Gold - Copperbelt Katanga Mining

Gold price sinks below $1,700 ahead of key central bank meetings

July 21, 2022July 21, 2022 admin

Gold prices sank below $1,700 on Wednesday afternoon as investors continued to shed holdings of gold-backed exchange-traded funds ahead of key central bank meetings over the next week, which may result in more aggressive interest rate hikes. Spot gold fell 0.9% to $1,696.71 per ounce by 5:10 p.m. ET, a new 11-month low, after holding steady earlier in the session. US gold futures shrank 1.0% to $1,694.30 per ounce in New York. Bullion has been hovering in a narrow trading range since late last week, with the US dollar index also… Read More Here

Gold

Caledonia Mining to buy one of Zimbabwe’s largest gold projects

July 21, 2022July 21, 2022 admin

Caledonia Mining Corporation is set to be the new owner of one Zimbabwe’s biggest gold mining projects after agreeing to acquire Bilboes Gold Limited, owner of the namesake gold project, in a $53 million shares deal, plus a royalty on revenues. The transaction could more than double Caledonia’s annual production, potentially making it Zimbabwe’s top gold miner. It would also help the company become a multi-asset mid-tier producer. “We are delighted to have signed an agreement for the purchase of Bilboes, the premier gold development project in Zimbabwe, and indeed one of… Read More Here

Gold International

Gold price rebounds from near 11-month low as dollar retreats

July 19, 2022July 19, 2022 admin

Gold rebounded from last week’s 11-month low, supported by a weakening dollar as traders pare back expectations of aggressive Federal Reserve interest-rate hikes. Prices bounced as much as 0.9% on Monday as the dollar declined for a second day, taking some of the strain off the non-interest bearing precious metal after the prospect of a super-sized rate hike helped spark a fifth straight week of losses. Federal Reserve officials are on track to raise rates by 75 basis points for the second consecutive month when they meet later in July, after… Read More Here

International Gold

Gold deposits found in Nkhata Bay in Malawi

July 17, 2022July 17, 2022 arnbethnic#Malawi, Gold discoveries

Malawi’s Ministry of Mining says gold deposits have been found in the farm of the late Aleke Banda at Tukombo in Nkhata Bay. The ministry’s Public Relations Officer Andrew Mkonda Banda has told the local media that a preliminary investigation has established the presence of gold deposit in the area. The discovery of gold by the ministry comes after residents from 100 villages around Tukombo Trading Centre in Nkhata Bay rushed to the estate to dig for the precious metal. The residents use hoes and other sharp objects to dig.… Read More Here

Gold International

Gold price nears 11-month low with dollar winning battle of havens

July 14, 2022July 14, 2022 admin

Gold plummeted to a near 11-month low on Thursday as investors again turned to the US dollar as the preferred haven amid expectations for more aggressive monetary tightening measures by the Federal Reserve. Spot gold fell 1.7% to $1,706.42 by 12:50 p.m. ET, having been down as much as 2.2% earlier in the session. US gold futures also dropped by 1.7% to $1,705.50 per ounce in New York. Meanwhile, the US dollar soared to a new 20-year high, emerging as a preferred save haven in light of growing economic risks… Read More Here

Gold Copper International Mining Companies Mining in Zambia

Barrick On Track After Higher Q2 Output

July 14, 2022July 14, 2022 admin

Barrick Gold Corporation today reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1. The average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2… Read More Here

Gold

Caledonia achieves record quarterly production in Zimbabwe

July 13, 2022July 13, 2022 admin

Gold miner Caledonia Mining achieved record production of 20 091 oz at the Blanket gold mine, in Zimbabwe, for the quarter ended June 30. This was a 20% increase on the 16 710 oz produced in the second quarter of 2021. In the first half of the year 38 606 oz of gold was produced, about 29% more than the 29 907 oz produced in the first half of 2021. “Production in the first half of 2022 was excellent and exceeded our expectations. Production excludes an estimate of approximately 1 500 oz of recoverable gold included in an… Read More Here

Gold International

Gold price steadies near nine-month low as dollar rally powers on

July 12, 2022July 12, 2022 admin

Gold steadied near the lowest in more than nine months as the dollar edged higher in anticipation of US inflation data this week that’s set to shape the magnitude of the Federal Reserve’s next rate hike. Investors concerned about the prospect of a global economic downturn have turned in droves to the greenback, which is already up more than 2% this month. That’s capped gold, despite support from an easing in US Treasury yields. “Any significant or lasting rise in the gold price is being precluded not only by the… Read More Here

Gold International

Gold nears 9-month low as looming rate hikes lift dollar

July 11, 2022July 11, 2022 admin

Gold prices fell on Monday, lingering near a recent nine-month low, after strong US job market data last week boosted the dollar and the likelihood of another big rate hike by the Federal Reserve. Spot gold fell 0.3% to $1 736.11/oz by 12:17 GMT. US gold futures dipped 0.6% to $1 732.40. The dollar rose about 0.8% dimming greenback-priced gold’s appeal among overseas buyers. The jobs report published on Friday tempered some of the recessionary fears that were starting to cast doubts over how far the Fed could go in terms of… Read More Here

Gold

Asante pours first gold at Bibiani mine in Ghana

July 8, 2022July 8, 2022 admin

Canada’s Asante Gold (TSX-V: ASE) (GSE: ASG) has poured first gold at its Bibiani gold mine in Ghana, which is expected to produce 175,000 ounces of the precious metal over the next 12 months. The news follows the commissioning of the processing plant and associated equipment at the mine in early June. The Vancouver-based company said this was the final operating area of the process plant to be commissioned, adding that scale up of production is continuing as planned, including collection of gold on carbon. Bibiani, which Asante acquired last year from Australia’s Resolute Mining (ASX, LON: RSG),… Read More Here