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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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Navigating ‘The Valley of Death’: Why Canada’s emerging critical minerals miners are struggling to survive and what can be done about it – by Niall McGee (Globe and Mail – November 22, 2024)

https://www.theglobeandmail.com/

Martin Turenne, chief executive officer of FPX Nickel Corp. FPX-X is wired as an optimist. In the mining industry, you have to be, because the timelines are agonizingly long and the odds are often heavily stacked against you.

Mr. Turenne hopes to have a nickel mine and refinery in production at its Baptiste project in central British Columbia by the end of the decade. The grand plan is to supply nickel for Canada’s nascent electric vehicle battery industry. The early estimate to build what could eventually be a top 10 nickel operation globally is $2.6-billion.

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BHP bets billions on Chile mines to face global copper crunch – by Daina Beth Solomon and Fabian Cambero(Reuters – November 22, 2024)

https://www.xm.com/

BHP Group expects a global copper deficit of 10 million metric tons a decade from now, a shortfall that is driving its plans to spend at least $11 billion at the world’s biggest copper mine, Escondida, and other projects in Chile.

BHP detailed to investors this week plans to spend $10.7 billion to $14.7 billion within about 10 years to extract more copper from Escondida and the smaller Spence mine, and restart the Cerro Colorado mine. The world’s biggest listed miner’s annual production is set to fall by around 300,000 tons to 1.6 million tons by the end of the decade, largely driven by a slump at Escondida that is expected to peak in 2025.

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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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Mitsui places highest bid for stake in First Quantum’s Zambian copper mines (Mining Technology – November 21, 2024)

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

The divestment of stakes may ease First Quantum’s financial strain after the closure of its Panamanian copper mine due to protests.

Japanese trading company Mitsui has placed the highest bid for around a 20% share in Canadian mining giant First Quantum Minerals‘ Zambian Sentinel and Kansanshi copper mines for roughly $2bn (Y308.82bn), reported Bloomberg, citing sources familiar with the matter.

The bid surpasses a competing offer from Saudi Arabia’s Manara Minerals Investment. The potential deal’s terms are still under negotiation. The company could opt for an alternative buyer or retain its assets.

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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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BHP CEO Mike Henry says Canada risks losing investments in critical minerals to global rivals if it doesn’t cut red tape – by Niall McGee (Globe and Mail – November 21, 2024)

https://www.theglobeandmail.com/

BHP Group Ltd. chief executive Mike Henry says Canada must speed up mine permitting, or it risks losing out to its global rivals in attracting investments in critical minerals. Melbourne-based BHP, the world’s biggest mining company, already has significant operations in Canada. It is building a massive new potash mine in Saskatchewan called Jansen with the total capital expenditure pegged at $20-billion.

Mr. Henry, who is Canadian, said in an interview that while BHP clearly already has an affinity for Canada, based on its investment track record, the slow pace of obtaining mining permits is a big problem.

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Crowsnest Pass residents divided as voting on mining at Grassy Mountain gets underway – by Karsen Marczuk (CTV News Calgary – November 20, 2024)

https://calgary.ctvnews.ca/

Advance polls for Crowsnest Pass residents were held on Tuesday for a proposed coal mine at Grassy Mountain. In September, the Municipality of Crowsnest Pass announced a non-binding referendum vote would take place asking, “Do you support the development and operations of a metallurgical mine at Grassy Mountain?”

The topic has caused a divide in the community. “Coal mining built the Crowsnest Pass,” said Bonnie Castellarin with Citizens Supportive of Crowsnest Coal. “At that time, it was a very thriving community and as the mines closed, it has definitely hurt our community.”

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EU Blasts KP Chair’s Comments, Plenary’s Lack of Progress – by Leah Meirovich (Rapaport Magazine – November 20, 2024)

https://rapaport.com/

The European Union (EU) has called out the behavior of Kimberley Process (KP) chair Ahmed Bin Sulayem at the most recent plenary, as well as the meeting’s failure to address a long-standing concern.

The union was disappointed that the plenary, which took place from November 11 to 15, failed to address the implications of the Russian war against Ukraine on the global rough-diamond sector for the third year, it said Monday. The omission has a detrimental impact on the credibility of the KP and on the reputation of natural diamonds, undermining consumer confidence, the EU explained.

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Mali Frees Resolute Executives After $160 Million Deal, AFP Reports – by Sybilla Gross (Bloomberg News – November 20, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Mali has released three Resolute Mining Ltd. executives after the African nation detained them in a tax dispute, Agence France-Presse reported, citing a judicial source and a local gold mine official.

The three executives, including Chief Executive Officer Terry Holohan, were freed from detention on Wednesday after Resolute struck a $160 million deal with the government, according to the report. The release came after the signing of a memorandum of understanding between the two parties, it added, citing the judicial source.

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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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Residents call proposed peat mine a ‘threat’ to Lake Winnipeg’s Washow Bay – by Dave Baxter (Hamilton Spectator – November 21, 2024)

https://www.thespec.com/

A petition asking the province to put a halt to a proposed peat mine expansion near Lake Winnipeg has almost 1,000 signatures, as residents express concerns about the project and what damage it could bring to the community and to the lake.

“Lake Winnipeg’s Washow Bay area, a vital ecosystem supporting diverse wildlife and local communities, is under threat from the expansion of peat mining operations,” reads a statement posted on a petition set up on Change.org in July by residents of the Washow Bay area.

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Could Trump’s deregulation quest speed permitting in Canada too? – by Alisha Hiyate (Northern Miner – November 20, 2024)

https://www.northernminer.com/

U.S. president-elect Donald Trump made two picks for key posts in his administration last week that signal he’s serious about rolling back environmental regulations and speeding up permitting for oil and gas as well as mining projects – a policy that could put pressure on Canada to do the same.

Trump, who has repeatedly promised the U.S. will “drill baby, drill” for fossil fuels, named Lee Zeldin, a former congressman from New York, as his pick on Nov. 11 to head up the Environmental Protection Agency. Zeldin has promised to roll back “left-wing” regulations while also protecting the environment. He’s endorsed Trump’s call to use the EPA to pursue U.S. “energy dominance” and economic growth.

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Russian war machine funded by illicit gold trading, WGC report states – by Darren Parker (Mining Weekly – November 18, 2024)

https://www.miningweekly.com/

Russian State-funded private military company (PMC) Wagner Group is one of the greatest beneficiaries of illicit gold trading, a new report published by the World Gold Council (WGC) shows.

According to the report, penned by former UK Deputy Prime Minister Dominic Raab, estimates suggest the PMC earned more than $2.5-billion from illicit gold mining since the invasion of Ukraine alone, which has been funnelled back into the Russian war machine.

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