three years of going nowhere, gold is once again the commodity du jour and some observers predict the rally is just getting going.

Since hitting a record high in late 2011 just shy of US$1,900 an ounce, gold has largely been out of favour among investors. As recently as August of last year, the precious metal was trading at US$1,170, almost 40 per cent below its peak.

But last week, gold futures hit a six-year high, driven on by expectations of interest-rate cuts and a weaker U.S. dollar. In the past month alone, gold has jumped 10 per cent, catapulting to more than US$1,400 an ounce. Continue Reading →

Top 10 Gold Producing Countries – by Frank E. Holmes (Kitco.com – June 26, 2019)

https://www.kitco.com/

Gold is one of the rarest elements in the world, making up roughly 0.003 parts per million of the earth’s crust. But how much gold is the world digging up each year and what countries produce the most?

In 2018, global gold mine production was a reported 3,332 tonnes. This figure is up 2 percent from the previous year and is the largest year-over-year growth in the last four years, according to the GFMS Gold Survey 2019. The driving forces behind increase in production came out of operations in Argentina, the U.S., Russia and Mali.

Although production was up in 2018, versus a small decrease of 5 tonnes in 2017, it raises the question I’ve explored recently – have we reached peak gold? The idea is that all the easy gold has already been discovered and explorers have to dig deeper to find economically viable deposits. Continue Reading →

Barrick doubles down on allegations of overvaluation by Acacia – by Niall McGee (Globe and Mail – June 27, 2019)

https://www.theglobeandmail.com/

Barrick Gold Corp. says its proposal to acquire Acacia Mining PLC is “fair,” and it’s doubling down on claims that its London-based subsidiary has overvalued some of its mines.

In a statement on Wednesday, Barrick said that “certain assumptions made by Acacia in relation to its mine plans are not appropriately risked or supportable and that adjustments should be made.”

Last week, Barrick expressed skepticism about the true value of some of Acacia’s assets, suggesting its own analysis shows that Acacia may be overestimating grade and underestimating costs at some of its mines. Continue Reading →

PRECIOUS-Gold falls over 1% as U.S. Fed tempers aggressive rate cut hopes – by Sethuraman N R (Reuters U.S. – June 26, 2019)

https://www.reuters.com/

June 26 (Reuters) – Gold prices fell more than 1% on Wednesday, retreating from a 6-year peak scaled in the previous session, on signs the U.S. Federal Reserve will not resort to aggressive interest rate cuts in July.

Spot gold was down 1.2% at $1,405.44 per ounce as of 1108 GMT, snapping a six-session winning streak that lifted it to $1,438.63 on Tuesday, the highest since May 14, 2013. U.S. gold futures fell 0.7% to $1,409.10.

Fed Chairman Jerome Powell stressed the central bank’s independence from U.S. President Donald Trump, who is pushing for rate cuts. St. Louis Fed President James Bullard, considered one of the most dovish U.S. central bankers, surprised some investors by saying a 50-basis-point cut in rates “would be overdone”. Continue Reading →

Merger mania could return as gold hits all-time high in Canadian dollars – by Gabriel Friedman (Financial Post – June 26, 2019)

https://business.financialpost.com/

‘When things are going downhill, and you’re getting squeezed, everybody has a bunker mentality’

If the price of gold hits an all-time in the Canadian dollar, does anyone notice?

A little after midnight on Tuesday morning, intraday gold spot prices soared to $1,895.20 per ounce — higher than any previous closing price, according to Bloomberg data. Yet hours later, many Canadian gold companies, big and small, were trading down.

“People don’t look at gold in Canadian dollar terms,” said Bruce McLeod, chief executive of Vancouver-based Sabina Gold & Silver Corp., which is struggling to raise funds to build a mine in western Nunavut. “They don’t look at what’s actually happening.” Continue Reading →

Gold breaks through $1,400 with Fed statement the ‘last match the bonfire needed’ – by Victor Ferreira (Financial Post – June 25, 2019)

https://business.financialpost.com/

It’s taken six years for gold investors to put their mallets down, as George Milling-Stanley puts it.

Each time the price of gold poked its head above a technical level of US$1,350 an ounce, speculators would immediately take profits and slam it back down, he said. The last three times prices hovered above that level in intraday trading, they couldn’t hold it until close.

“(Investors) have effectively been playing whack-a-mole with gold,” said Milling-Stanley, head of gold strategy at State Street Global Advisors. “They didn’t do that this time because they probably were very impressed by (Jerome) Powell’s statement.” Continue Reading →

Acacia Mining says Barrick Gold offer doesn’t fairly value mining company – by Niall McGee (Globe and Mail – June 25, 2019)

https://www.theglobeandmail.com/

Acacia Mining PLC says Barrick Gold Corp.’s takeover proposal undervalues the company, prompting Acacia to push its biggest shareholder to table a “fair” bid.

Last month, Toronto-based Barrick said it was willing to acquire the 36.1 per cent of London-based Acacia that it doesn’t already own for US$285-million in stock. At the time, the proposal was worth roughly 9 per cent less than Acacia’s market value.

Barrick chief executive Mark Bristow told The Globe and Mail that the discounted proposal was justified because of the inherent risk Acacia presents: It operates three gold mines in Tanzania and is currently subject to a gold concentrate export ban in the East African country. Continue Reading →

Soaring iron ore and gold prices boost WA’s economic outlook – by Frances Bell (Australian Broadcasting Corporation – June 24, 2019)

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

A predicted “mini gold rush” in Western Australia, combined with skyrocketing iron ore prices, is renewing optimism about the state’s long-subdued economy.

The price of gold in Australian dollars has reached a record high, hitting $2,000 an ounce for the first time last week. The precious metal also broke through $US1,400 ($2,014) an ounce for the first time in almost six years.

“Psychologically it’s a very important level to have broken through,” Katana Asset Management portfolio manager Romano Sala Tenna said. He said the price increase was fuelled by demand from central banks, which were buying gold as a store of value, as countries such as the US and China diluted their currencies. Continue Reading →

Acacia Mining says Barrick offer undervalues the company – by Noor Zainab Hussain and Nichola Saminather (Reuters U.S. – June 24, 2019)

https://www.reuters.com/

(Reuters) – Acacia Mining on Monday strongly disagreed with majority shareholder Barrick Gold Corp’s valuation of the company, saying Barrick’s proposal undervalued its life of mine plans and appears to have ignored the value of its exploration and development assets.

However a fair value buyout offer from the world’s No. 2 gold miner would be attractive, it added.

Barrick’s proposal to take full control of its African unit to resolve a long-standing tax dispute with Tanzania has drawn the ire of Acacia’s minority shareholders, who may have the ultimate vote on a deal. Continue Reading →

China National Gold Studies Bid for Canadian Miner Iamgold – by Dinesh Nair and Scott Deveau (Bloomberg/Yahoo Finance – June 20, 2019)

https://finance.yahoo.com/

(Bloomberg) — China National Gold Group Corp., the nation’s second-biggest miner of the metal, is studying a bid for a stake in Canada’s Iamgold Corp., people familiar with the matter said. Iamgold shares jumped the most in more than four years.

The state-owned gold miner is working with financial advisers on the potential offer, the people said, asking not to be identified as the information is private. Iamgold is exploring a possible sale of all or part of the company and has spoken to several potential buyers, Bloomberg News reported last month.

The Toronto-based firm’s decision to explore a sale follows several sizable mergers in the industry, including Newmont Mining Corp.’s acquisition of Goldcorp Inc. and Barrick Gold Corp.’s deal for Randgold Resources Ltd. Continue Reading →