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As we build a vision of Canada, let’s make sure it has more Canada in it – by Dan Breznitz (Globe and Mail – October 19, 2024)

https://www.theglobeandmail.com/

Any follower of Canadian news is overwhelmed by the amount of doom and gloom about Canada’s economic future. Rightly so. We should not only be worried, but also forcefully demand that Canadian businesses finally embrace innovation to significantly improve productivity, and that our government focus less on symbolic politics and more on putting the country back on track.

I would be the first to admit that in this series I have been at the forefront of this choir of despair, documenting our alarming decline, how systemic and deep-set our problems have become, how unproductive and lacking in innovation our business sector is, and how our government is structured in a way that ensures it is not fit for purpose.

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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.

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IAMGOLD sees a gold trail between two deposits – by Ian Ross (Northern Ontario Business – October 16, 2024)

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.

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Camping through northern Ontario includes Ouimet Canyon and Amethyst Mining – by Dave Gilchrist (Niagara On The Lake Local – October 17, 2024)

https://www.notllocal.com/

The canyon and the mining operation both offer interesting sights to see.

As we left the Sibley Peninsula on our camping trip through northern Ontario, we backtracked a bit to see two sites that we had wanted to experience in the area.

The first was the famous Ouimet Canyon located several kilometres north of the Trans Canada Highway. The canyon is 100 metres (330 ft) deep, 150 metres (490 ft) wide and 2,000 metres (2 kilometres; 1.2 miles) long and is protected as part of Ouimet Canyon Provincial Park. The morning we visited the canyon it was misty which added an almost surreal feeling to the view.

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Illegal mines, pollution and a thirsty global market: Anger mounts over Ghana’s gold problem – by Zinhle Essamuah and Arleen Aguasvivas (NBC News – October 20, 2024)

https://www.nbcnews.com/

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.

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‘Sleeping with an elephant:’ What will a Republican or Democrat win mean for Canada? – by Kelly Geraldine Malone (Finance Yahoo – October 19, 2024)

https://ca.finance.yahoo.com/

WASHINGTON — Pierre Trudeau famously described living next to the United States as “sleeping with an elephant,” a sentiment his son is intimately aware of amid this year’s tumultuous and polarized American election.

Prime Minister Justin Trudeau has likely reflected on his father’s words about Canada’s proximity to the U.S.: “one is affected by every twitch and grunt.” The U.S. is Canada’s closest neighbour and largest trading partner and who wins the White House in November will be in charge during the review of the Canada-U.S.-Mexico agreement in 2026.

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Barrick Gold asks judge to dismiss Ontario lawsuits for alleged killings and abuses at Tanzanian mine – by Niall McGee (Globe and Mail – October 17, 2024)

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.

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N.W.T.’s new net-zero climate target necessary for its mining future says MLA – by Liny Lamberink (CBC News North – October 19, 2024)

https://www.cbc.ca/news/canada/north/

MLA Shauna Morgan says bringing in renewable diesel will make the N.W.T. more attractive

The MLA for Yellowknife North says the government’s new commitment to reaching net-zero emissions by 2050 is “exciting,” and something that will need to be taken seriously if the territory wants mining to be part of its future.

Shauna Morgan pointed out in the Legislative Assembly on Friday that De Beers and Rio Tinto have both already made commitments to making their mining operations around the world net-zero.

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Lab-Grown Diamonds and the Future of Fine Jewelry – by Goran (Fine Magazine – October 17, 2024)

https://www.finehomesandliving.com/

Lab-grown diamonds are not just a trend – they are reshaping the entire fine jewelry industry. With their stunning appearance, ethical appeal, and affordability, these diamonds are becoming the go-to choice for modern consumers.

A lab-grown diamond offers all the luxury and brilliance of a natural stone but with added benefits. As we look to the future of fine jewelry, it’s clear that lab-grown diamonds will play a major role in defining the next generation of jewelry designs.

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IAMGOLD sees a gold trail between two deposits – by Ian Ross (Northern Ontario Business – October 16, 2024)

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.

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Agnico Eagle’s Meliadine mine close to extracting 2M ounces of gold – by Arty Sarkisian (Nunatsiaq News – October 16, 2024)

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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.

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Lithium Americas revamps Thacker Pass deal with GM in new US$625M JV – by Blair McBride (Northern Miner – October 16, 2024)

Global mining news

Shares in Lithium Americas (TSX: LAC; NYSE: LAC) jumped by 20.2% on Wednesday after it announced anew, US$625-million joint venture agreement with General Motors for its Thacker Pass project in northern Nevada.

Under the deal that the developer calls the largest ever by a U.S. original equipment manufacturer in a lithium project, GM is to acquire a 38% stake in Thacker Pass for US$625 million in cash and letters of credit. The JV deal replaces the US$330 million in second tranche equity investment from GM announced in January 2023, and is in addition to the US$2.3 billion loan from the U.S. Department of Energy (DOE).

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Gold Nears Fresh Record With Focus on US Election and Fed Rates – by Mark Burton (Bloomberg News – October 16, 2024)

https://www.bnnbloomberg.ca/

(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.

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Rubies Are Red-Hot Right Now – and Expensive – by Jennifer Heebner (Rapaport Magazine – October 9, 2024)

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Gem-quality rubies keep getting pricier and harder to find. Dealers weigh in on why they don’t expect this situation to change.

Anyone in the industry who’s wondering why ruby prices continue to rise need look no further than rough-ruby auctions and the scarcity in overseas markets. Gemfields’ rough auction this past June garnered the mining firm’s highest per-carat sum to date — $317 — while dealers who routinely travel to Bangkok, Thailand, to source goods often come home disappointed.

“There’s a lot of demand and not enough supply,” says William Hakimi of New York-based ruby dealer A. Hakimi & Sons. “Anything over 3 carats [in gem quality] is not easy to find.”

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Equinox Gold stock takes hit on lowered production guidance for Greenstone mine – by Staff (Mining.com – October 17, 2024)

https://www.mining.com/

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.

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