A First Nation says it wasn’t meaningfully consulted before the British Columbia government “effectively greenlit” what has been called the world’s largest undeveloped gold mining project.
The Tsetsaut Skii km Lax Ha Nation has applied to the B.C. Supreme Court for a judicial review of the province’s decision to issue a “substantial start determination” for Seabridge Gold’s KSM Mine Project in Northwestern B.C., part of the final stage of the environmental assessment process.
Troilus Gold (TSX: TLG) continues to receive the financial backing of global export credit agencies (ECAs), this time from Export Development Canada (EDC), to support the development of its copper-gold project in Quebec.
On Thursday, the company announced a new letter of intent (LOI) from EDC for up to $300 million. This, together with the LOIs recently signed with the export credit agencies of Germany, Finland and Sweden, brings the total potential funding to $1.3 billion.
https://www.cbc.ca/radio/asithappens/
Illegal mining is a ‘very complicated problem’ that needs more than a police crackdown to fix, says advocate
For weeks, police have been stationed at the opening of an abandoned gold mine in South Africa, trying to smoke out the people illegally working deep inside. Since the standoff began, more than 1,000 miners have emerged to face arrest, one decomposing body has been recovered, and community members have gone to court to ensure their loved ones underground continue to get food and water.
It’s not clear how many miners are still underground in Stilfontein, in the country’s North West province. Police say they number in the hundreds. But community members say there are thousands of people below, either unwilling to come out and face arrest, or too frail to get out on their own.
(Kitco News) – The gold market has ended a three-week selloff with a vengeance, as prices look set to close Friday above $2,700 an ounce. Not only has gold surpassed last week’s losses, but the precious metal is also experiencing its best rally since October 2023.
As of 1:40 p.m. ET, December gold futures were trading at $2,712 an ounce, up 1.39% for the week. Additionally, prices have risen 5.4% since the start of the week. While gold has significantly rebounded since Republican candidate Donald Trump became President-elect, some analysts suggest these gains could be more fragile than they appear.
Gold is on track for its biggest weekly increase since October 2023, buoyed by a sharp rise in safe-haven demand following an escalation in the Russia-Ukraine conflict. As of Friday, midday in Toronto, spot gold had risen more than five per cent this week to top $2,700 an ounce, with year-to-date gains nearing 30 per cent.
The latest surge comes after Ukraine reported Russia’s use of a new type of ballistic missile in an attack on Dnipro, a development seen as a direct signal to Kyiv’s Western allies. Heightened geopolitical risks, particularly involving major powers or regions, often drive investors towards gold and other safety assets.
https://www.northernontariobusiness.com/
Executive Andre Leite pledges to continue supporting First Nations and Indigenous business partnerships in the North
The vice-president of Canada’s largest gold mining company said there is a lot of excitement these days in the industry, but it’s not just related to the rapidly rising price of gold, which has reached record levels in recent weeks.
Andre Leite, vice-president of Agnico Eagle Mines’ Ontario operations, said his company is working hard to maintain best possible working relations with First Nations both in providing jobs and sustainability for mining operations on Indigenous lands in Northern Ontario.
China’s recent discovery of massive gold reserves in Hunan province has sent shockwaves through the global market, propelling gold prices to new heights. However, the long-term trajectory of gold prices remains uncertain, influenced by a complex interplay of factors such as interest rates, inflation, and geopolitical risks.
While some analysts predict a bullish future for gold, others caution against overly optimistic forecasts due to the inherent volatility of commodity markets. China has discovered gold reserves valued at 600 billion yuan – equal to $82.9 billion – in central Hunan province. As the world’s largest gold producer, China accounts for approximately 10% of global output in 2023, based on data from the World Gold Council.
https://www.northernontariobusiness.com/
Sustainability, participation, equality earns Mattagami First Nation chief accolades as an Indigenous trailblazer
Since first being elected to Mattagami First Nation council in 2003, Jennifer Constant has never been shy about holding mining companies to account on their stated ESG principles of doing no harm.
Before consultation with First Nations became standard industry practice, the now-chief (Ogimaa Kwe) of Mattagami wouldn’t hesitate to remind junior mining companies probing for gold and minerals within their territorial lands to “come have a conversation” on their exploration plans.
Osisko Development (NYSE: ODV, TSXV: ODV) shares surged as much as 25% on Thursday morning as it reached a significant permitting milestone for the 100%-owned Cariboo gold project in central British Columbia.
The approval of its BC Mines Act permit means that the company can now move forward the construction and operation of the underground mine, which is expected to deliver 164,000 oz. of gold production annually over a 12-year life, as outlined in a 2023 feasibility study.
Along with about 600 other men, Ndumiso lives and works in a small gang-controlled “town” – complete with markets and a red light district – that has grown up deep underground at a disused gold mine in South Africa.
Ndumiso told the BBC that after being laid off by a big mining firm, he decided to join the gang in its underground world to become what is known as a “zama zama”, an illegal miner. He digs for the precious metal and surfaces every three months or so to sell it on the black market for a huge profit, earning more than he ever did before – though the risks now are far higher.
(Kitco News) – Gold’s record-setting rally in 2024 hit a wall of resistance around $2,791/oz, leading to a pullback to $2,540/oz, and while some have warned of an extended consolidation period, one analyst thinks the yellow metal could hit a new all-time high above $2,800 before Christmas.
“War. What is it good for? Absolutely nothing except driving gold prices to record ATHs,” said Matthew Jones, precious metals analyst at Solomon Global. “In the current climate, $2800 before Christmas is not out of the question.”
Russian State-funded private military company (PMC) Wagner Group is one of the greatest beneficiaries of illicit gold trading, a new report published by the World Gold Council (WGC) shows.
According to the report, penned by former UK Deputy Prime Minister Dominic Raab, estimates suggest the PMC earned more than $2.5-billion from illicit gold mining since the invasion of Ukraine alone, which has been funnelled back into the Russian war machine.
LONDON – The illicit trade in gold from artisanal mining is feeding conflicts from Ukraine to Sudan, funding terrorism, fuelling organised crime and subjecting the world’s poorest people to horrendous violence. This is the picture painted by the World Gold Council (WGC) in a report urging concerted international action to clean up the booming sector.
The artisanal and small-scale gold mining (ASGM) industry now produces an estimated 20% of the world’s gold, up from 4% in the 1990s, and possibly accounts for 80% of the global gold mining workforce, said the ‘Silence is Golden’ report.
https://www.northernontariobusiness.com/
Vancouver’s Orla Mining does an $850 million deal with Newmont to acquire northwestern Ontario mine
Musselwhite Mine in northwestern Ontario finally has a new owner. Denver-based Newmont is selling Musselwhite to Vancouver’s Orla Mining for up to US$850 million in total consideration.
Newmont receives cash consideration of $810 million when the deal will be finalized in the first quarter of 2025 and up to US$40 million in contingent payments based on the average spot gold price following the two years after the transaction is closed. The fly-in, fly-out underground operation is roughly 500 kilometres north of Thunder Bay.
https://www.theglobeandmail.com/
Inside the bank’s push into the sometimes peculiar world of precious metal collectibles
Two aliens with emerald-green eyes stare out from the face of a gold coin on the website of Canada’s second-largest bank, the words “The invasion is here” stamped above their elongated heads.
The gleaming extraterrestrials, straight out of Area 51 central casting, appeared some time ago on the online store of TD Precious Metals, Toronto-Dominion Bank’s bullion trading division, which has quietly become one of the largest purveyors of gold and silver items in Canada’s retail market.
