Twitter

Gold and Silver

Mining the Northwest: Goldshore Resources sees blue sky potential in Shebandowan area – by Ian Ross (Northern Ontario Business – November 5, 2024)

https://www.northernontariobusiness.com/

Moss deposit, west of Thunder Bay, could have district-scale potential

Goldshore Resources believes there are more ounces to be found around its six-million ounce deposit in the Shebandowan area, west of Thunder Bay.

The Vancouver gold explorer announced in late October it has raised $13.9 million in flow-through financing that’s doing into exploration this winter to drill off targets in the vicinity where the company has sketched out a conceptual open-pit mine.

Read more

Junior gold miners are appealing takeover targets as bullion prices climb – by Dominique Gené and Andrew Willis (Globe and Mail – November 5, 2024)

https://www.theglobeandmail.com/

For the mining crowd, the annual Denver Gold Forum is a chance to swap speculation on potential deals. At this year’s gathering in September, all the takeover talk revolved around junior companies with promising properties being snapped up by larger rivals.

The country’s smallest gold miners – those developing projects that are years away from producing bullion – are becoming attractive takeover targets. Soaring gold prices have boosted the valuations of senior and intermediate mining companies and left them flush with cash, while stock prices continue to languish at exploration companies.

Read more

Gold price sharply down on Trump win, less risk aversion – by Jim Wyckoff (Kitco News – November 6, 2024)

https://www.kitco.com/

(Kitco News) – Gold and silver prices are strongly lower and hit three-week lows in early U.S. trading, following a decisive win by Republican U.S. presidential candidate Donald Trump. The presidential race was not as close as expected and the process won’t be in dispute. So far, no civil unrest has occurred because of the election results.

This is prompting the unwinding of safe-haven long-gold trades. A stronger greenback and higher Treasury yields today are also bearish for gold. December gold was last down $65.60 at $2,684.10 and December silver was down $1.43 at $31.345.

Read more

Northwest First Nation not sold on open-pit mining project – by Ian Ross (Northern Ontario Business – November 1, 2024)

https://www.northernontariobusiness.com/

Indigenous-led impact assessment initiated and community capacity-building funding to flow for disputed Springpole gold project

Northwestern Ontario mine developer First Mining Gold has entered into a “process agreement” with Cat Lake First Nation and Lac Seul First Nation in support of a community-based Anishinaabe-led Impact Assessment (ALIA) of the company’s Springpole Gold Project.

An Oct. 31 First Mining Gold news release said the agreement provides a framework between the company and the two area Indigenous communities to “have procedural clarity and meaningful participation” in the review of Springpole “through the unique cultural perspective of the Anishinaabe people.”

Read more

Gold Demand Tops $100 Billion as Western Investors Charge In – by Sybilla Gross (Bloomberg News – October 30, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Global gold demand swelled about 5% in the third quarter, setting a record for the period and lifting consumption above $100 billion for the first time, according to the World Gold Council.

The increase — which saw volumes climb to 1,313 tons — was underpinned by stronger investment flows from the West, including more high-net-worth individuals, that helped offset waning appetite from Asia, the industry-funded group said in a report on Wednesday. Buying in bullion-backed exchange-traded funds flipped to gains in the quarter after prolonged outflows.

Read more

Investors’ ‘fear of missing out’ drives gold demand to record high – by Leslie Hook (Financial Times – October 30, 2024)

https://www.ft.com/

Buyers clamour for gold-backed ETFs as central banks scale back purchases of the precious metal

Investors’ “fear of missing out” on gold’s rally has sparked record demand for the precious metal, even as high prices push central banks to scale back their purchases.

The value of global demand passed $100bn for the first time in the third quarter of this year, according to industry body the World Gold Council, driven mainly by investor buying. The volume of global gold demand also rose to a record in the same period, up 5 per cent to 1,313 tonnes.

Read more

Eastern DR Congo grapples with Chinese gold mining firms (RFI – October 27, 2024)

https://www.rfi.fr/en/

Kamituga (AFP) – Italian priest Davide Marcheselli has been fighting for years against Chinese companies illegally mining gold in the town of Kitutu in eastern Democratic Republic of Congo.

He says mining has spoilt the town which lies in South Kivu province, polluting rivers and destroying fields. Hundreds of foreign companies, most of them Chinese-owned, mine gold in the mineral-rich province often without permits and without declaring profits, according to local authorities.

For a long time, civil society groups and members of the church in Kitutu, have been the only people taking a stand against the powerful mining businesses, who often have friends in high places. “From the deputies, to the village chief, everyone receives something (from the companies), money or shares (in businesses),” Marcheselli told AFP.

Read more

Times of ‘Wild West’ in mining are over: Agnico Eagle – by Arty Sarkisian (Nunatsiaq News – October 28, 2024)

Homepage

People remain suspicious of resource extraction even though more regulations are in place, says company director

Many Nunavummiut have misconceptions about mining, says Pujjuut Kusugak. Kusugak is the director of Nunavut affairs for Agnico Eagle, which operates multiple gold mines in Nunavut. “People still remember how mines used to operate — Wild West do whatever you want, no safety concerns,” he said in an interview with Nunatsiaq News at the Agnico Eagle office in Rankin Inlet.

People assume that the company still “does whatever it wants,” he added, but today Nunavut has some of the strictest regulations that protect the environment using both territorial and federal laws. Meliadine mine would have been “shut down” very quickly if it was operating the same way mines used to operate, Kusugak said.

Read more

Rate cuts should be good for bonds and dividends. So why is gold shining? – by David Berman (Globe and Mail – October 26, 2024)

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.

Read more

Vault Minerals drags out the drama on a White River mine restart – by Ian Ross (Northern Ontario Business – October 25, 2024)

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.

Read more

Wall Street and Main Street rein in their optimism on gold prices for next week – by Ernest Hoffman (Kitco News – October 25, 2024)

https://www.kitco.com/

(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.

Read more

Gold mining’s potential in West Africa – by Scarlett Evans (Mining Technology – October 25, 2024)

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”.

Read more

Meliadine gold mine: The ‘largest hotel’ in Nunavut – by Arty Sarkisian (Nunatsiaq News – October 21, 2024)

Homepage

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.

Read more

Mali threatens to let Barrick mine permit lapse over dispute – by Katarina Höije, Diakaridia Dembele and William Clowes (Bloomberg News – October 25, 2024)

https://www.bnnbloomberg.ca/

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.

Read more

Wall Street all in on further gains for gold, Main Street grows more bullish for next week’s price action – by Ernest Hoffman (Kitco News – October 18, 2024)

https://www.kitco.com/

(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.

Read more