Archive | Gold and Silver

South Africa: 1 700 Workers Start Strike 2.4km Below Harmony Mine (All Africa – January 12, 2017)

About 1 700 miners refused to return to the surface of Harmony Gold’s [JSE:HAR] Kusasalethu mine in the West Rand on Wednesday, with the miner saying they have embarked on an illegal sit-in.

“Harmony Gold confirms that around 1 700 employees are participating in an illegal sit-in at the company’s Kusasalethu mine near Carletonville,” the company said in a statement.

“The sit-in started on Wednesday, January 11 when employees chose not to return to surface at the end of the morning shift. “No formal demands have been made by the participating employees. Continue Reading →

Risky business pays off for Canadian mine developers – by Ella Myers (Northern Ontario Business – January 13, 2017)

Goodman School of Mines fireside chat yields inspirational career stories

In 1991, Catherine McLeod-Seltzer and Eira Thomas embarked on journeys that would separately launch their careers in mine development and discovery. In 2015, the women celebrated together as their company, Lucara Diamonds, unearthed a softball-sized diamond in Botswana.

The third largest diamond ever discovered signified the risky but rewarding nature of their industry. McLeod-Seltzer, the chair of Bear Creek Mining, and Thomas, founder of Lucara, joined Jonathan Goodman, Laurentian University’s executive in residence, for an informal, fireside chat in Sudbury, Jan. 10.

Speaking from a couch nestled beside a tiny gas fireplace, McLeod-Seltzer shared how she accepted a job running an office for a gold company in Chile in 1991. She said the global economic climate was open and optimistic and that there was a “shiny path” in South America. Continue Reading →

Goldcorp to Focus on Partnering With Peers to Develop New Mines – by Scott Deveau and Danielle Bochove (Bloomberg News – January 13, 2017)

Goldcorp Inc.’s future growth strategy will likely focus on partnering with other senior miners as Canada’s second-largest producer of the metal looks to share the burden of developing multibillion-dollar projects, the chief executive officer said.

The Vancouver-based company has been looking for deposits in the portfolios of other miners or privately held properties that it can develop as joint ventures, David Garofalo said Thursday in comments following an interview on Bloomberg TV Canada. The focus, he said, has been primarily large-scale projects in the Americas.

“These are things that would move the needle even on a 50-50 basis,” Garofalo said, adding projects need to be big to replace the senior miners’ dwindling reserves. “We have to reverse that because by definition we’re dying otherwise as an industry.” Continue Reading →

NEWS RELEASE: Integra Gold and Goldcorp Team with IBM, Microsoft, Accenture and Cisco for #DisruptMining

Disrupt Mining 2017 from Integra Gold Corp on Vimeo.

Integra Gold Corp. (TSX-V: ICG, OTCQX: ICGQF) (“Integra” or the “Company”) and Goldcorp Inc. (TSX: G,NYSE: GG) are pleased to announce they have teamed with four of the world’s largest technology companies to explore potential applications of disruptive technologies in the mining sector.

#DisruptMining is a marquee event during the annual Prospectors and Developers Association of Canada (“PDAC”) conference that will showcase disruptive and exponential technologies with the potential to revolutionize the future of mining, from exploration and discovery to production and automation to financing, marketing and corporate social responsibility. Goldcorp has committed $1 million for a proof of concept at one of Goldcorp’s mines or investment in the winning technologies. Continue Reading →

Goldcorp sells Mexico mine in $438 million deal, focus on core assets – by Susan Taylor (Reuters U.S. – January 12, 2017)

TORONTO – Goldcorp Inc (G.TO) agreed to sell its Los Filos mine in Mexico to Leagold Mining Corp LMCh.V in a deal valued at $438 million on Thursday, as the world’s No. 3 gold miner by market value focuses more squarely on core assets.

Goldcorp, which put Los Filos on the block last year under a push to prioritize its biggest and best mines, said the transaction will help it grow net asset value per share and is expected to close in the first quarter of 2017.

Under the transaction, Vancouver-based Goldcorp will get $279 million in cash, $71 million in Leagold shares and tax receivables worth about $88 million. Shares of Goldcorp, which separately announced the $18 million cash sale of its Cerro Blanco project in Guatemala to Bluestone Resources (BSR.V) on Wednesday, nudged about 1 percent higher on Toronto and New York exchanges at mid-session Thursday. Continue Reading →

Trumponomics Divides Investors as Gold ETF Flows Diverge – by Luzi-Ann Javier (Bloomberg News – January 10, 2017)

Gold is splitting the investment community down the middle.

Take the flows into and out of exchange-traded funds. Money has been draining out of SPDR Gold Shares, the world’s largest gold-backed ETF used by big institutional investors, each week since Nov. 11. But iShares Gold Trust, a smaller rival favored by individuals investing lesser amounts for themselves, has seen back-to-back weekly inflows.

Large mutual, pension and hedge funds are chasing better returns in rallying U.S. stock markets thanks to President-elect Donald Trump’s pro-growth policies. Retail investors including iShares Gold holders are returning to gold amid renewed concern that Trump protectionism will restrict global trade and growth.

Those concerns were shared by more than two-thirds of traders surveyed by Bloomberg News last month, who forecast prices will gain this year as political uncertainties drive demand for haven assets including bullion. Continue Reading →

Back to the drawing board: Rubicon outlines its Red Lake exploration program – by Ian Ross (Northern Ontario Business – January 10, 2017)

New management at Rubicon Minerals promise a more thorough, responsible and transparent approach toward getting its shuttered Phoenix Gold Project back on track. The would-be Red Lake miner provided the details on its exploration plans over the next two years on Jan. 10.

“We have finalized the details of our 18- to 24-month exploration program that will advance our understanding of the F2 Gold Deposit at the Phoenix Gold Project,” said Rubicon president-CEO George Ogilvie in a news release.

Coming out of creditor protection and refinancing, Rubicon is out to restore investor confidence and attempt to shake off its reputation as one of Northern Ontario’s biggest mining blunders. Continue Reading →

Gold hits highest in over a month on Brexit, Trump concerns – by Zandi Shabalala (Reuters Africa – January 10, 2017)

LONDON (Reuters) – Gold rallied to its highest level in more than a month on Tuesday as the dollar dipped ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump’s spending plans in the first speech since his shock win in November, pushing the dollar lower.

The pound and stocks also slid on fears of a “hard” Brexit after British Prime Minister Theresa May said at the weekend she was not interested in Britain keeping “bits” of its EU membership. [MKTS/GLOB]

Gold, often seen as an alternative investment during times of political and financial uncertainty, benefited from the risk-averse sentiment in the market. Continue Reading →

Tahoe goes deep in Timmins – by Staff (Northern Ontario Business – January 6, 2017)

Tahoe Resources is rolling up its sleeves this year to expand and deepen the Bell Creek Mine in Timmins. The Vancouver miner announced its 2017 financial and operating guidance on Jan. 5.

Project capital expenditures this year will be between $150 million to $175 million, the two largest projects being the shaft deepening at Bell Creek, along with the construction of a crushing and agglomeration plant in Peru.

Tahoe acquired the former Lake Shore Gold in a $945-million deal last year, adding the Timmins West and Bell Creek gold mines in Timmins to Tahoe’s stable of operations in Guatemala and Peru. Continue Reading →

Alaska Gold Mine Dispute Stayed as Operators Look to Trump – by Stephen Lee (Bloomberg – January 5, 2017)

Backers of the proposed Pebble Mine in Alaska agreed to pause their lawsuit against the Environmental Protection Agency, a move many are reading as a bid for friendlier terms under the incoming Trump administration.

In 2015, the EPA proposed under the Clean Water Act to limit where the massive mine would be allowed to dispose its waste, in order to protect the nearby Bristol Bay salmon fishery.

In response, the mine’s backers filed suit in a U.S. district court, alleging that the EPA colluded with three federal advisory committees to arrive at a predetermined conclusion that handicapped the proposed gold and copper mine. Continue Reading →

Child labor in eastern Cameroon’s gold mines – by Moki Kindzeka (Deutsche Welle – January 5, 2017)

Children in eastern Cameroon leave school as young as seven to work in gold mines. Moki Kindzeka travelled to the mining town of Betare-Oya where residents have an uneasy relationship with the Chinese mining community.

The road to Betare-Oya in eastern Cameroon is better than it used to be. Five years ago, it was narrow and bumpy but in the meantime the surface has been tarred and the ride is much smoother.

Simon Estil, the senior government official in Betare-Oya, says urban development in the area is being driven by gold mining. He said there used to be a market just once a week, now the market is open daily and a second one has sprung up. Continue Reading →

Challenge 2017: ‘One company, one mine’ could kick off radical return to gold mining’s golden age – by Sunny Freeman (Financial Post – January 5, 2017)

Ian Ball, the 35-year-old chief executive of Abitibi Royalties Inc. with a reputation for being a disruptor in an aging industry, has a radical — if not novel — thesis on how to reinvigorate excitement for gold mining: a return to the days of “one company, one mine.”

In other words, Ball, who first bought gold stocks with his allowance at the age of five and became president of McEwen Mining Inc. when he was 31, yearns for the golden days of mining.

“You look back to the great fortunes that have been made in Canada, it’s always been one mine per company: It was Goldstrike: Barrick; Red Lake: Goldcorp; LaRonde: Agnico Eagle,” he said. “When they started diversifying was when the returns started to go down.” Continue Reading →

[South Africa] Mining at 150 should be celebrated, not threatened yet again – by John Kane-Berman ( – January 3, 2017)

The year 2017 will be the 150th anniversary of the discovery of diamonds in South Africa. Actually, that may not be strictly accurate, as diamonds might have been discovered earlier although not put to commercial use. But the discovery of a diamond on the banks of the Orange in 1867 sparked off mining all over the country.

It also sparked off many other things, including the first stock exchange in Africa in nearby Kimberley in 1881, where Cecil Rhodes consolidated thousands of small diggings. Another direct by-product of mining was two universities, those of the Witwatersrand and Pretoria, which originated in a school of mines in Kimberley.

Diamond mining begat gold mining, which begat coal mining, as the mines needed colossal amounts of energy. Railways had to be built, and the mines played a huge part in financing them. Mining, in short, turned South Africa from an agricultural into an industrial economy, whence it matured into one dominated by the service industries spawned by the needs of the mining and industrial sectors. Continue Reading →

Gold Climbs to Three-Week High – by Stephanie Yang and Katherine Dunn (Wall Street Journal – January 3, 2017)

Gold prices closed at a three-week high on Tuesday, reversing losses from a rising U.S. dollar amid renewed investor interest in the new year.

Gold for February delivery settled up 0.9% at $1,162.00 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest settlement since Dec. 14. The metal spent the holidays in a narrow trading range and ended the year up about 8% despite a sharp selloff in the final three months of 2016.

On Tuesday morning, the precious metal came under pressure from a stronger dollar and rising stock markets in the U.S., but recovered as the dollar came off its highs, said Peter Hug, global trading director at Kitco Metals. Continue Reading →

Bre-X tale rich with Hollywood drama – by Jennifer Wells (Toronto Star – December 30, 2016)

Nearly two decades later, the gold-digging investment fraud gets the silver-screen treatment.

It’s The Treasure of the Sierra Madre meets Wall Street! How could it not be a movie? That was the husband speaking, lo these many years ago now. Certainly the component parts were all there. For atmospherics: the steam heat of the Indonesian jungle, replete with tigers and cobras and a gator infested river.

Greed? The muscle-bound tactics of some of the largest gold mining companies on the planet would fit that bill, their actions adorned by a cadre of bedazzled brokers and enabling analysts. Corruption? The Suharto regime was rich in the stuff. Intrigue? Surely the surprise helicopter exit of a geologist — a 250-metre plunge into a tropical rainforest — would tweak a viewer’s interest. Continue Reading →