Canada’s Roxgold opened its gold mine in the northwestern region of Côte d’Ivoire on Friday, aiming to produce about 130,000 oz/y of gold, the company said on Friday. “We have more than 10 years of mining production ahead of us at Seguela, and our ambition is to continue exploring and developing. The Seguela gold mine is about 500 km north of the commercial capital, Abidjan. Côte d’Ivoire, the world’s top cocoa producer, is seeking to
The London Bullion Market Association (LBMA) on Thursday called for proposals from service firms to create a secure global database that would improve trust in the gold market’s value chain. Gold refineries must source gold responsibly under the industry body’s accreditation requirements, allowing them access to London’s bullion market, the world’s largest. The group’s database of Russian gold bars held by banks in London helps to prevent sanctions evasion by Russian companies. “Our goal is
Diversified gold producer Gold Fields has downgraded its 2023 and 2024 production expectations for its new Salares Norte mine in Chile due to a delay in the first gold from the project. In a project update on Friday, the JSE- and NYSE-listed mining firm explained that certain components required commissioning by the original equipment manufacturer (OEM) vendor to maintain the validity of their warranties. “Challenges in securing the OEM vendor representatives, due to previously announced
Benchmark US crude oil for October delivery fell 32 cents to $88.52 a barrel on Wednesday. Brent crude for November delivery fell 18 cents to $91.88 a barrel. Wholesale gasoline for October delivery increased by 1 cent to $2.74 per gallon. October heating oil saw an 11-cent rise, reaching $3.44 per gallon. October natural gas declined by 6 cents to $2.68 per 1,000 cubic feet. Gold for December delivery dropped by $2.60 to $1,932.50 per
Canadian mining firm, Thor Explorations, has discovered gold at the Makosa project in Senegal. The firm announced the discovery of 23.35 grams of gold per ton from drillhole DTRC807, marking a significant milestone in the company’s ongoing exploration operations. Thor Explorations CEO Segun Lawson said “The main purpose of the drilling has been to advance the project towards development by upgrading more of the resource to indicated classification and also to commence detailed metallurgical test work that is
Mali’s interim President, Assimi Goita, has promulgated a new Mining Code that will allow the military-led government to increase ownership or shareholder control of gold concessions and recover what it declares to be a large shortfall in production revenues. The new code, signed on state television on Monday night, will allow state and local investors to take up to 35 percent stakes in mining projects, up from 20 percent today, and could more than double
Gold miner Gold Road Resources has closed a strong first half to June, with gold sales and revenue up. Gold sales during the six months under review reached 80 115 oz, up from 79 606 oz in the previous corresponding period, with production benefitting from record throughput rates at the Gruyere joint venture, in Western Australia. Revenue for the half-year increased from A$196.5-million to A$229-million. Consolidated net profits after tax for the interim period increased from A$39.9-million to A$55.7-million, while earnings before interest, taxes, depreciation and
Tanzania’s decision to establish a National Gold Reserve to strengthen its local currency comes at a time when global central banks are turning to gold as a safe-haven asset. As Africa’s fourth-largest gold producer, Tanzania’s focus on retaining its gold output within the country raises questions about the significance of such a move for its economy. This Article explores the dynamics of the Tanzania gold market, the benefits and disadvantages of gold exports, and the
Bullion miner AngloGold Ashanti has placed the Córrego do Sítio (CDS) mine, in Brazil, on care and maintenance, following a sustained period of poor production and costs that are well above the gold price. CDS is AngloGold’s smallest operation and produced 30 000 oz in the first six months of the year at a total cash cost of $2 278/oz and an all-in sustaining cost (AISC) of $3 031/oz. The mine produced 69 000 oz last year, accounting for only 2.5% of
The price of gold was close to its lowest point in over five weeks yesterday, as confirmed by precious metals market traders. The metal is being hindered by the strengthening of the dollar and the yields of U.S. Treasury bonds, at a time when the minutes of the July meeting of the Federal Reserve (Fed) are expected to be released. These minutes could provide clarity on the intention to raise interest rates. Spot gold experienced
