Category: Gold

Montage Gold announced on Tuesday that Zijin Mining Group, a Chinese mining firm, will acquire a 9.9% strategic stake in the company through a brokered private placement. Zijin Mining will purchase 32.7 million shares of the Vancouver-based company at C$1.75 per share, totaling nearly C$57.3 million. The offering is expected to be completed by August 12. This deal comes amid Canada’s efforts to tighten its Investment Canada Act, which reviews foreign investments to safeguard national security. However, Montage believes the investment does not require Canadian government approval because Zijin will… Read More Here

Zimbabwe’s largest gold producer, Kuvimba Mining House, is negotiating with potential partners for a $150 million investment to increase production at its Shamva mine by 50%. Kuvimba Mining House, which is 65% state-owned, has already completed a feasibility study for a large-scale mine and processing plant, according to acting Chief Executive Officer Trevor Barnard. “We are discussing that with potential partners to go forward,” Barnard said during a press briefing in Harare on Monday. “This is a resource which is really significant, it’s large, it’s high quality.” Zimbabwe acquired Shamva… Read More Here

African nations are increasingly building their gold reserves to hedge against geopolitical tensions that have weakened their currencies and fueled inflation. Countries such as South Sudan, Zimbabwe, and Nigeria have either taken steps to increase their holdings or are considering doing so. This move aligns with central banks in China and India, which have accumulated gold to diversify reserves and reduce dependency on the US dollar. A World Gold Council survey indicates that about 20 central banks globally are expected to increase their gold reserves in the coming year. “As… Read More Here

Gold mining major AngloGold Ashanti and a new European investor have supported Canadian junior G2 Goldfields’ latest capital raise for its Oko project in Guyana. The TSX-V-listed exploration company announced a non-brokered private placement of 28.97 million shares at C$1.45 per share, yielding gross proceeds of C$42 million. A single European investor has agreed to purchase 20 million shares, while AngloGold Ashanti will acquire the remaining shares. Upon closing, AngloGold will hold approximately 15% of G2’s common shares, up from its current 12.8%. The offering is expected to close in… Read More Here

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) has extended an invitation to representatives of Ekō to engage in discussions and visit specific mine sites referenced in their recent allegations concerning Barrick’s portfolio. The Company aims to facilitate a direct dialogue with Ekō to comprehensively understand the basis of their concerns. Barrick intends for these site visits to provide Ekō with firsthand access to factual data and ground realities. Through this initiative, Barrick seeks to correct what it perceives as misinformed and inaccurate statements about its operations. During the visits,… Read More Here