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Category: Gold

Gold producing countries 1 Gold International 

Gold producing countries

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World output of gold in 2019 showed the first decline in a decade, falling by 28 metric tonnes to 3,533 tonnes or 113.6 million troy ounces. The decline came after relentless growth in primary gold production – 730 tonnes or 23.5m ounces since 2010, according to London-based mining and metals consultants Metals Focus and the World Gold Council. China is in danger of losing its no 1 ranking over the next few years – the country lost 20 tonnes of production while Russia added 34 tonnes or 1.1m ounces in a single year,… Read More Here
A local gold refining project presented to DRC's Minister of Mines Willy Kitobo 3 Gold Mining in DRC New Mining Projects 

A local gold refining project presented to DRC’s Minister of Mines Willy Kitobo

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The Cambridge Bullion Congo Sarl team and an English delegation accompanied by the representative of BGR (The Federal Institute of Geosciences and Natural Resources (Bundesanstalt für Geowissenschaften und Rohstoffe: BGR) were received on Thursday, March 11, 2021 in Kinshasa, by Minister of Mines Willy Kitobo. These personalities had come to present to the national boss of Mines their project for the refining of gold on site in the DRC. The delegation presented in detail a project to install a small-scale gold refining plant with a production capacity of one ton… Read More Here
NGOs welcome the gold sourcing program from LBMA, the global market authority - DRC 4 Mining in DRC Gold 

NGOs welcome the gold sourcing program from LBMA, the global market authority – DRC

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Global Witness, along with four other advocacy groups, said on Tuesday that the London Bullion Market Association’s (LBMA) responsible sourcing program had failed to ensure that only responsibly sourced gold, conflict-free and not contaminated with human rights violations is exchanged. worldwide. The five organizations also called on the European Union (EU) not to endorse the LBMA, the world’s most influential gold market authority, which would make imports into member countries problematic. “We had hoped that the publication in September of the first annual responsible sourcing report for LBMA 2020 would address… Read More Here
Shanta Gold takes audited of its East African assets 5 Gold 

Shanta Gold takes audited of its East African assets

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Shanta Gold, a gold producer based in East Africa, has reported its audited final results for the year ended 31 December 2020 for its East African properties. Its properties include the New Luika Gold Mine and the Singida Project in Tanzania, as well as the West Kenya Project in Kenya. The New Luika Gold Mine and the Singida Project have established ore resources, and the company has exploration licenses covering approximately 1,100 square kilometres in the region. Shanta Gold also owns the West Kenya Mine, which has established ore resources… Read More Here
Gold price returns above $1,700 in ‘short-term bounce’ 6 Gold International 

Gold price returns above $1,700 in ‘short-term bounce’

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Gold price rebounded above the $1,700 level on Tuesday, as it gained respite from a retreat in US Treasury yields and the dollar following a slide to a 10-month low in the last session. Spot gold rose 1.8% to $1,714.89 per ounce by 11:25 a.m. EST, but was still trading near its lowest since early June 2020. US gold gained 2.1% to $1,713.70 per ounce in New York. “Given the metal’s zero-yielding nature, falling yields may provide a tailwind for bulls to elevate prices higher,” Lukman Otunuga, senior research analyst at… Read More Here
Gold price slides to 10-month low, may fall further 7 Gold International 

Gold price slides to 10-month low, may fall further

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Gold prices continued to slide on Monday as the dollar and US treasury yields kept marching higher and prompted investors to dump the non-yielding metal. Spot gold dropped another 1.2% to $1,679.67 per ounce by 11:40 a.m. EST, its lowest since early June. US gold futures too fell by 1.2%, down to $1,677.40 per ounce. Meanwhile, the greenback climbed to a three-month peak, while the US 10-year Treasury yield held close to a more than one-year high, increasing the opportunity cost of holding gold, which pays no interest. “We have an… Read More Here
Gold rush in DRC’s South Kivu prompts Govt. to issue decree banning mining 8 Mining in DRC Gold 

Gold rush in DRC’s South Kivu prompts Govt. to issue decree banning mining

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AUTHORITIES in South Kivu province in the Democratic Republic of Congo (DRC) has banned mining after a gold rush drew thousands of artisanal miners, said Reuters citing the provincial mines minister on Thursday. Gold was discovered in Luhihi in February, said Reuters. It brought throngs of diggers putting pressure on the small village which is about 50km from the provincial capital, Bakavu, said South Kivu Mines Minister, Venant Burume Muhigirwa. Miners, traders, and members of Congo’s armed forces (FARDC) were required to leave the mine sites in and around Luhihi, said Reuters. All… Read More Here
Congolese villages stumble on a mountain of gold 9 Mining in DRC Gold 

Congolese villages stumble on a mountain of gold

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Something historical and amazing has happened in the Democratic Republic of Congo, in Africa… A whole mountain of gold has been accidentally been discovered by local Congolese villagers! This is not your normal gold mine. No. It is a real gold mountain on the surface of the earth. This is a first. It is historical. Si it’s a free for all situation presently…No permits, no heavy commercial licenses, no foreign conglomerates with sophisticated solutions.. The only investment and equipment required to extract gold from the “gold mountain” is, your hands….Yes.… Read More Here
More than $4bn a year in high-risk gold flows from DRC, Uganda, Rwanda, CAR and others 10 Mining in DRC Gold Taxes 

More than $4bn a year in high-risk gold flows from DRC, Uganda, Rwanda, CAR and others

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The US and the EU must work with African governments to harmonize gold export taxes to reduce smuggling and promote conflict-free gold, says the investigative and policy group The Sentry. Uganda, Rwanda, the Democratic Republic of Congo (DRC), the Central African Republic (CAR) and Cameroon are the states that most urgently need to tackle the issue, says The Sentry’s report published in February. Uganda and Cameroon have substantially lower gold taxes than exist in the DRC or the CAR, which makes it much more profitable to smuggle gold to those countries, the report finds. The report estimates that $4 billion… Read More Here

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