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Gold and Silver

Regulatory ‘overkill’ a barrier to new mines, CEO says – by Devon Tredinnick (NNSL.com – November 2024)

https://www.nnsl.com/

There’s plenty more gold buried near Yellowknife — whether any of it gets mined is still up in the air

Regulatory “overkill” surrounding mine remediation can guarantee two things: a mine is absolutely going to get remediated and, in the last few decades, no new gold mines have come on stream in the NWT, pointed out Dave Webb, president and CEO of 60 North Gold Mining.

And that’s despite gold climbing to more than $2,750 an ounce recently and Yellowknife having a long history of producing the precious metal.

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Newmont signs $795m deal to sell Éléonore gold mine in Canada to Dhilmar (Mining Technology – November 26, 2024)

https://www.mining-technology.com/

The sale forms part of Newmont’s efforts to divest non-core assets, which have now surpassed its initial $2bn target.

US-based gold miner Newmont has signed an agreement to sell its Éléonore underground gold mine in Quebec, Canada, to UK-based private mining company Dhilmar for $795m (£632.16m) in cash. The sale is a part of Newmont’s divestiture programme aimed at offloading non-core assets, which has now surpassed its initial $2bn target.

Located in Eeyou Istchee/James Bay, in a remote corner of the Northern Quebec region, the Éléonore mine commenced commercial production in 2015. Dhilmar previously collaborated with Newmont in 2016 to acquire the Batu Hijau mine in Indonesia.

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Four Barrick Gold employees detained in Mali in second wave of arrests over foreign miners’ revenues – by Geoffrey York (Globe and Mail – November 26, 2024)

https://www.theglobeandmail.com/

Barrick Gold Corp. says four of its local employees have been “unjustly imprisoned” in Mali in a second wave of arrests of its staff in the West African country where one of its biggest gold mines is located.

Mali’s military regime, which took power in a 2021 coup, has been putting pressure on foreign mining companies to give the government a bigger share of their revenue. It has been seeking US$417-million from Barrick, alleging that the company failed to pay all its required taxes – a charge the company rejects.

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First Nation accuses Ontario of failing to consult on Timmins mine project – by Ian Ross (Northern Ontario Business – November 26, 2024)

https://www.northernontariobusiness.com/

Taykwa Tagmou Nation wants government approvals halted on Newmont’s plans to restart Pamour gold mine

A northeastern Ontario First Nation is out to halt the restart of Newmont’s Pamour Mine, outside Timmins, claiming the provincial government has failed in its duty to consult.

Taykwa Tagamou Nation filed claim in the Ontario Superior Court of Justice on Nov. 20 asking the court to stay any government authorizations, permits and approvals on Newmont’s plan to recommission and return Pamour to production, 15 years after it was last mined.

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First Nation goes to court, accusing B.C. of not consulting over major gold mine – by Ashley Joannou (Canadian Press/CTV News B.C. – November 25, 2024)

https://bc.ctvnews.ca/

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.

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Troilus Gold brings potential funding from credit agencies to $1.3 billion – by Staff (Mining.com – November 21, 2024)

https://www.mining.com/

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.

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Why police are in a standoff with people working an abandoned South African mine – by Sheena Goodyear (CBC Radio As It Happens – November 21, 2024)

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.

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Gold price ends the week with 5% gain as safe-haven demand drives price action – by Neils Christensen (Kitco News – November 22, 2024)

https://www.kitco.com/

(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.

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Gold just topped $2,700 an ounce, but here’s why that price could double over the next half decade – by Kristian Koschany (Bloomberg News – November 22, 2024)

https://www.bnnbloomberg.ca/

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.

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First Nations, foreign recruits bolster gold miner Agnico Eagle’s workforce – by Len Gillis (Northern Ontario Business – Novemver 18, 2024)

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.

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Gold Prices Rise After $82 Billion Discovery In China—New Record High Ahead? – by Giuseppe Ciccomascolo (CCN.com – November 22, 2024)

https://www.ccn.com/

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.

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Indigenous Leaders: Community builder Jennifer Constant makes their message clear to miners – by Ian Ross (Northern Ontario Business – November 21, 2024)

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.

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Osisko Development surges on permitting milestone for Cariboo gold project – by Staff (Mining.com – November 21, 2024)

https://www.mining.com/

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.

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Inside South Africa’s ‘ruthless’ gang-controlled gold mines – by Nomsa Maseko (BBC.com – November 20, 2024)

https://www.bbc.com/

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.

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Rising threat of World War III could see gold hit $2,800 by Christmas – analyst – by Jordan Finneseth (Kitco News – November 21, 2024)

https://www.kitco.com/

(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.”

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