Gold and Silver – Page 5 – Republic of Mining

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

January 30, 2025

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.

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

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.

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)

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.

Toronto airport gold heist: Air Canada ordered to pay just $18K to Brink’s for $24M stolen crate – by Adrian Humphreys (National Post – January 24, 2025)

January 24, 2025

https://nationalpost.com/

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.

Precious metals breathe a sigh of relief as Trump signals delay in tariffs ahead of inauguration – by Neils Christensen (Kitco News – Janaury 20, 2025)

January 20, 2025

https://www.kitco.com/

(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.

IAMGOLD sees a lot of ways to grow in Timmins – by Amanda Rabski-McColl (Northern Ontario Business – January 17, 2025)

January 20, 2025

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.

Canadian Mining Hall of Fame adds Boyd, Giustra, MacLean, Sheahan – by Colin McClelland (Nothern Miner – January 13, 2025)

January 14, 2025

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.’”

Gold price struggles as U.S. producers see costs rise sharply in 2024 – by Neils Christensen (Kitco News – January 14, 2025)

January 14, 2025

https://www.kitco.com/

(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.

The ‘terrifying’ crackdown on mining companies in Africa’s coup belt – by Aanu Adeoye and Camilla Hodgson (Financial Times – January 13, 2025)

January 14, 2025

https://www.ft.com/

Military regimes in the Sahel have turned to tactics including arrests to assert control over critical mineral supplies

International mining companies are at the mercy of “terrifying” tactics from military regimes in Africa’s Sahel, whose leaders are using legal disputes, nationalisations and arrests to assert greater control over crucial minerals like gold and uranium.

Barrick Gold on Tuesday temporarily suspended operations in Mali after the government started seizing gold from its mine, weeks after the country issued an arrest warrant for chief executive Mark Bristow. Authorities separately detained Australian gold miner Resolute’s chief executive Terence Holohan for nearly two weeks.

Mali seizes 3 tons of gold from Canadian company Barrick amid dispute over share of revenue – by Wilson McMakin and Baba Ahmed (Associated Press – January 13, 2025)

January 14, 2025

https://apnews.com/

DAKAR, Senegal (AP) — Mali’s military government has started seizing gold stocks of the Canadian mining company Barrick as part of a legal battle over the share of revenue owed to the West African state, according to an internal Barrick letter seen by The Associated Press.

The letter from CEO Mark Bristow to the Malian Mining Minister, dated Monday, says Barrick is “awaiting official confirmation of the proper receipt by the Malian Solidarity Bank,” a government entity. The seizure follows a warning letter to Barrick earlier this month from Mali’s senior investigating judge, Boubacar Moussa Diarra, saying three tons of gold would be seized.

Mining the Northwest: Red Lake’s Madsen Mine ready to restart – by Ian Ross (Northern Ontario Business – January 13, 2025)

January 13, 2025

https://www.northernontariobusiness.com/

West Red Lake Gold Mines building out its workforce to reach commercial production by year’s end

West Red Lake Gold Mines is aiming for a mid-year restart of its Madsen Mine at Red Lake. The Vancouver mine developer released a prefeasibility study in early January, laying out its plan to bring Madsen back to life in 2025.

In taking over a mine that struggled out of the gate and failed under previous ownership, company management is confident it’s delivered a pragmatic and conservative plan that it can deliver on. With 1.7 million ounces of indicated gold reserves and resources, Madsen’s new mine life is pegged at 7.25 years.

Mali starts seizing gold stocks at Barrick site, company memo says – by Fadimata Kontao and Portia Crowe (Reuters – January 13, 2025)

January 13, 2025

https://www.reuters.com/

BAMAKO/DAKAR Jan 13 (Reuters) – Mali’s government has begun enforcing a provisional order to seize gold stock at Barrick Gold’s Loulo-Gounkoto site, the Canadian miner said in a note to Malian staff, warning again that it may have to suspend operations at the complex.

The move suggests that Mali’s military-led authorities are not ready to back down in a standoff over a contract based on new mining rules as they push for a greater share of revenues from Western miners. “A provisional order to seize our existing gold stock was issued last week and the Malian government began its enforcement on Jan. 11,” Barrick said in the staff memo.

Barrick mine in Mali could be forced to close within a week, company says – by Geoffrey York (Globe and Mail – January 6, 2025)

January 8, 2025

https://www.theglobeandmail.com/

Barrick Gold Corp. says it will be forced to shut down its operations in Mali within a week if the military junta continues to restrict its gold exports from the West African country.

The Toronto-based company disclosed on Monday that the regime had imposed yet another restriction on the company’s operations by issuing an interim attachment order on its existing gold stock at its Loulo-Gounkoto mining complex.

Opinion: When resource companies leave a toxic mess, First Nations are stuck with the consequences – by Tanya Talaga (Globe and Mail – December 14, 2024)

December 17, 2024

https://www.theglobeandmail.com/

Na-Cho Nyäk Dun First Nation Elder Jimmy Johnny no longer fishes in the waters that generations of his family members have relied on since memories are remembered.

This past summer, 68 dead fish were found in beautiful Haggart Creek, downstream from the site of an environmental disaster that occurred on June 24 at Victoria Gold Corp.’s Eagle Gold mine, on the Na-Cho Nyäk Dun traditional territory, near Mayo in central Yukon.

Mining the Northwest: Opportunities abound for new Musselwhite owner to grow gold resources, shave costs – by Ian Ross (Northern Ontario Business – December 13, 2024)

December 13, 2024

https://www.northernontariobusiness.com/

Vancouver’s Orla Mining looks to fine-tune operations at the remote northwestern Ont. mine while putting money into the drill bit

Orla Mining may be new to the mining scene in Ontario, but the Musselwhite gold mine is not new to them. The Vancouver company’s pending acquisition of the remote northwestern Ontario underground mine from Newmont probably sent more than a few people scurrying to Google last month to dig into the details of the expanding seven-year-old outfit.

Unlike other mining newcomers to the region, Orla isn’t buying a broken operation that was mismanaged and in dire need of cash-infused resurrection. Musselwhite is one that, by all accounts, is well-run operation that no longer fit into Newmont’s ambitions to invest in so-called Tier 1 assets.