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Category: Gold

Congolese Mining Sector Boosted by Rising Tin and Gold Prices 1 Mining in DRC Gold Tin 

Congolese Mining Sector Boosted by Rising Tin and Gold Prices

Constance
The Congolese mining sector is experiencing a significant revival, driven by the recent surge in the price of tin on international markets. According to the latest data from the National Commission of Mercuriales within the Ministry of Foreign Trade, the price of a tonne of tin reached $29,306 USD during the week of December 23–28, 2024. This marks a 1.06% increase compared to the previous week. The Commission’s report also highlights that the price of tin stood at $28,998 USD per tonne during the week of December 16–22, 2024, reflecting… Read More Here
Gold Price Increase Supports DRC's Economic Growth Amid Global Uncertainty 2 Mining in DRC Economy Gold 

Gold Price Increase Supports DRC’s Economic Growth Amid Global Uncertainty

Constance
The price of gold, the Democratic Republic of Congo’s (DRC) leading export mineral, experienced a modest increase during the week of December 16 to 21, 2024. According to data from the National Commission of Mercuriales, part of the Ministry of Foreign Trade, the price of a gram of gold reached $86.05, reflecting a 0.66% increase compared to the previous week. This rise can be attributed to several factors, including increased demand for gold as a safe-haven asset amid global economic uncertainties. As a key source of revenue for the DRC,… Read More Here
Barrick Gold Seeks Arbitration with Mali Over Loulo-Gounkoto Dispute 3 International Gold 

Barrick Gold Seeks Arbitration with Mali Over Loulo-Gounkoto Dispute

Constance
Barrick Gold, the leading gold producer in Mali, has submitted a request for arbitration to the International Centre for Settlement of Investment Disputes (ICSID), a World Bank institution. The Canadian company is seeking to resolve ongoing disagreements with the Malian government concerning the Loulo-Gounkoto mining complex, the country’s largest gold mine. In a press release on December 18, 2024, Barrick confirmed its decision to use ICSID’s services to address the dispute. However, the company has not disclosed the specifics of its claims or the nature of the request. It remains… Read More Here
Barrick’s Pueblo Viejo Remains Committed to Fair Resettlement Process 4 International Gold Press Release 

Barrick’s Pueblo Viejo Remains Committed to Fair Resettlement Process

Constance
 The Barrick operated Pueblo Viejo mine has said it remained committed to an equitable Resettlement Action Plan required to advance the development of the El Naranjo Tailings Storage Facility, which will help extend the life of the mine beyond 2040 while sustaining gold production above 800,000 ounces a year. Barrick’s Dominican Republic country manager, Juana Barcelo, said Pueblo Viejo has been working closely and transparently with those community members who will need to be resettled, including on issues such as the development of the host site, the construction of houses,… Read More Here
Barrick International Gold Press Release 

Barrick Update on Mali Operations

Constance
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reports that although it had previously agreed on a framework to achieve a global resolution of the disputes with the Government of Mali over the Loulo-Gounkoto complex, it has to date been unsuccessful in arriving at a final resolution despite numerous good-faith attempts to negotiate and a willingness to compromise beyond its legal rights. Barrick has engaged constructively with the Malian government and its external advisors over the past 12 months, addressing their requests for an increased share of the economic benefits generated by Loulo-Gounkoto. Notably,… Read More Here
B2Gold Faces Disruption at Fekola Mine Due to Workers' Strike in Mali 5 International Gold 

B2Gold Faces Disruption at Fekola Mine Due to Workers’ Strike in Mali

Constance
A workers’ strike at B2Gold’s flagship Fekola mine in southwest Mali has significantly reduced mining operations to just 25% of its full capacity, according to two employees at the mine. The strike, which began on November 29, involves between 1,875 and 2,000 workers protesting the dismissal of some of their colleagues. The strike, lasting seven days, was triggered after several employees were let go. While the Vancouver-based miner acknowledged the reduced capacity, it disputed the 25% figure, stating operations at Fekola were continuing at a “well in excess” of the… Read More Here
Barrick Gold Seeks Buyer for Côte d'Ivoire's Tongon Mine Amid Gold Price Surge 6 International Corporate News Gold 

Barrick Gold Seeks Buyer for Côte d’Ivoire’s Tongon Mine Amid Gold Price Surge

Constance
Barrick Gold Corp., the world’s second-largest gold producer, is seeking buyers for its Tongon gold mine in Côte d’Ivoire as part of its strategy to divest aging assets while gold prices remain high. Barrick has partnered with Toronto-Dominion Bank to identify potential buyers and solicit bids for the mine, according to sources familiar with the matter. Neither Barrick nor TD Bank has commented on the sale. Located 682 km north of Côte d’Ivoire’s port city of Abidjan, Tongon is an open-pit mine nearing the end of its operational life. Production… Read More Here
Barrick Gold Increases Commitment to Pueblo Grande Project in Dominican Republic 7 International Gold New Mining Projects 

Barrick Gold Increases Commitment to Pueblo Grande Project in Dominican Republic

Constance
Precipitate Gold, a TSX-V-listed company, announced that Barrick Gold has amended their earn-in agreement for the Pueblo Grande project in the Dominican Republic, raising its total required work expenditures from $10 million to $22 million. This represents a 120% increase in Barrick’s financial commitment to the project, which is located next to Barrick’s Pueblo Viejo mine. As per the revised agreement, Barrick must now spend an additional $17 million to fulfill its earn-in obligations, which would grant it a 70% stake in the Pueblo Grande project. Since the original agreement… Read More Here
Bristow Faces Geopolitical Struggles as Mali's Military Junta Targets Barrick Gold 8 International Gold 

Bristow Faces Geopolitical Struggles as Mali’s Military Junta Targets Barrick Gold

Constance
Mark Bristow has spent three decades navigating civil wars and coups to build some of Africa’s richest gold mines, but now, Barrick Gold’s CEO is facing pressure from a cash-strapped Mali junta. This comes after a dispute over the division of economic benefits from the country’s largest gold mine. In 2012, when Mali’s government was overthrown, the junta allowed Bristow’s Randgold Resources to continue operations, even granting special permits for the company to fly gold bullion out of the country. However, the relationship has soured over time, and now, a… Read More Here
Mali Issues Arrest Warrant for Barrick Gold CEO Mark Bristow Amid Rising Tensions 9 Gold International 

Mali Issues Arrest Warrant for Barrick Gold CEO Mark Bristow Amid Rising Tensions

Constance
BAMAKO – Mali, one of Africa’s largest gold producers, has issued an arrest warrant for Barrick Gold CEO Mark Bristow, according to a warrant document seen by Reuters on Thursday. This marks an escalation in the ongoing dispute between the Canadian mining company and the West African nation. The junta-led government of Mali is seeking to increase state revenues from the mining sector as gold prices rise. In an effort to exert pressure on foreign companies, the government has detained mining executives. In September, four senior local employees of Barrick… Read More Here

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