Gold Fields will decide whether to keep or dispose of its stake in its smallest gold asset within the next four months, according to interim CEO Martin Preece. The Johannesburg-listed firm is “exploring all the options” for the Asanko gold mine in Ghana, including a total divestiture or a move to boost its ownership. The company entered into a joint venture agreement to operate the mine with Vancouver-based Galiano Gold in 2018. It produced 170,342
Oil prices have surged to their highest levels in 2023 due to investor concerns about a potential supply shortage in the fourth quarter. Amid the keen attention of oil investors and traders regarding a potential oil price surge approaching $100 per barrel, certain types of crude oil have already surpassed this significant milestone, underscoring expectations of a constrained supply. The outright price of Nigerian crude, specifically Qua Iboe, exceeded the $100 per barrel mark on
Benchmark US crude oil for October delivery fell 28 cents to $91.20 a barrel Tuesday. Brent crude for November delivery fell 9 cents to $94.34 a barrel. Wholesale gasoline for October delivery fell 4 cents to $2.66 a gallon. October heating oil rose 8 cents to $3.37 a gallon. October natural gas rose 12 cents to $2.85 per 1,000 cubic feet. Gold for December delivery rose 30 cents to $1,953.70 an ounce. Silver for December
Egypt’s biggest gas field produced 2.4 billion cubic feet of gas per day (BCFPD) in 2022/2023, down from 2.7 BCFPD a year earlier, according to official data released on Monday. The figures were reported by Petroshrouk Company Chairman Khaled Mowafy during a video conference in which his company and Balayim Petroleum Company (PETROBEL) reviewed their annual operational results. The well number 20 will be put into production by the end of October 2023, in line
Kuwait, an OPEC producer, has given the green light to the construction of its inaugural major oil industrial hub, and numerous companies are vying for the project. The Kuwait National Petroleum Company (KNPC), a state-owned entity responsible for managing the country’s downstream sector, is overseeing this endeavor in the Southern Al-Ahmadi Governorate, according to reports. Initially, KNPC had set September 19 as the deadline for bids. However, it was decided last week to extend the
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
Gemstone producer Gemfields earned revenues of $25.5 million from its latest auction of commercial-quality rough emeralds recovered from the Kagem mine, in Zambia. All 43 lots put on offer were sold, resulting in an average price of $7.51/ct. “We are very pleased indeed to see yet another set of auction results that demonstrate that the emerald market remains in excellent shape and wish our auction partners much success during this important tradeshow season,” comments Gemfields
Authorities in the American state have filed a lawsuit against five major oil companies, alleging that they deceived the population for decades by downplaying the climate risks of fossil fuels. The American state of California initiated legal action on Friday, September 15th, against five of the world’s largest oil companies, claiming that they caused millions in damages and misled the public by minimizing the risks of fossil fuels in climate change. The legal action was
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
