Twitter

Gold and Silver

Equinox Gold to buy Calibre for $2.56B – by Staff (Northern Miner – February 24, 2025)

https://www.northernminer.com/

Equinox Gold  agreed to buy Calibre Mining  for about $2.56 billion in stock to become Canada’s second-largest gold producer. Calibre shareholders will receive 0.31 Equinox common share for each Calibre common share held immediately before the transaction, according to a joint statement issued Sunday. At closing, existing Equinox shareholders would own about 65% of the combined company’s outstanding shares, compared with 35% for their Calibre counterparts.

The deal, which is expected to close in the second quarter, sets the stage for the creation of a Canadian mining powerhouse with two low-cost assets under the same roof – Equinox’s Greenstone property in Ontario, which achieved commercial production in November and is one of the country’s largest open-pit mines; and Calibre’s Valentine mine, which is nearing construction completion.

Read more

Detour Lake mine still shines as one of Agnico Eagle’s stars – by Ian Ross (Northern Ontario Business – February 24, 2025)

https://www.northernontariobusiness.com/

Underground mine construction activity planned for 2025, pending arrival of government permit

Agnico Eagle wants to grow its northeastern Ontario assets by more than 50 per cent as early as 2030. The leading Toronto gold company has a slew of development projects underway in Ontario, western Quebec and Nunavut, including the Detour Lake mine, northeast of Cochrane, where plans are afoot to drive production there to one million ounces a year.

Both the Detour expansion and the Upper Beaver mine project in the Larder Lake area are looked upon as two of Agnico’s catalysts for growth.

Read more

Elon Musk casts doubt on $425 billion U.S. gold reserve at Fort Knox ahead of personal DOGE audit – by Ernest Hoffman (kitco News – February 18, 2025)

https://www.kitco.com/

(Kitco News) – Fresh off his recent forays into the Treasury Department’s payment systems, tech billionaire Elon Musk is now gearing up to conduct an in-person audit of the United States’ gold reserves at Fort Knox on behalf of the Department of Government Efficiency (DOGE).

Musk announced his intentions on Monday afternoon through a pair of posts on his X platform, implying that he doubts whether the $425 billion in bullion is really there. Republican Senator Rand Paul of Kentucky, the state where Fort Knox is located, said in an interview with Fox News on Monday that he invited Musk to review the gold reserve after failing to gain access to the facility for a decade.

Read more

STLLR Gold wants to shake its money maker at a Timmins tailings site – by Ian Ross (Northern Ontario Business – February 13, 2025)

https://www.northernontariobusiness.com/

Toronto company sifting through Hollinger mine waste looking for leftover gold

A Matheson-area gold mine developer wants to sift through the tailings of the historic Hollinger Mine in Timmins to look for leftover gold.

STLLR Gold is heralding its Hollinger tailings project as a “gamechanging” and “strategic” opportunity that the Toronto company believes can yield significant amounts of untouched gold that can be reprocessed very cheaply and deliver some cash.

Read more

Barrick considering redomiciling to the U.S. and Trump could make it happen faster, says CEO Mark Bristow – by Niall McGee (Globe and Mail – February 14, 2025)

https://www.theglobeandmail.com/

Barrick Gold Corp. is considering redomiciling to the United States from Canada, and under a Donald Trump administration that could happen sooner rather than later, Barrick chief executive Mark Bristow told The Globe and Mail’s editorial board.

On Thursday, he mapped out several reasons why a move to the U.S. makes sense, including access to a more efficient marketplace, and the ability to attract a bigger pool of shareholders. Redomiciling to the U.S. could put Barrick in the S&P 500 index, which would attract automatic buying from scores of mutual funds and exchange traded funds that track indexes.

Read more

Barrick CEO says he has ‘no doubt’ gold miner will resolve conflict in Mali – by Jordan Fleguel (Bloomberg News – February 12, 2025)

https://www.bnnbloomberg.ca/

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.

Read more

Barrick reports 23% increase in gold reserves in 2024 (Mining Technology – February 7, 2025)

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.

Read more

Anglo CEO Says Mali Mining Developments Cause for Grave Concern – by Moses Mozart Dzawu and Katarina Höije (Bloomberg News – February 05, 2025)

https://www.bnnbloomberg.ca/

(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.

Read more

Chinese gold demand looks to rebound as UK-U.S. flows continue, silver demand from solar may be peaking – Heraeus – by Ernest Hoffman (Kitco News – February 3, 2025)

https://www.kitco.com/

(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.

Read more

‘Gold-endowed region’ hinges on workforce – by Sandi Krasowski (The Chronicle-Journal – February 1, 2025)

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.

Read more

Gold sets all-time high on trade war fears – by Frederic Tomesco (Northern Miner – January 31, 2025)

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.

Read more

Gold hits record highs as analysts now eye $3,000 target, silver price rallies 4% – by Neils Christensen (Kitco News – January 30, 2025)

https://www.kitco.com/

(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.

Read more

‘World’s largest undeveloped gold mine’ faces legal challenges from Canada and Alaska tribal nations – by Jack Darrell (Alaska Public Media – January 28, 2025)

https://alaskapublic.org/

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.

Read more

Discovery Silver is the new owner of Timmins’ Porcupine gold complex – by Ian Ross (Northern Ontario Business – January 28, 2025)

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.

Read more

Gold nears $2,800 all-time high as BoJ rate hike fuels bullish momentum and global inflation concerns -by Neils Christensen (Kitco News – January 24, 2025)

https://www.kitco.com/

(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.

Read more