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Category: Gold

Central Banks' Gold Purchases Surge Tenfold in April 2024 1 International Gold 

Central Banks’ Gold Purchases Surge Tenfold in April 2024

Constance
In an analysis published on June 4, 2024, the World Gold Council reported a dramatic increase in central banks’ gold purchases, which surged tenfold in one month. Central banks bought 33 tonnes of gold in April, up from just 3 tonnes in March. The Central Bank of Turkey emerged as the largest buyer during this period, adding 8 tonnes to its official reserves. Other central banks also made significant purchases, including those of Kazakhstan, India, Poland, Russia, and the Monetary Authority of Singapore. While African central banks have historically been… Read More Here
DRC to Fully Control Gold Export Venture Amid Slumping Shipments 2 Mining in DRC Economy Gold 

DRC to Fully Control Gold Export Venture Amid Slumping Shipments

Constance
The Democratic Republic of Congo (DRC) is finalizing a deal to take full control of Primera Gold DRC SA, a gold-export joint venture with its Emirati partner, after experiencing a significant drop in shipments. Primera Gold DRC SA was launched in January 2023 by the DRC in partnership with Abu Dhabi-registered Primera Group Ltd. The venture aimed to curb gold smuggling that fuels conflicts in the country’s eastern provinces. In its first year, the partnership sold 5 tons of hand-mined gold worth about $300 million. However, sales have since plummeted,… Read More Here
Barrick and Zijin Contribute $1 Million to Support Papua New Guinea Landslide Victims 3 International Gold Press Release 

Barrick and Zijin Contribute $1 Million to Support Papua New Guinea Landslide Victims

Constance
 Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and JV partner Zijin Mining Group announced today that they would jointly contribute US$1 million (Kina 3.8 million) to help communities in Papua New Guinea’s Enga province in the wake of a landslide in Mulitaka that has claimed an estimated 600 lives. A team of senior Barrick executives has spent the week in PNG visiting the disaster site and working with the provincial and national governments as well as officials from the United Nations, the Asian Development Bank, Australia, New Zealand and the United States to… Read More Here
B2Gold Completes Sale of Royalties Portfolio to Versamet Royalties 4 International Gold 

B2Gold Completes Sale of Royalties Portfolio to Versamet Royalties

Constance
Canada-based B2Gold announced on Thursday the sale of a portfolio comprising ten precious and base metals royalties to Sandbox Royalties, now renamed Versamet Royalties, a private metals royalty company focused on returns. Valued at approximately $90 million, this move enables B2Gold to unlock the value of its royalties, which CEO Clive Johnson believes have been underappreciated by the market. Under the purchase and sale agreement, Versamet acquired the royalties in exchange for 153.2 million common shares issued to B2Gold at C$0.80 per share, granting B2Gold a 33% equity interest in… Read More Here
Peru Authorizes Barrick Gold for Southern Border Mining Exploration 5 International Exploration Gold 

Peru Authorizes Barrick Gold for Southern Border Mining Exploration

Constance
Peru’s government has granted Barrick Gold permission to conduct mining explorations in the country’s southern border region, Prime Minister Gustavo Adrianzen announced on Wednesday. According to Peru’s constitution, foreign private investment within 50 km of the country’s border requires approval from the Cabinet of Ministers. “The expansion of our mining portfolio is essential, given that this activity drives the economic reactivation process,” Adrianzen stated during a press conference. Mining is a crucial component of Peru’s economy, accounting for 60% of the nation’s exports, primarily from the copper sector. The government… Read More Here
B2Gold Announces Extensive Drilling Plan for Antelope Underground Project in 2024 6 International Gold 

B2Gold Announces Extensive Drilling Plan for Antelope Underground Project in 2024

Constance
B2Gold plans to drill 39,000 meters at the Antelope underground project in 2024. The Antelope Deposit is located approximately 3 km south of the Phase 5 open pit at the Otjikoto Mine. In 2023, B2Gold completed 20,715 meters of drilling in 37 holes at the Antelope deposit, which includes the Springbok Zone, with intersections of 12.88 g/t Au over 7.60 meters, and the Oryx Zone, with 9.86 g/t Au over 7.48 meters. In January 2024, the company announced positive exploration results from the Antelope deposit, suggesting its potential for underground… Read More Here
Illegal Gold Mining Threatens Okapi Wildlife Reserve in Ituri Province 7 Mining in DRC Gold 

Illegal Gold Mining Threatens Okapi Wildlife Reserve in Ituri Province

Constance
During a workshop organized by the Wildlife Conservation Society (WCS) to present their research findings, it was revealed that over 70 gold mining sites are operating illegally within the Okapi Wildlife Reserve (RFO) in Mambasa territory, Ituri province. Rodrigues Kiluka, Coordinator of stakeholders in the RFO mining industry, highlighted that this illicit gold mining is contributing significantly to the destruction of this protected area. He also condemned the involvement of certain militias in these illegal activities. Mining stakeholders, who are initiating projects to protect the reserve, have expressed their concerns… Read More Here
Barrick Gold Confirms Porgera Mine Operations Unaffected by Massive Landslide in Papua New Guinea 8 International Gold 

Barrick Gold Confirms Porgera Mine Operations Unaffected by Massive Landslide in Papua New Guinea

Constance
Barrick Gold announced on Monday that the Porgera Mine in Papua New Guinea remains fully operational and has sufficient fuel supplies for 40 days, despite a massive landslide in Enga province. The landslide, which buried over 2,000 people according to the government, has created treacherous conditions that are hindering aid efforts and diminishing hopes of finding survivors. The Porgera Mine, an underground gold mine, is operated by Barrick Gold in partnership with China’s Zijin Mining and stakeholders from Papua New Guinea. The mine resumed operations earlier this year following a… Read More Here
SwissAid Report Highlights Massive Gold Smuggling from Africa to UAE 9 International Gold 

SwissAid Report Highlights Massive Gold Smuggling from Africa to UAE

Constance
Billions of dollars worth of gold are smuggled out of Africa every year, with most of it exported to the United Arab Emirates (UAE) for processing, according to a report by SwissAid. The Bern-based non-governmental organization analyzed declared and undeclared gold imports over a ten-year period ending in 2022. They estimate that the illicit trade amounts to between $23.7 billion and $35 billion annually based on current market prices. In 2022 alone, more than 435 tons of gold were smuggled out of Africa. The revenue from this illegal trade fuels… Read More Here
Zimbabwe Introduces Gold Supply Tracking System to Combat Smuggling 10 International Gold 

Zimbabwe Introduces Gold Supply Tracking System to Combat Smuggling

Constance
Zimbabwe’s sole authorized gold buyer, Fidelity Gold Refinery (FGR), will implement a new tracking system to monitor the supply of gold from mines to the market, aiming to curb rampant smuggling. General Manager Peter Magaramombe announced the initiative, which will launch on September 30, during a meeting with miners in the capital city, Harare. The International Crisis Group estimates that Zimbabwe loses approximately $1.5 billion annually due to gold smuggling. The new system will enable real-time monitoring from the initial weighing of bullion by producers to its delivery to FGR… Read More Here

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