Gold soared to a historic high on Monday, driven by anticipation of an interest rate cut by the United States Federal Reserve (Fed) in June. The gold reference price surged 1.2% to $2,258.53 per ounce, reaching a peak of $2,262.19 earlier in the day. According to IG Yeap experts, Jun Rong, the release of the Personal Consumption Expenditure (PCE) Price Index without positive surprises could fuel further increases in gold prices. Jun Rong told Reuters
Mozambique broke the gold production record in 2023, with more than 1.6 tons, above the projection for last year and for 2024, budget execution data indicates. According to a report from the Ministry of Economy, cited by Lusa, with the budget execution from January to December, the country produced 1,666.4 kilograms of gold, an increase of 32% compared to 1,263.8 kilograms in 2022, already a record. Each kilogram of gold is currently worth almost 67
According to Marc Nicolle, CEO of Mopani Gold, gold production at the Venice Mine Complex in Zimbabwe is set to triple. Mopani Gold, the company operating the Venice Mine, plans to enhance processing facilities and implement a new corporate social responsibility strategy to boost gold production from 4,000 tons per month to 15,000 tons. Additionally, the mining firm will expand its existing 1 MW solar power plant to ensure a sustainable energy supply to the
Kibali, the largest gold mine in Africa, has become one of the continent’s greenest and most impressively automated operations. It continues to drive local economic development and provides ongoing funding for the reintroduction of white rhinos into a UNESCO World Heritage site in the Democratic Republic of Congo (DRC). On the clean energy front, the majority of the electricity powering Kibali is already sourced from its three hydropower stations. Once Kibali’s new 16 MW solar
Mutapa Mining and Processing (MMP), a consortium of Mozambicans and British that has for 18 months been operating three mines in the district of Manica, in the province of the same name, intends from this February to process and export between 35 and 40 kilograms of gold monthly. The projection is the result of prospecting carried out over the last 18 months by the consortium which, in a first phase, invested in the equipment and
outh Africa’s Harmony Gold expressed excitement at the prospect of working with the Newmont team as its new Wafi-Golpu Joint Venture (JV) partner in Papua New Guinea (PNG). Denver-based Newmont closed its approximately $15-billion acquisition of Newcrest Mining on Monday, concluding a nearly year-long effort to purchase the Australian gold mining company. “As the largest gold mining company in the world, Newmont is an excellent partner with great credentials,” Harmony investor relations head Jared Coetzer
The Assay and Weights Administration (AWA) of Egypt is planning to hold its first electronic auction for gold and silver, scheduled to take place next week. According to a statement on Tuesday, the auction will be facilitated through the Egyptian Mercantile Exchange (EME) trading platform. Nagy Farag, the advisor to the supply minister for gold industry affairs, told Ahram Online that this move aims to generate more revenue streams for Egypt’s treasury. “The Egyptian government’s
The price of gold had its best October in nearly half a century, defying tough resistance from surging Treasury yields and a strong U.S. dollar. The yellow metal rallied an incredible 7.3% last month to close at $1,983 an ounce, its strongest October since 1978, when it jumped 11.7%. Gold, a non-interest-bearing asset, has historically floundered when bond yields were heading higher. An exception has been made this year, however, on a number of significant
Angola is on the verge of opening its maiden gold refinery, currently being built at the Viana Industrial Complex in Luanda. The facility is expected to begin operations in the second half of 2024, with 23 young Angolans currently undergoing training in Portugal, according to a ministerial source. The Ministry of Mineral Resources, Oil, and Gas, responsible for this initiative through the Angolan company GEDANGOL, reports that construction progress on the Gold Refinery has reached
A gold exploration project was inaugurated in Cabinda province last week, representing a $15.2 million investment. This project anticipates an estimated annual production of 3,900 ounces from secondary deposits. The inauguration ceremony was officiated by Diamantino Azevedo, the Minister of Mineral Resources, Oil, and Gas, along with Cabinda’s Governor, Mara Quiosa. The project’s goal is to explore gold in Cabinda, with an expected annual production of 8,900 ounces from secondary deposits. The Ministry of Mineral
