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Category: Gold

Congolese Gold Price Sees Modest Increase Amid Global Uncertainty 1 Mining in DRC Economy Gold 

Congolese Gold Price Sees Modest Increase Amid Global Uncertainty

Constance
During the week of November 11 to 16, 2024, the price of Congolese gold saw a slight increase of 0.07%, reaching $88.72 per gram, up from $88.66 the previous week, according to a report from the National Commission of Mercuriales under the Ministry of Foreign Trade. While this rise is modest, it reflects growing global interest in the precious metal as markets remain sensitive to fluctuations in raw material prices. Gold, often seen as a safe haven in times of economic uncertainty, continues to see increased demand. Even small price… Read More Here
DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading 2 Mining in DRC Economy Gold News in Brief 

DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading

Constance
The Democratic Republic of Congo (DRC) is facing significant financial losses in its mining sector due to widespread fraud. Joseph Kazibaziba, Managing Director of DRC Gold Trading SA, a company operating in the gold mining industry, revealed that “more than 50 tons of gold are fraudulently exported to the east coast of Congo, amounting to over 5 billion USD.” He acknowledged that one of the major challenges remains integrating the substantial quantity of gold extracted through artisanal methods back into the official economy. The causes of this fraud are numerous,… Read More Here
Primera Gold Rebrands as DRC Gold Training, Strengthens National Governance in the Gold Sector 3 Mining in DRC Gold 

Primera Gold Rebrands as DRC Gold Training, Strengthens National Governance in the Gold Sector

Constance
Mining company Primera Gold has officially rebranded as DRC Gold Training, marking a significant shift in the management of the country’s artisanal gold sector. This transformation comes under the stewardship of the Congolese state, which now holds a 55% majority stake in the company. Along with the state’s ownership, the Mining Fund for Future Generations has acquired 30% of the shares, and Gécamines holds 15%. This new structure underscores the government’s commitment to placing the management of artisanal gold mining at the heart of national interests, ensuring that local stakeholders… Read More Here
Zambia Launches Construction of Gold Mining Centers in Rufunsa and Mumbwa 4 Gold Mining in Zambia 

Zambia Launches Construction of Gold Mining Centers in Rufunsa and Mumbwa

Constance
The construction of Zambia’s first two Gold Mining Centers in the Rufunsa and Mumbwa districts is now underway, with completion targeted for the end of this year. Mines and Minerals Development Minister Paul Kabuswe announced that the government has appointed Zamgold Limited as the official gold aggregator, responsible for purchasing gold from newly formalized gold markets. This initiative aims to regulate the sector and promote legal trade. In his statement to the National Assembly, Mr. Kabuswe highlighted that the establishment of these centers is a key step toward reducing illegal… Read More Here
B2Gold Advances Namibia's Springbok Zone Mining Project within Antelope Deposit 5 International Gold 

B2Gold Advances Namibia’s Springbok Zone Mining Project within Antelope Deposit

Constance
B2Gold has initiated a preliminary economic assessment (PEA) for the Springbok Zone, part of the Antelope deposit, with an eye on starting mining operations in 2026. The Antelope deposit, located approximately three kilometers south of the Otjikoto open pit, includes the Springbok and Oryx Zones, along with a potential third structure known as Impala. The company expects to complete the PEA in the first half of 2025. In the second quarter of 2024, B2Gold released an initial inferred mineral resource estimate for the Springbok Zone, identifying 1.75 million tons grading… Read More Here
Barrick Declares Q3 Dividend and Buys Back Additional Shares 6 International Gold 

Barrick Declares Q3 Dividend and Buys Back Additional Shares

Constance
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced the declaration of a dividend of $0.10 per share for the third quarter of 2024. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q3 2024 dividend will be paid on December 16, 2024 to shareholders of record at the close of business on November 29, 2024. Barrick also repurchased an additional 4.725 million shares during the third quarter under the $1 billion share buyback program that was announced in February 2024, bringing the total repurchases… Read More Here
Barrick Mines Set to Deliver Strong Finish to the Year 7 International Gold 

Barrick Mines Set to Deliver Strong Finish to the Year

Constance
Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) dealt with ongoing challenges and made significant progress on many fronts in the third quarter of the year to keep its annual production and cost guidance within reach on the back of the strong performance anticipated in Q4. Gold production was in line with that of the previous quarter while copper production was up 12% quarter on quarter. The Company said it was on track for a materially improved Q4, driven by the continuing ramp-up of the Pueblo Viejo plant expansion, increased throughput at Nevada Gold… Read More Here
Global Gold Demand Soars Amid Strong ETF Inflows in Q3 8 International Gold 

Global Gold Demand Soars Amid Strong ETF Inflows in Q3

Constance
Healthy inflows into global gold exchange-traded funds (ETFs) significantly boosted gold demand in the third quarter, according to the World Gold Council. Combined with ongoing investor interest in over-the-counter markets, these factors contributed to a series of record-high gold prices during the period. While gold jewelry consumption declined due to rising prices, India experienced a notable rebound following a reduction in gold import duties. Net demand from central banks slowed but remained robust, with official institutions purchasing a net total of 186 tonnes of gold in the quarter. Year-to-date purchases… Read More Here
Caracal Gold Secures Mining License for Kanegele Project in Tanzania 9 International Gold New Mining Projects 

Caracal Gold Secures Mining License for Kanegele Project in Tanzania

Constance
London-listed Caracal Gold has obtained a mining license for its Kanegele project in Tanzania. Caracal’s subsidiary, Tyacks Gold, successfully applied for two mining licenses in December 2023, and the Kanegele project, located within the Nyakafuru area, has now received its first permit. Located in the Lake Victoria Gold Fields, Kanegele lies 140 km southwest of Mwanza, Tanzania’s second-largest city, and benefits from established infrastructure. The Kanegele project encompasses four main deposits—Voyager, Mentelle, Cullen, and Leeuwin—with a Joint Ore Reserve Committee (JORC)-compliant resource estimate of 658,000 oz. Substantial historical mining and… Read More Here
Montage Gold Secures $825 Million for Construction of Côte d'Ivoire's Largest Gold Mine 10 Gold International New Mining Projects 

Montage Gold Secures $825 Million for Construction of Côte d’Ivoire’s Largest Gold Mine

Constance
Montage Gold has successfully raised $825 million in Côte d’Ivoire to finance the construction of the country’s largest gold mine, which is expected to achieve an annual production capacity of 301,000 ounces during its first eight years of operation. This project is set to significantly bolster gold production in Ivory Coast in the long term. In a press release dated October 24, 2024, Montage announced that the funding was secured through a combination of loans and advance sales of future gold production. This financing involved collaboration with one of its… Read More Here

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