Gold - Copperbelt Katanga Mining

DRC-Kasumbalesa: contraband packages containing 11 diamonds and 7 gold bars seized by customs 1

The customs and security services of the Kasumbalesa border post in Haut-Katanga province seized, on the morning of Tuesday 04 May, several bags containing 11 precious stones (diamonds) and 7 gold bars. This is what the Deputy Director of the General Directorate of Customs and Excise (DGDA) in Kasumbalesa, Denis Kamato, affirms. “The border security services got their hands on the suspicious packages. Upon opening these packages, we found 11 pieces of stones declared to be diamonds and 7 pieces of materials declared to be gold bars, ”he said. According to… Read More Here

Gold International

Gold price back above $1,800 as inflation fears linger

May 7, 2021May 7, 2021 admin

Gold prices jumped to their highest in nearly three months on Thursday, with a weaker dollar and easing Treasury yields propelling it over the pivotal $1,800/oz level once again. Spot gold advanced 1.5% to $1,812.04/oz by noon ET, having reached an intraday high of $1,817.39/oz earlier in the session. US gold futures gained 1.7% to $1,815.10/oz on the Comex in New York. US 10-year Treasury yields continued to slip on Thursday, bolstering the appeal of non-yielding bullion. The dollar index also fell 0.4%, making bullion more attractive for those holding… Read More Here

Gold International

Gold price inches higher as US yields retreat

May 6, 2021May 6, 2021 admin

Gold prices inched higher on Wednesday as US Treasury yield retreated from a session high while the dollar hovers near a two-week peak. Spot gold saw a slight gain of 0.2% to $1,783.87 per ounce by 1 p.m. ET. US gold futures rose 0.4% to $1,783.90 per ounce in New York. “Treasuries are coming in line a little bit so you’re getting a bounce in gold,” Bob Haberkorn, senior market strategist at RJO Futures, told Reuters. Higher yields threaten gold’s appeal as an inflation hedge as they increase the opportunity cost of… Read More Here

Copper Gold Mining in Zambia

Barrick Gold Q1 profit surges, sees higher output ahead

May 5, 2021May 5, 2021 admin

Barrick Gold reported a 78% rise in first-quarter profit on Wednesday helped by rising gold and copper prices, and said it was on track to meet annual guidance. Copper prices have gained on the back of massive economic stimulus while gold has moved higher as a hedge against inflation. Barrick said realised gold prices climbed 11.8% to $1 777/oz, while gold production fell to 1.10-million from 1.25-million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic. Production in the second half is expected to be… Read More Here

Mining in DRC Gold New Mining Projects

Rackla Metals to Acquire the Misisi Gold Project in DRC

May 5, 2021May 5, 2021 admin

Rackla Metals Inc. (“Rackla” or the “Company”) (TSXV-RAK) is pleased to announce it has entered into an agreement to acquire a 73.5% interest in the Misisi Gold Project (“Misisi” or the “Project”) located in the Democratic Republic of the Congo (“DRC”). The Project is comprised of three contiguous mining leases, valid until 2045, covering 133 square kilometres and includes the Akyanga deposit which hosts an Inferred Resource of 3.1 million ounces of gold averaging 2.16 grams per tonne gold. In conjunction with the Company’s shift in focus to Africa, Rackla is… Read More Here

Gold

Tanzania gold refinery starts producing in drive to boost gold revenues

April 30, 2021April 30, 2021 admin

Anew gold refinery set to be the biggest in Tanzania has begun production in a step towards the government’s aim of processing more of the precious metal domestically. Africa’s fourth-biggest gold producer and home to industrial gold mines run by Barrick, AngloGold Ashanti and others, Tanzania has been trying to formalise subsistence gold mining and develop refineries to generate more revenue from the sector. The refinery in Mwanza, a city on Lake Victoria, is processing gold from sources including subsistence or “artisanal” miners, Tanzania’s State Mining Corporation (Stamico), a 25%… Read More Here

Gold

Mining: global demand for gold at the lowest level in 13 years

April 30, 2021April 30, 2021 admin

Global demand for gold in the first quarter of 2021 remained near its lowest level since 2008, as strong investor sales in Europe and North America offset the pickup in consumer buying in Asia, the Chinese said on Thursday. World Gold Council (WGC). Traditionally viewed as a safe asset, investors bought gold in unprecedented amounts last year as the coronavirus swept through the global economy. This momentum is now reversing as the global economy recovers, with investors unwinding some of their positions and consumers in Asia returning to the market.… Read More Here

Gold International

Lessons From the Last Gold Bull Market

April 30, 2021April 30, 2021 admin

In a cyclical industry such as gold mining, it seems simple to practice the concept of “buy low, sell high”. However, it always seems that M&A activity in the gold sector mirrors the gold price, peaking when prices are highest. Of course, buying low is not as simple as it sounds, as when gold is in a bear market, cash flow tightens, debt financing becomes harder to obtain and conservatism creeps into strategic forecasts. When gold enters a bull market and companies have the money and motivation to acquire new… Read More Here

Gold

Zimbabwe gold output down 30% in first quarter

April 23, 2021April 23, 2021 admin

Zimbabwe’s gold production fell 30% to 3.98 tonnes in the first quarter of this year, while export earnings from the yellow metal also declined, central bank data showed on Friday. The Reserve Bank of Zimbabwe (RBZ) did not give a reason for the decline, but small-scale miners who produce half of the mineral say shafts were flooded by above normal rainfall during the period. RBZ said the southern African nation, which faces perennial shortages of foreign currency, earned $200-million from gold exports in the January-March quarter, down from $226-million during… Read More Here

Gold Mining in Zambia

Zambia’s central bank shores up gold stocks by $15million in first quarter

April 23, 2021April 23, 2021 admin

The central bank in Africa’s second largest copper producer has successfully shored its bullion reserves by K345.6 million (circa. $15 million) since yearend of 2020 to end of 1Q21. This initiative is supported by a gold purchase agreement signed with First Quantum Mining – Kansanshi Copper Mine and the state mining investment vehicle ZCCM-IH last year. Bank of Zambia opted to shore falling foreign exchange reserves buy stocking up with gold following recent discovery of the asset in key parts of Zambia. The red metal producers reserves have fallen to… Read More Here