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Category: Gold

Gold-backed ETFs have never seen a run of inflows like this 1 Gold International 

Gold-backed ETFs have never seen a run of inflows like this

Copperbelt Katanga News
  Global investors are stashing more and more assets into gold as the coronavirus outbreak spreads and appetite for risk takes a hit. The global tally of bullion in exchange-traded funds swelled by the most in more than a month on Tuesday as equities sank. That was the 25th consecutive day of inflows, a record. At 2,624.7 tonnes, the holdings are the largest ever.   After surging 18% last year, gold has extended its rally in 2020, with prices hitting the highest since 2013. The haven has been favored as… Read More Here
Gold ZCCM-IH Gold 

Nigeria’s government licenses two gold refineries.

Copperbelt Katanga News
Nigeria’s government has licensed two gold refineries to produce the metal for export and for the central bank to hold in its reserves, the mines minister said on Wednesday. Minister of Mines and Steel Development Olamilekan Adegbite told reporters in the capital, Abuja, that licenses had been issued and the central bank would be the main off-taker, holding some of the gold in its reserves. “We have licensed two refineries in Nigeria. They will refine gold and of course produce bullion that the CBN can buy… Read More Here
Gold Global markets Gold 

With gold surging, miners face payouts versus production dilemma

Copperbelt Katanga News
  As gold prices rise, miners have been boosting shareholder payouts in the face of a decline in global output. That’s worrying some investors concerned about the long-term growth prospects of an industry built on a depleting resource. The value of gold, a haven commodity, is driven more by global economics than supply and demand. Any unexpected event — from a surprising cure for coronavirus to a positive trade deal — could drop the value significantly. High prices put more gold scrap on the market, low ones increase hoarding and,… Read More Here
Barrick opposes Sokimo’s sale of interest in Kibali 2 Gold Mining in DRC 

Barrick opposes Sokimo’s sale of interest in Kibali

Copperbelt Katanga News
Barrick Gold  says it will not  approve Société Minière de Kilo-Moto’s (Sokimo) intended sale of its 10% interest in the Kibali gold mine in the Democratic Republic of Congo. The world’s second-largest gold miner’s comments came as Canadian junior AJN Resources said earlier this month that  it had entered into a memorandum of understanding with Sokimo to acquire several of its rights in the DRC. Those included the state miner’s shares in Kibali Goldmines – the owner of Kibali mine. Barrick noted that Sokimo was contractually bound to the company… Read More Here
Gold ore samples International Gold Mining Supply Tenders 

Egypt eyes gold rush with fresh exploration tender by March 2020

arnbethnic
CAIRO – Egypt will invite international gold-mining companies to take part in a new exploration tender after the North African country eased the rules to woo investors, according to a person familiar with the matter. The tender will be announced by early March, said the person, who asked not to be identified because the information isn’t public. Egypt, whose mineral wealth remains largely under-explored and undeveloped, is hoping that gold production can be a future source of growth for its economy, which is emerging from a sweeping International Monetary Fund-backed… Read More Here
Barrick beats forecasts, hikes dividend by 40% as gold prices soar 3 Gold International 

Barrick beats forecasts, hikes dividend by 40% as gold prices soar

Copperbelt Katanga News
Barrick Gold  shared a better-than-expected quarterly profit and gave investor a more than welcome 40% dividend increase thanks to strong gold prices. The world’s second largest producer of the yellow metal said adjusted net earnings in the three months to December reached $300 million, or 17 cents a share, up from $264 million recorded in the previous quarter. Analysts’ average estimate was 14 cents a share. “The board believes the dividend increase is justified by the significant reduction in net debt and strong balance sheet, together with the growth in free… Read More Here
Gold Gold Mining in DRC 

Banro dangling Congo gold mine to best bidder

Copperbelt Katanga News
Canada’s Banro Corporation will put its Namoya gold mine in eastern Congo up for sale at a significant discount, after repeated attacks from armed rebels forced it to leave their operations once again in September. The Toronto-based miner, present in eastern DRC since the 1990s, said the decision to offload Namoya was based on lack of government support to keep its staff and assets safe. Banro had a challenge run that nearly ended in bankruptcy three years ago. The government had confiscated its licenses during a civil war that killed… Read More Here
Shanta Gold to acquire Barrick’s gold projects in Kenya 4 Gold 

Shanta Gold to acquire Barrick’s gold projects in Kenya

Copperbelt Katanga News
AIM-listed East Africa-focused gold producer Shanta Gold has entered into a definitive agreement to purchase 100% of the shares of Barrick’s subsidiary Acacia Exploration Kenya, or AEKL, from two subsidiaries of Barrick Gold Corporation. AEKL’s primary asset is a 100% participating interest in licences held by Afriore, which includes an existing high-grade resource. If the deal is approved, Barrick will become Shanta Gold’s fifth largest shareholder with a 6.4% interest in the company. Shanta will acquire the West Kenya project at a fully financed purchase price totaling US$7 million cash,… Read More Here
Gold Climbs After WHO Chief’s Stark ‘Tip of the Iceberg’ Warning 5 Gold International 

Gold Climbs After WHO Chief’s Stark ‘Tip of the Iceberg’ Warning

Copperbelt Katanga News
Gold climbed for a fourth day as investors weighed the unfolding coronavirus crisis, including a stark warning from the head of the World Health Organization about the potential for more cases beyond China and signs the disease is spreading in the key Asian trading hub of Singapore. Prices rose as the death toll from the outbreak topped 900 and WHO Director-General Tedros Adhanom Ghebreyesus voiced concern over the spread from people with no travel history to China. “we may only be seeing the tip of the iceberg.” In Singapore, there… Read More Here
Gold is poised to perform strongly in 2020 6 Gold International 

Gold is poised to perform strongly in 2020

arnbethnic
Gold is poised to perform strongly in 2020, with geopolitical risk set to remain elevated,  metals and mining research and consultancy group Wood Mackenzie said Tuesday.   Miners are set to enjoy bumper margins and the trade-off between investing for the long-term and returning money to shareholders will be acutely apparent.  It is crucial that miners capitalise on this moment in the spotlight to secure their long-term position within the industry, said Wood Mackenzie.   Rory Townsend, Wood Mackenzie’s Head of Gold, sees four key themes to watch in the global gold market in 2020?  1. Geopolitical risks are set to… Read More Here

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