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Category: Gold

Protests erupt as illegal miners remain in Ghana gold mine  1 International Artisanal mining Gold 

Protests erupt as illegal miners remain in Ghana gold mine 

Constance
Protests have erupted in the mining town of Obuasi, Ghana, as up to 300 gold miners remain underground at an AngloGold Ashanti mine due to fear of arrest if they exit. Heavily armed police officers fired shots at protesting crowds, according to footage taken by Al Jazeera. The illegal, or artisanal, miners entered the mine last week, and more than 80 have chosen to leave and been immediately arrested by Ghanian police forces. In a statement to Mining Technology, AngloGold Ashanti said that “the main exit ramp from the mine,… Read More Here
Gold Remains the Shining Star in the Precious Metals Market 2 Gold Artisanal mining International 

Gold Remains the Shining Star in the Precious Metals Market

Constance
The global precious metals market is experiencing remarkable growth, poised to surpass $400 billion by 2028, according to a report by Fortune Business Insights™. The report highlights the significant role played by gold in driving this market expansion. As the market continues to thrive, it becomes crucial to consider the repercussions for the Artisanal and Small-Scale Gold Mining (ASGM) sector, particularly in Africa and other frontier mining jurisdictions. Unleashing the Potential of Gold: Gold stands as a beacon of stability and security amidst the volatile investment landscape. Its low-risk nature… Read More Here
Pan African's Missed Gold Bonanza: Can They Catch Up? 3 Gold International 

Pan African’s Missed Gold Bonanza: Can They Catch Up?

Constance
What Eskom taketh away, the rand giveth back. That’s one way of looking at prospects for Pan African Resources, a midtier gold producer that seems to have completely missed the rand gold price bonanza being lapped up by other South African-focused gold miners. Pan African’s share price has fallen 19% in 12 months whereas shares in Harmony Gold are 67% higher. DRDGold, the company with which Pan African is most often compared, is 115% higher. Over five years, the difference is even starker: Pan African has returned a respectable 120%, including… Read More Here
Ghana reclaims its position as Africa's top gold producer 4 Gold International 

Ghana reclaims its position as Africa’s top gold producer

Constance
Ghana, the jewel of West Africa, has once again ascended to the pinnacle of Africa’s gold industry, reclaiming its coveted position as the continent’s top gold producer. After a temporary setback in 2021 due to a sharp decline in output, the nation has staged an extraordinary comeback, surpassing South Africa with its remarkable surge in gold production. According to Mr. Samuel Abu Jinapor, the Minister of Lands and Natural Resources, the gold production landscape in Ghana has undergone a significant transformation. The output of large-scale mining companies has witnessed a… Read More Here
Kibali Gold Mines is among the best students who respect the DRC's law on subcontracting- Louis Watum 5 Mining in DRC Gold Mining Policy 

Kibali Gold Mines is among the best students who respect the DRC’s law on subcontracting- Louis Watum

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The issue of subcontracting was at the heart of a special session during the opening ceremony of the 18th edition of DRC Mining Week, on Wednesday June 14, 2023, in Lubumbashi. Keynote speaker for this session, Louis Watum, President of the Chamber of Mines of the Federation of Companies of Congo, cited Kibali Gold Mines among the best students who apply subcontracting in the Democratic Republic of Congo (DRC). Indeed, this mining company has been able to create wealth by promoting the emergence of a real middle class in the… Read More Here
Barrick Gold's Informal Takeover Attempt Rejected by First Quantum Minerals 6 Copper Gold International 

Barrick Gold’s Informal Takeover Attempt Rejected by First Quantum Minerals

Constance
First Quantum Minerals (TSE: FM) recently turned down an informal takeover proposal from Barrick Gold (NYSE: GOLD TSE: ABX), the world’s second-largest producer of precious metals. As mining companies search for growth opportunities, Barrick approached First Quantum in its quest to expand its presence in the copper market. However, First Quantum expressed its lack of interest in a merger and declined to engage in substantive discussions. Sources familiar with the matter revealed these details. Following the news, shares of First Quantum surged by as much as 12% during Canadian trading,… Read More Here
Kinshasa Accounts for Nearly 9.99% of Artisanal Gold Production in 2022 7 Mining in DRC Artisanal mining Gold 

Kinshasa Accounts for Nearly 9.99% of Artisanal Gold Production in 2022

Constance
The city of Kinshasa, capital of the Democratic Republic of Congo produced 9.99% of the total production of artisanal gold during the year 2022, informs the official statistics of the services of the Ministry of Mines. This proportion of production represents 4.22 kilograms of artisanal gold produced in the city of Kinshasa. A production that raised revenues of around USD 244,431.0. For the whole of the 2022 financial year, the artisanal sector of the Democratic Republic of Congo produced 42.25 Kg of gold for an estimated value of 1,592,809.58 million US… Read More Here
Discover the Wealth: Unveiling Africa's Top 10 Nations with Vast Gold Reserves 8 Gold Economy International 

Discover the Wealth: Unveiling Africa’s Top 10 Nations with Vast Gold Reserves

Constance
African Countries Bolster Gold Reserves Amid Global Uncertainty. In recent years, African countries have taken significant steps to strengthen their gold reserves, positioning themselves favourably amidst global economic uncertainty. As geopolitical tensions and inflation concerns persist, the allure of gold as a safe-haven asset has intensified. Let’s explore the top 10 African countries with the largest gold holdings in 2023. Topping the list is Algeria, boasting the largest gold reserves on the continent, with a robust holding of 174 metric tons. South Africa closely follows, with official gold reserves reaching… Read More Here
DRC Generates 1.104 billion USD Gold exports at the end of 2022 9 Mining in DRC Gold 

DRC Generates 1.104 billion USD Gold exports at the end of 2022

Constance
In total more than 28,306.26 kilograms of gold were exported from the Democratic Republic of Congo (DRC) in 2022, informs the annual report of the Ministry of Mines. According to this same document, the 28,306.26 kilograms of gold exported on Congolese soil generated revenues of 1.104 billion US dollars during the period evaluated. Regarding exports of industrial exploitation of unrefined gold, they are dominated by KibaIi Gold with 99.83% and MCCR with 0.17%. The quantity exported by MCCR is marginal. Artisanal exports of gold during this period are estimated at 42.25… Read More Here
Gold price falls to USD 1,981 per ounce 10 International Gold 

Gold price falls to USD 1,981 per ounce

Constance
Gold prices fell further on Wednesday 17th May as the dollar rose after comments from U.S. Federal Reserve officials cast doubt on interest rate cuts this year. Spot gold fell another 0.3% to $1,981.95 an ounce, after falling below $2,000 the previous session. US gold futures fell 0.4% to $1,985.60 an ounce. Meanwhile, the U.S. dollar index hit a six-week high, eroding the appeal of bullion, which also rivals the currency as a safe haven, especially among overseas buyers. Reiterating the central bank’s determination to contain inflation, Chicago Fed Chair Austan… Read More Here

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