Gold - Copperbelt Katanga Mining

Zimbabwe Gold Smugglers Shipping Over $1.5 Billion a Year 1

More than $1.5 billion of gold is smuggled out of Zimbabwe every year, depriving the cash-strapped economy of crucial foreign-exchange revenues, according to research organization International Crisis Group. The gold is illegally shipped from the southern African nation’s small-scale mines, often to the bullion-trading hub of Dubai, ICG said in a report Tuesday. Some of those artisanal mines are plagued by violent gangs that have political connections, it said. Smuggling is flourishing under a Zimbabwean law that forces miners to sell their precious metal to a unit of the central… Read More Here

Gold

Ghanaian government expects increased gold production in 2020

November 23, 2020November 23, 2020 admin

Ghana’s Minister of Lands and Natural Resources, Kwaku Asomah-Cheremeh, said that the Nana Akufo-Addo government expects the country’s mining sector to surpass last year’s production of over four million ounces of gold. According to local media, the minister said this goal is not unrealistic taking into account that AngloGold Ashanti’s 30-million-ounce Obuasi mine has been restarted and that, across the country, production was not suspended even at the peak of the covid-19 pandemic. THE MINISTER’S SUPPORT TO THE MINING SECTOR COMES AT A TIME WHEN ENVIRONMENTAL GROUPS HAVE TAKEN IT TO THE COURTS TO TRY TO… Read More Here

Gold International

Gold price rebounds with stimulus talks moving forward

November 20, 2020November 20, 2020 admin

Gold prices rebounded on Friday after US Treasury Secretary Steven Mnuchin said his agency and the Federal Reserve have “enough firepower” to continue to support the economy, boosting the metal’s appeal as a hedge against inflation. The comments came a day after Mnuchin called for several emergency lending programs to expire by the end of the year. “Markets should be very comfortable that we have plenty of capacity left,” Mnuchin told CNBC on Friday. Mnuchin also said he and White House Chief of Staff Mark Meadows would be speaking on Friday with Republican congressional leaders on… Read More Here

Gold International

Gold price to hit $2,300 next year on inflation risks

November 20, 2020November 20, 2020 admin

Gold prices are expected to break out of the current narrow trading range and soar through 2021 as the coronavirus recession gives way to higher inflation, analysts at Goldman Sachs say. Bullion hovered around $1,900/oz over the past few weeks after its summer rally to record highs fizzled out. While uncertainty surrounding the US election fueled a brief rally, positive news of covid-19 vaccine trials have pushed investors out of safe havens and into riskier assets. GOLDMAN HAS SET A $2,300/OZ PRICE TARGET FOR GOLD, WHICH EQUATES TO A 22% RALLY FROM… Read More Here

Gold Mining in DRC

Ministry of Mines in DRC Recovers Only 3 kg of gold from artisanal mining in the first half of 2020, fraud is doing well

November 20, 2020November 20, 2020 admin

Statistics from the Ministry of Mines on gold exports in the first half of the year reveal massive fraud in artisanal mining in the Democratic Republic of the Congo. Indeed, during the first six months of the year, the competent services of the Ministry of Mines were only able to trace 3.25 kg of gold for export during the period. According to the Ministry of Mines, the DRC exported in the first half of 2020 a total volume of 15,642.64 kg of gold for a value of 580 million 670… Read More Here

Mining in DRC Gold

DRC exported 15,642 kg of gold for a value of 580.6 million USD in the first half of 2020

November 19, 2020November 19, 2020 admin

The Democratic Republic of the Congo exported in the first half of 2020 a volume of 15,642.64 kg of gold for a value of 580 million 670 912 USD, according to data from the Ministry of Mines. Kibali Gold Mine is the largest gold producer with 15,636.14 Kg of gold exported in the first half of 2020 for a value of 580 million USD 392,096. Note that only 3.25 kg of gold from artisanal mining have been traced in the statistics of the Ministry of Mines. This suggests the extent of… Read More Here

Gold International

Gold market authority threatens to blacklist UAE and other centres

November 15, 2020November 15, 2020 arnbethnic

The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed. In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion Market Association (LBMA) laid out standards they must meet on issues such as money laundering and where they source their gold – or be blacklisted. The move by the LBMA is the first time a market or state authority trying… Read More Here

Gold Mining in DRC

Barrick, Loncor expand JV partnership in DRC

November 12, 2020November 12, 2020 admin

Loncor Resources (TSX: LN) and Barrick Gold (TSX: ABX; NYSE: GOLD) have entered into two new agreements which will see the companies further strengthen their joint venture relationship within the Ngayu gold belt of the Democratic Republic of the Congo. The Ngayu gold belt lies approximately 220 km from the Kibali gold mine operated by Barrick. Last year, Kibali had record gold production of 814,000 ounces at all-in sustaining costs of $693/oz The ground covered by the new agreements includes a number of priority, exploration targets already outlined by Barrick,… Read More Here

Mining in DRC Gold

Middle East Diamond Resources takes over Casa Mining to access DRC gold deposit

November 10, 2020November 10, 2020 admin

SE-listed exploration company Middle East Diamond Resources (MEDR) has entered into a heads of agreement with Chun Can Capital Group to acquire all the issued shares of Casa Mining. Casa has a 73% interest in the Akyanga gold deposit, in Democratic Republic of the Congo. The deposit has a three-million-ounce inferred resource. The acquisition speaks to MEDR’s widened search beyond South Africa for suitable assets, particularly for gold and copper, in the rest of Africa. The transaction involves more than 100% of the market capitalisation of MEDR and therefore is… Read More Here

Gold Covid-19 International

Gold price tumbles on covid vaccine breakthrough

November 9, 2020November 9, 2020 arnbethnic

Gold prices erased last week’s gains on Monday as news of the first successful late-stage covid-19 vaccine trials prompted investors to dump safe-haven bullion and flock to riskier assets instead. Spot gold sank below $1,900 per ounce during early hours of trading, down 5.3% to $1,853.42 by 11:15 a.m. ET. This marks its biggest single-day slide since August. US gold futures also declined 5.0% to $1,853.70 per ounce in New York. Equities surged after Pfizer said its experimental covid-19 vaccine was more than 90% effective. Pfizer and German partner BioNTech SE said… Read More Here