Category: Gold

Chinese national En “Aisha” Huang is well known in Ghana as the “Galamsey Queen,” a nickname bestowed by the local media to describe her status as a kingpin of illegal gold mining operations. Her arrest and recent sentencing are emblematic of Ghana’s serious, ongoing problem with Chinese involvement in illegal artisanal small-scale gold mining (ASM). A Ghanaian court on December 4 sentenced Huang to 4½ years in prison and levied a $4,000 fine for running an illegal mining operation. Authorities told reporters that she will be deported after serving the… Read More Here

Dundee Precious Metals (TSX: DPM) is buying Osino Resources (TSXV: OSI) for C$287 million ($214m) in cash and shares to acquire its advanced-stage Twin Hills gold project in Namibia. The half-stock, half-money deal gives Dundee all of Osino’s shares for C$0.775 each plus 0.0801 of a Dundee share, representing a premium of 44% on the 30-day, volume-weighted average price of Osino stock as of Dec. 15. Osino shareholders will get 7% of the company in the transaction expected to close by June. Twin Hills is an open-pit project with a… Read More Here

Saudi Arabian Mining Company (Ma’aden), the biggest mining company in the Arab world, has announced the discovery of a “significant gold resource potential” in the kingdom. The new discovery extends along a 100km stretch from the existing Mansourah Massarah gold mine, the company said on Thursday. It is the “first find from the company’s extensive exploration programme, launched in 2022, aimed at building Ma’aden’s production pipeline”, it said. “These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country… Read More Here

Gold hit an all-time high in 2023, dragging silver up with it and experts see little reason why its upward progress should falter in the coming 12 months. Traditionally, gold is on the other end of a seesaw with the US dollar. The established wisdom is if the US currency strengthens, gold’s value drops and vice versa, a pattern played out pretty much to the letter in 2023. Gold dipped when interest rates were rising in a US central bank bid to curb inflation, pushing the dollar higher. As soon as… Read More Here

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) announced today that the Porgera mine in Papua New Guinea (PNG) is set to resume operations later this month and is expected to start pouring gold again in the first quarter of 2024.  This follows the satisfaction of the conditions to the Porgera Project Commencement Agreement, in which a new ownership structure was agreed. Barrick president and chief executive Mark Bristow said the reopening of the mine represented another victory for the company’s host-country partnership model which had been very successful in Tanzania and had also… Read More Here

The US Bureau of Land Management has issued a Record of Decision (“ROD”) approving Nevada Gold Mines’ (“NGM”) plan of operations for its new Goldrush underground mine at the Cortez Complex near Beowawe, Nevada. The long-life mine is expected to start ramping up production in 2024 after the commissioning of the initial project infrastructure and is forecast to produce 130,000 ounces in 2024 and grow to approximately 400,000 ounces per annum by 2028 (100% basis)1. Barrick and NGM have invested more than $370 million in the project to date and… Read More Here