The head of Barrick Gold Corp. says he’s confident that a resolution will be reached between his company and the Malian government, currently embroiled in a dispute over revenue distribution from one of the largest gold mines in Africa.
In an interview with BNN Bloomberg on Wednesday, Barrick’s CEO Mark Bristow said despite recent reports that talks between the company and Malian authorities had broken down, both sides continue to communicate with the aim of reaching an agreement.
https://www.mining-technology.com/
The increase is primarily attributed to the Reko Diq copper-gold project in the Chagai district of Balochistan, Pakistan.
Canadian miner Barrick Gold has reported a 23% increase in its overall proven and probable gold reserves, reaching 17.4 million ounces (moz) at the end of 2024. This rise is primarily attributed to the Reko Diq copper-gold project in the Chagai district of Balochistan, Pakistan.
The company’s attributable proven and probable gold reserves stood at 89moz at 0.99 grams per tonne (g/t) in 2024, up from 77moz at 1.65g/t in 2023. This year-on-year increase was driven by the conversion of Reko Diq’s copper-gold resources into mineral reserves, contributing 13moz of gold at a grade of 0.28g/t on an attributable basis, after the completion of the feasibility study.
(Bloomberg) — The Malian government’s overhaul of its extraction industry risks deterring companies from investing in the nation that’s home to the world’s second-largest gold mine, according to Anglo American Plc Chief Executive Officer Duncan Wanblad.
Mali’s military rulers have demanded a greater share of income from the nation’s gold and other resources since seizing power four years ago. The junta has adopted a new mining code and ordered companies to pay millions of dollars in back taxes and dividends, after a state audit revealed a shortfall of as much as 600 billion CFA francs ($950 million) in government revenue.
(Kitco News) – Gold demand in China is showing signs of a strong rebound even as physical flows from the UK to the U.S. continue, while there are indications that solar demand for silver may be peaking, according to precious metals analysts at Heraeus.
In their latest precious metals update, the analysts noted that Chinese wholesalers appear to be anticipating a rise in consumer demand for gold. “Shanghai Gold Exchange (SGE) withdrawals, a key indicator of wholesale and fabrication demand, typically rise in December and January as fabricators stock up for the Chinese New Year, which fell on 29 January this year,” they noted. “Consumer demand tends to also adhere to similar seasonality.
https://www.chroniclejournal.com/
Operators of two Northwestern mines weighed in on the economic value of mining gold and gave a comprehensive view of the industry with a focus on job creation during the Prosperity Northwest Conference this week.
Andrew Cormier, chief operating officer for Orla Mining, said gold is increasingly seen as a critical asset, fuelling investment, innovation and job creation in the region. “Being in the gold industry, we’re generally bullish on the price of gold,” he said at the conference in Thunder Bay.
https://www.northernminer.com/
Gold prices hit a record high Friday, topping US$2,800 an oz. amid growing concern that U.S. President Donald Trump will follow through with his threat to slap multiple nations with import tariffs.Spot gold rose about 0.4% to US $2,808.38 per oz. in early afternoon trading, Trading Economics data show. That takes the metal’s advance to about 5.7% for the month and 37% over the last year.
Trump reiterated Thursday that he will likely impose tariffs on countries such as Canada, China and Mexico as soon as Saturday. Even so, the Wall Street Journal reported Friday that Trump advisors are looking for ways to avoid enacting across-the-board levies on Canada and Mexico, the U.S.’s two largest trading partners.
(Kitco News) – The gold market continues to attract attention as it prepares to end the first month of 2025 at a record high, following the trend of 40 all-time highs in 2024.
With bullish momentum clearly picking up, some analysts have said that this is only the start of what looks to be a bigger move. In a recent interview with Kitco News, Michele Schneider, Chief Strategist at MarketGauge, said that if gold sees a clear break above $2,800 an ounce, it can easily reach $3,000.
A major Canadian mining prospect upstream from Southeast Alaska is drawing legal challenges from both sides of the border, as tribal groups fear the project could pollute their ancestral waterways.
At the river’s mouth
The Southeast Alaska Indigenous Transboundary Commission, or SEITC, is worried about the region’s rivers. The commission represents 15 Tlingit, Haida, and Tsimshian nations that came together because they believe mining in British Columbia poses a threat to their spawning salmon and hooligan habitats, like the Unuk and Stikine Rivers.
https://www.northernontariobusiness.com/
Tony Makuch returns to familiar stomping grounds following US$425-million deal with Newmont
Newmont has finally sold its Porcupine operations in Timmins to Discovery Silver Corp. of Toronto for US$425 million.
Promising to invest heavily in the northeastern Ontario gold camp is one of the city’s native sons, Tony Makuch, the former CEO of Lake Shore Gold, who now steers this growing upstart company. The deal is expected to close some time during the first half of this year.
(Kitco News) – The gold market is once again within striking distance of all-time highs above $2,800 an ounce as the metal continues to attract international attention. Some analysts suggest that gold’s bullish momentum is just beginning, following its achievement of record highs against the Japanese yen overnight.
Gold rallied against the yen after the Bank of Japan (BoJ) raised interest rates to “around 0.5%,” the highest level in 17 years. At the same time, the central bank signaled the potential for further tightening.
Poorly completed paperwork on stolen load of gold bars and cash means airline only needs to pay general compensation as if it was a suitcase of clothes
In the messy aftermath of the Toronto airport gold heist — that saw $24 million in gold bars and cash driven away by thieves from an Air Canada warehouse — the airline has been ordered by the Federal Court to pay Brink’s transport company just $18,600 in compensation for their huge loss because of poorly completed paperwork on the stolen shipment.
Brink’s, a U.S.-based secure transit company, sued Air Canada, the country’s largest airline, after a large crate Brink’s was moving from Switzerland to Canada was stolen from the airline’s warehouse at Pearson airport shortly after arriving on an Air Canada flight from Zurich in 2023.
(Kitco News) – Gold and silver markets could start to breathe a little easier as U.S. markets are closed in recognition of Martin Luther King Jr. Day, and it appears that soon-to-be President Donald Trump could delay the implementation of tariffs.
Trump will be sworn in Monday as America’s 47th president and gold and silver have seen extreme volatility in anticipation that he would enact significant tariffs to support American manufacturing on day one.
https://www.northernontariobusiness.com/
‘I think we have a much better understanding of the capacity in the region, and now we’re established,’ says president and CEO
Youth have a bright future at a gold mine south of Timmins. With IAMGOLD looking to invest in community and education, Bryan Wilson, the general manager of its Côté Gold site near Gogama, about 90 minutes south of the city, says education in the trades is the ticket for Timmins.
“We’ll keep working with Timmins; it’s a mining mecca,” said Wilson, at the Timmins Chamber’s state of mining event on Jan. 15. Situated halfway between Timmins and Sudbury, the open-pit mine went into commercial production in 2024.
https://www.northernminer.com/
Sean Boyd, the chair of Agnico Eagle Mines recalled when the company’s performance prompted CNN’s Mad Money host Jim Cramer to eat a crow sandwich on air. Boyd’s mother was watching. “That man wasn’t very nice to you today,” she said.
Cramer was recanting his conviction after only a poor quarter. Boyd never wavered in his commitment and actually booked the TV appearance to avoid accusations of ducking out when times were tough. “The producer said ‘Well, thanks for coming on, at least you got to give your side of the story,’” Boyd recounted. “And I said, ‘Remember: I called you,’ and he said, ‘That’s why you’re coming on again.’”
(Kitco News) – Weaker producer inflation pressures are introducing fresh volatility to the gold market, as some economists suggest the data may not be sufficient to support expectations for additional monetary policy easing from the Federal Reserve.
The headline Producer Price Index (PPI) rose 0.2% in December, following November’s 0.4% increase, the U.S. Labor Department announced on Tuesday. The latest inflation data came in slightly weaker than expected, as economists had anticipated another 0.4% increase.
