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Category: Gold

DRC: seizure of around 30 kg of gold, worth nearly 2 million USD 1 Mining in DRC Gold 

DRC: seizure of around 30 kg of gold, worth nearly 2 million USD

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The Congolese authorities announce that they seized on Saturday June 19, 2021 31 kg of gold, worth 1.9 million USD. The operation took place at the Okapi Wildlife Reserve, a reserve on the UNESCO World Heritage List, in the Ituri forest, bordering Uganda. The gold seized in the hands of the smugglers came from Muchacha. Three people were arrested and taken to Bunia. Also according to the sources of the reserve, two Chinese are also involved, but they have not yet been arrested because on the run. According to Reuters , the gold came from… Read More Here
Gold price rebounds from worst week since March 2020 2 Gold International 

Gold price rebounds from worst week since March 2020

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Gold prices edged higher on Monday amid investor buying “on the dip” following the precious metal’s biggest weekly decline in 15 months. Spot gold climbed 1.0% to $1,783.44 an ounce by 11:40 a.m. ET, holding above the $1,780 level last seen in early May. US gold futures recovered 0.8% to trade at $1,784.10 an ounce in New York. Last week, bullion slumped to the lowest since April after policy makers at the US Federal Reserve brought forward their expectations for when monetary tightening would start. Gold declined 6.0% for its worst… Read More Here
ZAMBIA VS DEMOCRATIC REPUBLIC OF CONGO 3 Copper Gold Mining in DRC Mining in Zambia 

ZAMBIA VS DEMOCRATIC REPUBLIC OF CONGO

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INSIGHTS FROM OPERATORS AND INTERVIEWEES “Zambia is a strategic location with a geological endowment that is second to none. The endowment is here, but the policies to allow its exploitation are not. Exploration activities in Zambia currently stand at approximately US$25 million per annum, which is a sixth of the ongoing exploration happening in the DRC.” Sokwani Chilembo, CEO, Chamber of Mines Zambia “Even though Zambia is more stable economically, politically and offers a strong infrastructure, the DRC seems to attract more investors due to its troubled history that halted… Read More Here
Gold heads for its biggest weekly loss in more than a year 4 Gold International 

Gold heads for its biggest weekly loss in more than a year

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Gold headed for the biggest weekly loss in 15 months as the Federal Reserve’s hawkish tilt sent the dollar surging. Officials signaled monetary policy tightening could start earlier than expected, with Chair Jerome Powell saying that the central bank would begin a discussion about scaling back bond purchases used to support financial markets and the economy during the pandemic. The surprisingly hawkish Fed shift of bringing forward the start of rate hikes puts it on course to formally announce tapering at their September gathering and begin to slow its $120-billion in monthly… Read More Here
Loncor Gold has the attention of major miners with its prospective gold projects in the DRC 5 Gold Mining in DRC New Mining Projects 

Loncor Gold has the attention of major miners with its prospective gold projects in the DRC

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Loncor Gold Inc (TSE:LN) (OTCQX:LONCF) is sitting on some very valuable land in the mineral-rich Ngayu Belt of the Democratic Republic of the Congo. The Ngayu Belt is 220 kilometres southwest of the Kibali gold mine, operated by Barrick Gold, which produced a record 814,000 ounces at an all-in-sustaining-cost of US$693 per ounce.  Loncor’s flagship project, Imbo, sits on the eastern portion of the belt and contains numerous targets including three resource-bearing gold deposits. A mineral resource released in April 2020 outlined an inferred resource for the Adumbi, Manzako and Kitenge… Read More Here
Gold price dives past $1,800 as Fed signals earlier rate increases 6 Gold International 

Gold price dives past $1,800 as Fed signals earlier rate increases

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Gold prices slumped below $1,800 as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation. Spot gold fell 2.3% to $1,771.36 per ounce by 11:30 a.m. ET, near its lowest in six weeks. US gold futures saw a more significant decline, down 4.7% to $1,772.20 per ounce. Gold’s decline comes on the on the back of Fed Chair Jerome Powell’s comments on Wednesday about potentially scaling back bond purchases. This was the first major hawkish turn from the central bank,… Read More Here
Gold price declines as ‘transitory inflation’ view remains intact 7 Gold International 

Gold price declines as ‘transitory inflation’ view remains intact

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Gold prices slipped on Friday as treasury yields rebounded from near a three-month low and the US dollar strengthened, with some investors betting that the recent rise in US consumer prices is only temporary. Spot gold dropped nearly 1.0% to $1,879.82 per ounce by 11:50 a.m. ET, after touching an intraday low of $1,875.22 earlier. US gold futures were down 0.8%, trading at $1,880.50 per ounce. Data on Thursday showed the US consumer price index rose 0.6% in May, more than forecast and the second-largest advance in more than a… Read More Here
Gold price: Investors flock back to ETFs on inflation concerns 8 Gold International 

Gold price: Investors flock back to ETFs on inflation concerns

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Gold prices dipped on Tuesday as investors await a key US inflation report due later this week for clues on when the Federal Reserve may begin to talk about tapering its asset purchases. Spot gold declined 0.4% to $1,892.89 per ounce by 1:50 p.m. ET after rising by 1.5% over the past two days. US gold futures were down 0.2% to $1,895.40 per ounce. Despite the latest comments from Treasury Secretary Janet Yellen welcoming higher interest rates, which pushed US bond yields higher, gold is still holding close to the $1,900… Read More Here
Loncor announces name change 9 Mining in DRC Gold 

Loncor announces name change

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TSX-listed Loncor Resources has changed its name to Loncor Gold in order to better brand the company’s business as a gold exploration company.   Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (DRC).  Loncor’s growing resource base in the Ngayu Belt currently comprises the Imbo and Makapela Projects.  At the Imbo Project, the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 3 466 Moz of gold (42.996 million tonnes grading… Read More Here
BANRO to restart mining activities in the DRC in mid-July 10 New Mining Projects Gold Mining in DRC 

BANRO to restart mining activities in the DRC in mid-July

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Since 2019, the Canadian gold company, Banro, has decided to suspend its activities in four of its subsidiaries, in the east of the Democratic Republic of Congo, for security reasons. This Saturday, June 05, 2021, the Minister of Mines received a delegation from this company, led by its main shareholder, Luc Gérard. The latter exchanged with the Minister of Mines, Antoinette N’Samba, on the prospects for the development of the DRC in the mining sector. The head of mines insisted on the priorities of the Head of State, with regard… Read More Here

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