https://www.northernminer.com/
Alamos Gold (TSX: AGI; NYSE: AGI) announced on Monday that it will acquire Quebec-focused junior Orford Mining (TSXV: ORM) in an all-share transaction valuing the company at $24 million or 10¢ per share.
Alamos already owns 27.5% of the company’s shares. If the acquisition is approved by Orford shareholders at a meeting scheduled for March, they will receive 0.005588 of an Alamos share for each Orford share held.
https://www.northernontariobusiness.com/
Investors of insolvent gold mining company expanding class action suit
The former management team and underwriters of a collapsed Red Lake gold mining company are being held to account by out-of-pocket shareholders.
A proposed securities class action suit filed in the Supreme Court of British Columbia against the former directors and officers of Pure Gold Mining of Vancouver is being expanded to seeking compensation for damages and losses incurred from their investments in Pure Gold Mining.
https://www.theglobeandmail.com/
Ousted chief executive Sébastien de Montessus had a history of going behind the backs of his superiors and conducting unauthorized business, well before the British gold mining company fired him for cause this week.
London-based Endeavour on Thursday said it terminated Mr. de Montessus after accusing him of “serious misconduct” related to a payment he authorized without the board’s knowledge. Mr. de Montessus admitted he authorized a payment of US$5.9-million to a creditor in exchange for security services without getting permission from the board, and called it a “lapse in judgment.”
https://www.theglobeandmail.com/
Barrick Gold Corp. is reportedly considering a fresh takeover bid for embattled Canadian copper miner First Quantum Minerals Ltd., after making an earlier approach in the middle of last year.
According to a report on Wednesday, Toronto-based Barrick contacted some of First Quantum’s biggest shareholders late last year to ascertain their interest in a takeover. Barrick would need their support in the event of a transaction.
Barrick Gold Corp. has spoken with some of First Quantum Minerals Ltd.’s major investors to gauge their support for a potential takeover, after the sudden closure of its flagship mine left the Canadian copper producer reeling and wiped out more than half its market value.
Barrick chief executive officer Mark Bristow approached some of First Quantum’s largest investors late last year, according to people familiar with the situation, who asked not to be identified as the talks were private. It wasn’t immediately clear if Barrick has made a fresh approach to First Quantum, and there’s no guarantee it will make a formal offer.
As demand for EV and base metals is expected to slow along with global growth in 2024, two very different metals are likely to stand out from the commodity pack: gold and uranium.
Gold, prized throughout human history, is virtually indestructible. That means most of the over 6.7 billion oz. of the metal the World Gold Council estimates has ever been mined is kicking around somewhere, whether as a wedding ring or in a 400-troy-oz. gold bar stored behind blast-proof gates at the ultra-secure Fort Knox gold vault in Kentucky.
An estimated $11 million worth of gold bullion and dust is believed to have gone down with the SS Pacific in the Salish Sea in 1875.
No one has laid claim to any of the 4,000 ounces of gold believed to be on board a ship that sank off of the B.C. coast in 1875.
According to Matt McCauley, spokesman for the Northwest Shipwreck Alliance, there were no supported claims made by the descendants of any of the passengers or crew of the SS Pacific that sank on Nov. 4, 1875, carrying at least 275 souls, including crew, paying passengers and children. Only two survived.
https://www.cbc.ca/news/world/
Illegal gold mining in the Amazon has intensified, with one expert calling it a ‘transnational crime’
The rising value of gold worldwide has amplified illegal mining in the Amazon, where liquid mercury is being dumped in the Amazon River and causing scientists to warn that Indigenous communities and the environment could pay a far greater price.
Three weeks ago, Colombia, Brazil and the United States partnered up to destroy 19 illegal gold mining dredges in the Amazon Rainforest. According to Reuters, the dredges were producing about $1.9 million Cdn in gold.
https://www.northernontariobusiness.com/
Toronto gold company raises $85 million in share raise to fund future expansion
Toronto’s Argonaut Gold has raised $85 million to fund future expansion at its Magino Mine, outside Dubreuilville, and another mine in Nevada. The financing was done through a public offering of more than 223,000 common shares that closed on Dec. 12.
In a news release, the company said the proceeds are earmarked to “fund development and optimization” at Magino and its Florida Canyon Mine in Nevada. The company didn’t specify how much will be individually allocated between Magino and Florida Canyon.
https://www.northernminer.com/
AngloGold Ashanti (NYSE:AU), the fourth-largest gold producer, is buying a stake in Guyana-focused G2 Goldfields (TSXV: GTWO; US-OTC: GUYGF) even as neighbouring Venezuela vows to seize the land where its main project sits.
Denver-headquartered AngloGold is paying $22.5 million for 11.7% of G2, AngloGold said on Tuesday. G2 plans to update its resource next year for the OKO project which lies 120 km west-southwest of the South American country’s capital city, Georgetown.
Would you like a US$2,000 gold bar at Costco with your $4.99 rotisserie chicken? Yes, Costco sells more than just toilet paper, office supplies and food items, and the company is quite effective at it.
A 24-karat 1 oz. Gold Bar PAMP Suisse Lady Fortuna Veriscan was listed as sold out on Costco’s site this week and bars usually sell out hours after being posted on Costco’s website, according to chief financial officer Richard Galanti.
https://www.northernontariobusiness.com/
After recently announcing construction is 96 per cent complete at the Greenstone Gold mine, the mine is looking to ramp up hiring, with a focus on local employment.
GREENSTONE — Things are set to heat up quite soon for the Greenstone Gold mine project just outside of Geraldton. Equinox Gold, the Vancouver-based gold producer that acquired Premier Gold in 2020 along with their interest in the mine project, recently announced that construction at Greenstone Gold mine is 96 per cent complete and that pre-commissioning activities are well underway.
Development of the mine project is a joint venture between Equinox Gold and Orion Mine Finance. The mine is set to pour its first gold in the first half of 2024.
The Kremlin has laundered $2.5 billion of African gold since the start of the full-scale invasion of Ukraine, according to a report by an international group of researchers and human rights activists published on Dec. 12.
Russia’s illicit activities and ties to authoritarian regimes in Africa have been under the public eye for years. Russian mercenaries on the continent, whose operations help to fill Moscow’s coffers, have been repeatedly accused of human rights abuses against local populations.
https://www.theglobeandmail.com/
Three Canadian mining companies in Mali are indirectly helping its government finance the cost of Russian mercenaries who have been implicated in massacres and other atrocities in the country, a new report says.
Mali’s military junta, which came to power in a series of coups in 2020 and 2021, is paying a reported US$10-million a month to the Wagner Group, a Russian military contractor, in exchange for the deployment of an estimated 1,000 soldiers in the West African country.
(Bloomberg) — The US imposed sanctions on Russian mining magnate Vladislav Sviblov and several mining companies connected to him, including one that’s developing one of the world’s largest zinc mines.
The sanctions are the latest move against the Russian metals and mining sector, and come after the UK imposed sanctions against Sviblov last month. Sviblov emerged as a significant player in the Russian metals scene in recent years, buying up several mid-sized gold companies, as well as building what was set to be one of the world’s largest zinc mines at Ozernoye in Siberia.
