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Category: Gold

Exploration Success Secures Kibali’s Future 1 Mining in DRC Gold 

Exploration Success Secures Kibali’s Future

arnbethnic
With its exploration prospect pipeline continuing to expand, Kibali is well set to maintain its business plan for at least another 10 years. KINSHASA, DEMOCRATIC REPUBLIC OF CONGO – The ability of Africa’s largest gold mine to replace its reserves beyond depletion will secure its position as one of Barrick Gold Corporation’s Tier One1 assets well into the future, president and chief executive Mark Bristow said here today. Speaking to local media, Bristow said the 13 year old mine, which has just improved its performance for the third consecutive quarter, still had an… Read More Here
Gold price drops over 1% as another Fed rate hike looms 2 Gold International 

Gold price drops over 1% as another Fed rate hike looms

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Gold fell more than 1% on Friday as the US dollar rose, giving up gains from bets for a slowdown in monetary tightening by the Federal Reserve later in the year as the immediate focus turned to an impending rate hike next week. Spot gold was down 1.3% to $1,641.48 per ounce by 11:55 a.m. ET, on its way to another weekly loss. US gold futures also fell 1.3% to $1,644.00 per ounce in New York. Meanwhile, the US dollar index edged higher by 0.2%, eroding the appeal of rival… Read More Here
DRC: at the end of August 2022, mining industries produced 10,386 kg of raw gold 3 Gold Mining in DRC 

DRC: at the end of August 2022, mining industries produced 10,386 kg of raw gold

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The mining industries of the Democratic Republic of Congo (DRC) achieved a production of around 10,386 kilograms of raw gold at the end of August 2022. These statistics are revealed in the Condensed statistical information of the Central Bank of Congo (BCC) published this month of October 2022. This production of raw gold has decreased significantly, informs this report without mentioning the reasons underlying this drop in production. During the same period in 2021, the mining industries of the Democratic Republic of Congo (DRC) had achieved a production of raw… Read More Here
Ivanhoe awarded new exploration rights next to Platreef project on South Africa’s Bushveld Complex 4 Copper Exploration Gold New Mining Projects 

Ivanhoe awarded new exploration rights next to Platreef project on South Africa’s Bushveld Complex

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Ivanhoe Mines has been granted three new highly prospective exploration rights covering total surface area of 80 square kilometres adjacent to the company’s Platreef project in Limpopo province, South Africa. Platreef is a palladium, rhodium, nickel, platinum, copper and gold development project that is 64% owned by Ivanhoe. A 26% interest is held by Ivanhoe’s broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium owns the remaining 10% interest. The project hosts a thick, underground… Read More Here
Gold price rebounds to 2-week high on Fed relief hopes 5 Gold International 

Gold price rebounds to 2-week high on Fed relief hopes

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Gold prices rose to a two-week high on Wednesday as the US dollar and Treasury yields slipped on expectations that the Federal Reserve would temper its aggressive rate-hike stance from December. Spot gold rose 1% to $1,668.92 per ounce by 10:50 a.m. ET after touching its highest since October 13. US gold futures were up 0.8% to $1,669.90 per ounce in New York. Meanwhile, the dollar extended losses to a more than one-month low against its rivals, making gold less expensive for other currency holders. Benchmark US 10-year Treasury yields… Read More Here
Barrick to expand East African footprint following positive results at North Mara, Bulyanhulu gold mines 6 Gold International 

Barrick to expand East African footprint following positive results at North Mara, Bulyanhulu gold mines

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Barrick Gold’s (NYSE: GOLD) (TSX: ABX) president and chief executive Mark Bristow announced on Saturday that the company plans to expand its East African footprint using the North Mara and Bulyanhulu gold mines in Tanzania as a foundation for this endeavour. Back in September 2019, Barrick inherited what Bristow called these “moribund mines” when it re-acquired Acacia Mining. After some rebuilding work, the mines breathed new life and are now set to achieve a combined production in excess of 500,000 ounces for the second year running, thus becoming tier-one assets. North Mara hit a… Read More Here
Gold price at 3-week low as UK inflation jumps again 7 Gold International 

Gold price at 3-week low as UK inflation jumps again

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Gold fell to the lowest in more than three weeks as UK inflation returned to double digits, intensifying pressure on the government and central bank to take additional measures. Spot gold was down 1.1% to $1,634.23 per ounce by 11:20 a.m. ET, its lowest since September 27. US gold futures dropped 1.0% to $1,639.50 per ounce in New York. Following a slight rebound earlier this week, the precious metal has now reversed course as data showed UK consumer prices in September matched a 40-year high and exceeded economists’ expectations. The figures add to pressure… Read More Here
Gold price declines with focus on rates outlook and recession risks 8 Gold International 

Gold price declines with focus on rates outlook and recession risks

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Gold reversed early gains as investors assessed the increasing risk of a global recession against the Federal Reserve’s tightening path. Bullion has had a wild ride this year, tumbling almost 20% since a March peak as the Federal Reserve aggressively tightened monetary policy, prompting investors to seek shelter in the US dollar. The non-yielding metal, which typically has a negative correlation with the dollar and rates, has been pressured by the stronger greenback. On Tuesday, fresh US data pointed to firm growth in manufacturing that’s underpinned by solid business investment… Read More Here
Gold price rebounds as dollar, yields pull back 9 Gold International 

Gold price rebounds as dollar, yields pull back

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Gold halted its slide on Monday, helped by a slight pullback in the US dollar and Treasury yields, even as fears lingered about more hefty Federal Reserve rate hikes to tame soaring inflation. Spot gold rose 1.1% to $1,662.21 per ounce as of 10:55 a.m. ET, after declining more than 3% last week in its worst performance since July. US gold futures climbed 1.3% to $1,669.50 per ounce in New York. “Gold has benefited from USD weakness today, after the pound rebounded amid expectations that more of the tax cuts… Read More Here
Barrick Gold reports preliminary Q3 sales of 1.00 million ounces of gold and 120 million pounds of copper 10 International Copper Gold 

Barrick Gold reports preliminary Q3 sales of 1.00 million ounces of gold and 120 million pounds of copper

arnbethnic
Strong year-to-date copper performance and higher gold grades in Q4 expected to drive delivery of 2022 production guidance Barrick Gold Corporation today reported preliminary Q3 sales of 1.00 million ounces of gold and 120 million pounds of copper, as well as preliminary Q3 production of 0.99 million ounces of gold and 123 million pounds of copper. Access to high grade ore that was previously expected in late Q3 at Nevada Gold Mines is now scheduled for Q4, which should drive a strong finish to the year. Barrick remains on track… Read More Here

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