https://www.theglobeandmail.com/
Central-bank rate cuts should be terrific for bonds and dividend-paying stocks. But another asset has been grabbing attention with better performance: gold. And some observers expect bullion will continue to dominate.
If this comes as a surprise, you’re probably not alone. As U.S. inflation subsided and the Federal Reserve cleared the way this year for cutting its key interest rate from multiyear highs, rate-sensitive assets rallied.
https://www.northernontariobusiness.com/
Australian gold producer sees open-ended potential to boost ounces at idled Sugar Zone Mine
The idled Sugar Zone gold mine, near White River, “represents a rare and profitable production opportunity” for Vault Minerals to restart at very little cost. But company management remains tight-lipped on when mining will resume at the underground operation, 30 kilometres north of town.
The Australian mid-tier gold miner is big on its enthusiasm for the practically turn-key underground mine, but is short on divulging definite timelines on a restart and how large the gold resource could grow to, despite conducting more than 90,000 metres of drilling in 2024.
(Kitco News) – After delivering one of its strongest weekly performances of the year last week, gold picked up right where it left off, but a midweek stall after fresh all-time highs has market participants more divided on the yellow metal’s near-term direction.
Spot gold kicked off the week trading at $2,722 per ounce, and traders in the Asian and European sessions pushed the yellow metal to the edge of $2,740 by the North American open. But U.S. traders woke up filled with doubt about the precious metal, and they drove the spot price all the way down to $2,716 by 2:45 p.m. EDT.
https://www.mining-technology.com/
West Africa is a major gold mining hub, but political instability and illegal mining activities are preventing its full development.
Global gold prices are surging, surpassing $2,700/oz this month, already up by more than a fifth compared with 2023.
In this landscape, gold hubs across the world are working to formalise their mining sectors, capitalising on the rising demand and boosting investments, driven, a GlobalData report says, by “growing demand for safe-haven assets”.
Mine has more employees than the population of many Nunavut hamlets
Agnico Eagle’s Meliadine gold mine has approximately 1,500 employees. That’s about half the size of the population of nearby Rankin Inlet and slightly more than Clyde River. But only about 700 people live and work on the site at all times, which is still more than the populations of Grise Fiord, Resolute Bay and Chesterfield Inlet put together.
The mine’s employees live side by side in what they call the “biggest hotel in Nunavut” and their collective efforts produce about one gold brick a day that is roughly the size of a loaf of bread.
Mali’s military government has threatened to take back Barrick Gold Corp.’s Loulo mine concession when the current permit expires in 2026, amid an escalating dispute over how to divide the economic benefits from operations in the country.
Mali is considering letting the permit for Loulo lapse when it expires in February 2026, Finance Minister Alousseni Sanou said in an Oct. 18 letter sent to Barrick’s chief executive officer Mark Bristow, and seen by Bloomberg. Mali “reserves the right not to renew the operating permit” and invited Barrick to talks on the mine’s “transition phase” starting later this month, Sanou wrote.
(Kitco News) – After one of the strongest and steadiest price climbs of the year this past week on its way to fresh record-setting highs, and with domestic and international tensions supporting uncertainty, it’s no surprise that market participants see nothing but blue skies ahead for gold.
Spot gold kicked off the week trading in the low $2,650s, spiking as high as $2,665 per ounce in the early morning and starting the North American trading session at $2,659 per ounce on Monday. After a relatively uneventful day, the last the yellow metal would see this week, it slid to the weekly low below $2,640 per ounce just after 1:00 a.m. on Tuesday before recovering to trade at $2,651 by the North American open.
https://www.northernontariobusiness.com/
Toronto gold company envisions a district-scale open-pit mine complex
IAMGOLD is out to connect the dots between its new Côté Gold open-pit operation and its nearby Gosselin deposit in the belief that they are tying into one larger gold system just outside of Gogama.
The Toronto gold miner delivered some operating results for Côté with its third quarter 2024 fiscal year on Oct. 15 with some encouraging exploration results that its proposed district-scale mining complex could eventually become just that.
Mercury and heavy metals in the country have contaminated over 60% of the West African nation’s water sources, according to Ghana’s Water Resources Commission.
ACCRA, Ghana — Illegal small-scale gold mining in Ghana has been linked with the destruction of the environment and illness. But for some, the practice known locally as galamsey provides livelihoods and an informal boost to the West African nation’s economy.
With a general election approaching in December, galamsey is proving to be a hot-button issue for the nation’s lawmakers — including President Nana Akufo-Addo — in the face of widespread demonstrations across the country calling for a crackdown on the practice.
https://www.theglobeandmail.com/
Barrick Gold Corp. is asking an Ontario judge to dismiss lawsuits alleging that its subsidiary in East Africa committed human-rights atrocities in the vicinity of its North Mara mine, arguing that the matter should be litigated overseas.
Barrick is defending two civil cases in the Ontario Superior Court of Justice, one from November, 2022, and another from February of this year. The plaintiffs are Indigenous Kurya from villages around the mine in Tanzania who were injured in 2021 and 2022 when mine security police allegedly shot at them, as well as family members of victims who were killed during this period allegedly by the police.
https://www.northernontariobusiness.com/
Toronto gold company envisions a district-scale open-pit mine complex
IAMGOLD is out to connect the dots between its new Côté Gold open-pit operation and its nearby Gosselin deposit in the belief that they are tying into one larger gold system just outside of Gogama.
The Toronto gold miner delivered some operating results for Côté with its third quarter 2024 fiscal year on Oct. 15 with some encouraging exploration results that its proposed district-scale mining complex could eventually become just that.
Milestone expected to be reached in November; Nunatsiaq News takes tour to learn how ore is transformed
Agnico Eagle’s Meliadine gold mine is nearing a milestone. In November, the company projects the mine located near Rankin Inlet will have produced two million ounces of gold, said Pujjuut Kusugak, director of Nunavut affairs for Agnico Eagle Mines Ltd.
Two million ounces is just under 57 tonnes — or perhaps a more appropriate measurement for such occasions, approximately 28.5 small elephants. Nunatsiaq News was given a tour Oct. 2 of the above-ground part of Meliadine mine to learn how rock gets blasted, excavated, crushed and transformed via chemical reaction into such an enormous amount of gold.
(Bloomberg) — Gold rallied toward a fresh record high as investors turned their attention to the upcoming US election, with polls forecasting a razor-thin contest with less than three weeks to go.
The precious metal is one of the strongest performing commodities in 2024, setting successive records thanks to its appeal as a safe haven asset and rapacious central-bank buying. Now, it’s finding fresh support as investors across financial markets reposition their portfolios in response to uncertainty over the outcome of the US presidential race.
Equinox Gold (TSX: EQX) (NYSE American: EQX) said on Thursday it is expecting lower-than-forecasted output this year from its new Greenstone gold mine to reflect its ramp-up progress towards commercial production.
Since its first gold pour in May, the mine located near Geraldton, Ontario, has produced approximately 59,000 oz. of the precious metal, including 42,500 oz. during the third quarter. During Q3, the processed grade averaged 1.15 grams gold per tonne at an average recovery rate of approximately 80%, which Equinox says was largely on plan.
(Kitco News) – Gold prices are higher and have notched new all-time highs in midday U.S. trading Thursday. Spot gold hit a record high of $2,697.90 and December Comex futures a new high at $2,712.70.
Safe haven demand amid geopolitical tensions and the uncertainty surrounding the U.S. presidential elections is driving gold prices north. Technical-based buying amid bullish charts is also fueling gains in both gold and silver. December gold was last up $13.30 at $2,704.60 and December silver was down $0.234 at $31.74.
