Republic of Mining

Rössing Uranium: helping power Namibia’s future – by Dan Brightmore (Mining Global – July 30, 2020)

July 31, 2020

https://www.miningglobal.com/

Uranium was first discovered in the Namib Desert in 1928, but it was only following intensive exploration in the late 1950s that the mining industry’s interest was piqued. Rio Tinto originally secured the rights to the low-grade Rössing deposit in 1966.

A decade later in 1976, Rössing Uranium, Namibia’s first commercial uranium mine, started production. Today, Namibia has two significant uranium mines (Rössing Uranium and Swakop Uranium) which together provide 11% of the world’s uranium oxide output in 2019; in 2019 Rössing Uranium produced 3.9% of that total.

The mine has a capacity of 4,500 tonnes of uranium oxide per year and, by the end of 2019, had supplied a total of 137,537 tonnes of uranium oxide to the world.

Giant Alaska copper-gold mine gets final environment nod after 15-year fight – by Cecilia Jamasmie (Mining.com – July 24, 2020)

July 31, 2020

https://www.mining.com/

Northern Dynasty Minerals (TSX: NDM) has cleared the last environmental hurdle for its proposed Pebble copper-gold-molybdenum mine in Alaska, almost two decades after developers first started considering the project.

The US Army Corps of Engineers issued on Friday a final environmental impact statement (EIS), backing the controversial mine in the Bristol Bay region.

The decision opens the door for Northern Dynasty to obtain the federal go-ahead as soon as late August.

World’s No. 3 Gold Miner Asked CEO to Leave After Fund Pressure – by Felix Njini, Loni Prinsloo and Thomas Biesheuvel (Bloomberg News – July 31 2020)

July 31, 2020

https://www.bloombergquint.com/

(Bloomberg) — AngloGold Ashanti Ltd.’s chief executive officer was pushed to leave after shareholders asked for further investigations into a bonus payment by his former employer that he didn’t initially disclose, according to people familiar with the matter.

The mining company announced on Thursday that Kelvin Dushnisky would step down after only two years.

That followed a demand from a major shareholder, South Africa’s Public Investment Corp., for an independent probe into a payment of $926,000 from Barrick Gold Corp., according to the people, who asked not to be identified as the details aren’t public.

Yukon’s Gold Rush-era system for staking mineral claims, explained – by Julien Gignac (The Narwhal – July 30, 2020)

July 31, 2020

The Narwhal

Skeeter Wright has owned his densely wooded property in Whitehorse since the 1970s but, for the past two decades, he’s had to share it, in a sense, after a local company staked a piece of his land for mineral exploration.

It came as a surprise to Wright, who only learned about the claim from a neighbour at a community gathering some years ago.

The claim is still active and the company could choose to explore it one day — including the land outside his front window.

What record high gold prices mean for mining companies in Canada — podcast – by Gabriel Friedman (Financial Post – July 29, 2020)

July 31, 2020

https://financialpost.com/

Episode 65 of the Down to Business podcast from the Financial Post

The price of gold has entered new territory, passing the US$1,900 per ounce mark for the first time since 2011. Technical analysts say all signs suggest gold could continue to climb amidst a weak U.S. dollar, declining interest rates and a general sense of uncertainty about the economy.

This week on Down to Business, Sean Boyd, chief executive of Agnico Eagle Mines Ltd., Canada’s largest gold producer, discussed what it’s been like to run a gold company amidst a pandemic, but also record high prices.

OPINION: Troubled water: The slow drip of change in Attawapiskat is not and has never been enough – by Adrian Sutherland (Globe and Mail – July 30, 2020)

July 31, 2020

https://www.theglobeandmail.com/

Adrian Sutherland is a singer, songwriter, recording artist, and the frontman and founder of roots-rock band Midnight Shine. He lives in Attawapiskat, on the remote coast of the James Bay.

It’s been one year since the water contamination crisis in my home community of Attawapiskat.

In July, 2019, the Attawapiskat Band Council notified residents that our tap water had tested positive for potentially harmful levels of trihalomethanes (THMs) and haloacetic acids (HAAs) – byproducts of the disinfection process created when chlorine interacts with high levels of organic materials.

We were told not to bathe in it, not to cook with it and not to inhale vapours from it. A state of emergency was declared. This is our tap water that flows into our houses. It’s important to note we do not drink from our taps – and never have.

Agnico Eagle CEO sees more M&A among world’s biggest gold miners amid record-high bullion prices – by Niall McGee (Globe and Mail – July 31, 2020)

July 31, 2020

https://www.theglobeandmail.com/

Sean Boyd, the head of Agnico Eagle Mines Ltd., predicts there will be more deal-making among the world’s biggest gold companies over the next few years, given the recent rapid-fire increase in the price of bullion.

The price of gold recently hit new all-time highs of more than US$1,960 an ounce after the COVID-19 pandemic caused extraordinary dislocation in financial markets. Historically, investors have sought out gold as a safe haven investment during times of extreme uncertainty.

During the last great bull run in gold that ran from the early 2000s to late 2011, some of the world’s biggest gold miners, including Canada’s Barrick Gold Corp. Goldcorp Inc. and Kinross Gold Corp., struck blockbuster acquisitions – many of which ended up destroying billions in shareholder value.

GOLD: Auryn to acquire Eastmain, create Canadian-focused Fury Gold (Canadian Mining Journal – July 30, 2020)

July 30, 2020

http://www.canadianminingjournal.com/

TORONTO – Auryn Resources is acquiring Eastmain Resources in an all-share deal valued at $121 million to create Fury Gold Mines. By mid-day on Thursday, Eastmain shares were up by 57% or 10¢, rising to 27.5¢.

“Fury Gold will combine the high-grade gold projects: Committee Bay in Nunavut, Homestake Ridge in B.C. and Eau Claire in Quebec, to offer investors a robust, Canadian, gold-focused exploration and development company,” Ivan Bebek, Auryn’s executive chairman and director, said in a release.

“Fury Gold will have the capability and access to capital to develop and finance Eau Claire,” added Laurie Curtis, Eastmain’s chairman.

Transforming our understanding of how and where orebodies form – by Carl A. Williams (Northern Miner – July 30, 2020)

July 30, 2020

https://www.northernminer.com/

Mining is a wealth-creation industry that produces the metals and minerals essential to every sector of our economy.

For instance, in 2018, Canada produced over 60 minerals and metals from almost 200 mines and 6,500 sand, gravel, and stone quarries valued at $47 billion, according to Natural Resources Canada.

Mineral exploration is at the front end of the mining industry, and the discovery of new orebodies is vital to meet the demands of a growing world population. However, finding new orebodies, particularly those rich enough to be developed into working mines, is hugely challenging.

With deep pockets and long time horizons, China targets struggling Canadian gold companies – by Niall McGee (Globe and Mail – July 30, 2020)

July 30, 2020

https://www.theglobeandmail.com/

Chinese state-owned gold companies are going after some of the most troubled gold companies in Canada, betting that their deep pockets, cheaper access to capital and long time horizons will pay off.

In the past few months, Zijin Mining Group Co. Ltd. proposed a $323-million acquisition of Guyana Goldfields Inc., and Shandong Gold Mining Co. Ltd. offered to buy TMAC Resources Inc. for $207.4-million.

Both Toronto-based companies are among the most beaten-down assets in the Canadian gold sector, with Guyana long grappling with grade problems at its Aurora mine and TMAC struggling for years with an underperforming mill at its Doris mine in the Arctic.

Harte Gold back mining with a vengeance – by Staff (Northern Ontario Business – July 29, 2020)

July 30, 2020

https://www.northernontariobusiness.com/

White River miner undertakes expansion feasibility study

Harte Gold is backing mining and stockpiling gold ore at its Sugar Zone Mine, north of White River, in preparation to restart the mill next week.

The once-furloughed workforce appears to have picked up the pace as the Toronto-based miner said in a July 29 operations update that activities are “ahead on all key mining metrics” with backfill, waste and ore development either “meeting or exceeding expectations.”

The pandemic put a halt to all mining, milling and exploration operations at the end of March. The Sugar Zone Mine, 25 kilometres north of White River. The phased restart of operations began July 17.

Gold rally, Chinese demand a boon to Canadian miners – by Cecilia Jamasmie (Mining.com – July 30, 2020)

July 30, 2020

https://www.mining.com/

Canada could see a wave of new gold deals and mines built in the coming months and years, thanks to strong bullion prices and improved demand for metals from China, EY analysts believe.

According to the consultancy’s Canadian Mining Eye index — which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mining companies with market capitalizations of between $240 million and $3.6 billion— local miners are likely to continue benefitting from gold’s upward trajectory.

Prices for the yellow metal increased by 11% in the March-June period this year after a 6% gain in the previous quarter.

Gold miners get a shot at redemption – by Clara Ferreira Marques (Bloomberg/Moneyweb – July 29, 2020)

July 30, 2020

https://www.moneyweb.co.za/

Gold’s record run to almost $2 000 an ounce has burnished cash flows and driven a surge in shares of bullion producers. The rally provides a renewed test of discipline for Barrick Gold and peers after a similar climb a decade ago prompted a spate of inflated deals and overly optimistic investments that wasted billions.

The 2020 redux isn’t being fuelled by traditional demand: The China Gold Association says consumption in the world’s biggest buyer plunged by more than a third in the first half. Instead, it’s a combination of low bond yields, pandemic worries and institutional investor appetite.

Silver has also rallied, breaking through $24 an ounce this week to its highest since 2013. Precious metals aren’t always predictable, but Covid’s stubborn resistance means the general picture is unlikely to change soon.

Kelvin Dushnisky resigns from AngloGold, Ramon appointed interim CEO – by David McKay (MiningMX.com – July 30, 2020)

July 30, 2020

Home 2024

KELVIN Dushnisky, CEO of AngloGold Ashanti, has resigned from the South African gold producer in a shock development barely two years into the job.

No reason was given for his departure. Christine Ramon, CFO of AngloGold, has been appointed interim CEO from September, the month Dushnisky’s resignation is effective.

AngloGold said Dushnisky would remain in Toronto “… to spend time with his family”, but would be available to assist the group with a smooth handover until February 28.

Gold is surging, but silver could go ‘parabolic’ as precious metal ratio narrows – by Victor Ferreira (Financial Post – July 28, 2020)

July 30, 2020

https://financialpost.com/

Silver has risen 33 per cent in four months, and analysts see it hitting $30

The price of silver has shot up 34 per cent since the beginning of July in a whirlwind rally that has made some analysts more bullish on the precious metal than they are on its more beloved sibling, gold.

In truth, silver has been widely outperforming gold since the two bottomed in March, but it has received far less attention. Since March 18, the price of gold has rallied 33 per cent and grown in appeal for investors trying to hedge their portfolios against slow economic recovery, inflationary risk and currency devaluation.

In that same period, silver prices more than doubled and rallied nearly 108 per cent to reach a trading level not seen since 2013.