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Category: Gold

Primera Gold Renamed DRC Gold Trading as State Gains Full Ownership 1 Mining in DRC Economy Gold 

Primera Gold Renamed DRC Gold Trading as State Gains Full Ownership

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The Congolese government has renamed Primera Gold DRC SA to DRC Gold Trading SA following its complete acquisition of the company. Initially established as a joint venture between the Democratic Republic of Congo (DRC) and the United Arab Emirates in December 2022, the company is now fully under Congolese control. Revised statutes formalized the name change, with the shareholding structure now comprising 55% ownership by the state, 15% by Gécamines, and 30% by the Mining Fund for Future Generations (FOMIN). During the 60th anniversary of Blessed Anuarite Nengapeta in Buta… Read More Here
DRC Govt Gains 100% Control of Primera Gold DRC SA 2 Mining in DRC Gold 

DRC Govt Gains 100% Control of Primera Gold DRC SA

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The Congolese government has regained full ownership of Primera Gold DRC SA, acquiring all shares held by its former Emirati partner, Primera Group Limited. This strategic move aims to position the Democratic Republic of Congo (DRC) as the leading exporter of gold from artisanal and small-scale mining, ensuring greater benefits for local communities impacted by mining activities. The transition also involved a redistribution of shares within the company, now renamed DRC Gold Trading SA. The Congolese state holds a 55% majority stake, while Gécamines and the Mining Fund for Future… Read More Here
Gold Prices Dip Amid Stronger Dollar and Geopolitical Shifts 3 International Economy Gold 

Gold Prices Dip Amid Stronger Dollar and Geopolitical Shifts

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Gold prices edged lower on Monday, pressured by a strengthening US dollar following comments from President-elect Donald Trump, who warned BRICS nations against forming a new currency. The rising dollar has made gold more expensive for holders of other currencies, further dampening demand. Spot gold traded at $2,635 an ounce in early Asian hours, after falling nearly 3% the previous week. As of 9:13 a.m. in Singapore, the metal was down 0.4% to $2,632.11, while the Bloomberg Dollar Spot Index rose 0.3%. Other precious metals, including silver, platinum, and palladium,… Read More Here
Northern Star Resources Acquires De Grey Mining in $3.2 Billion Australian Gold Sector Deal 4 International Gold 

Northern Star Resources Acquires De Grey Mining in $3.2 Billion Australian Gold Sector Deal

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Two of Australia’s largest gold miners have struck a groundbreaking AU$5 billion ($3.2 billion) takeover agreement as the gold sector experiences a surge in consolidation driven by record-high commodity prices. Northern Star Resources, operator of the iconic Super Pit gold mine in Western Australia, announced the acquisition of De Grey Mining in an all-share deal. The transaction represents a 37% premium to De Grey’s share price, with its shareholders set to hold a 20% stake in the combined entity. This acquisition marks another significant milestone in global gold sector consolidation.… Read More Here
Resolute Mining Makes Progress on $160 Million Settlement with Mali Government 5 International Gold 

Resolute Mining Makes Progress on $160 Million Settlement with Mali Government

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London- and Australia-listed Resolute Mining has completed a second settlement payment of approximately $50 million to the government of Mali, funded from its existing cash reserves. The company confirmed that the remaining balance of $30 million will be settled by the end of this year using its current liquidity sources. These payments are part of a $160 million settlement outlined in a memorandum of understanding (MoU) signed with the Malian government on November 18. Resolute agreed to the settlement after its CEO and other executives were detained in Mali. An… Read More Here
Ontario Court Dismisses Tanzanian Lawsuit Against Barrick Gold 6 International Gold 

Ontario Court Dismisses Tanzanian Lawsuit Against Barrick Gold

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Dual-listed Barrick Gold has welcomed the Ontario Superior Court’s decision to dismiss a lawsuit brought by 21 Tanzanian nationals alleging human rights abuses by Tanzanian police at the North Mara gold mine. The court ruled that Ontario, Canada, was not the appropriate jurisdiction for the claims. The lawsuit, filed in November 2022, accused Barrick of complicity in extrajudicial killings purportedly committed by police officers stationed at the mine. The plaintiffs argued that Barrick, as the majority owner of the North Mara mine, effectively controlled the police presence and should be… Read More Here
DRC Gold Sector Shines with Over 7 Tons Produced in Q1 2024 7 Mining in DRC Economy Gold 

DRC Gold Sector Shines with Over 7 Tons Produced in Q1 2024

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In the first quarter of 2024, the Democratic Republic of Congo (DRC) achieved remarkable gold production, totaling 7,153.58 kilograms. This highlights the nation’s vast gold potential, despite ongoing challenges in the sector. Data from the Technical Cell for Coordination and Mining Planning reveals that industrial mining dominated production with 6,462.61 kilograms, led by Kibali Gold Company, which contributed 6,445.61 kilograms. The MCC Company added 17 kilograms to this total. Meanwhile, artisanal mining accounted for 690.97 kilograms, underscoring its significance in the local economy, where thousands of miners rely on gold… Read More Here
Barrick Gold Employees Charged Amid Mali's Push for Mining Revenue 8 International Corporate News Gold 

Barrick Gold Employees Charged Amid Mali’s Push for Mining Revenue

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Four employees of Barrick Gold, one of Canada’s leading gold mining companies, have been charged and detained in Mali as the military-led government intensifies efforts to secure more revenue from the mining sector. The employees, who were initially detained in September, have been re-arrested, according to a source familiar with the matter. Barrick has strongly denied the charges but has not disclosed specifics. The company stated it is actively engaging with Mali’s government to negotiate an amicable resolution and secure the release of the detainees. “Since September 30, Barrick has… Read More Here
Toubani Resources Secures Financial Advisor for Mali's Kobada Gold Project 9 International Gold 

Toubani Resources Secures Financial Advisor for Mali’s Kobada Gold Project

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Toubani Resources, a gold development company focused on Africa, has appointed Endeavour Financial as its financial advisor to advance the development of the Kobada gold project in Mali. This appointment follows significant interest from potential financiers, including African banks and credit funds, spurred by the recent release of the project’s definitive feasibility study (DFS). The DFS positioned Kobada as one of West Africa’s most cost-effective gold development projects, with an upfront capital requirement of $216 million. It also highlighted the project’s potential to produce over 150,000 ounces of gold annually,… Read More Here
Gold Price Drop Impacts DRC Mining Exports 10 Gold Economy Mining in DRC News in Brief 

Gold Price Drop Impacts DRC Mining Exports

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The price of gold, a key export for the Democratic Republic of Congo (DRC), has decreased by 2.93% on global markets. From November 18-23, 2024, the price per gram fell to USD 86.12, down from USD 88.72 the previous week, according to a press release from the Ministry of Foreign Trade. This decline is part of broader global fluctuations in raw material prices, particularly observed between November 11-16, 2024. Price volatility on international markets continues to challenge the DRC, where Read More Here

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