Gold News
A common theme so far in 2013 seems to be the closure of gold mines caused mainly by the spiralling mining costs and a commodity price that has remained flat. And that theme looks like it is set to continue with news this week of yet another gold mine looking to pull-back production. Canadian Kinross [...]
Back at the start of August we published the words of Nick Holland, head of South African mine Gold Fields Ltd. He was raising concerns that the price of gold would have to rise significantly otherwise some mines would be forced to shutter because of rising costs. The wave of rationalisation that is starting to [...]
Barrick Gold was out earlier today with its Q4 earnings results and they weren’t pretty. Via Bloomberg: Barrick Gold Corp., the world’s largest producer of the metal, posted an unexpected fourth- quarter loss after taking a $3 billion writedown on a Zambian copper mine it bought in 2011. And the reason for the write-down? Barrick [...]
A story in Nature, the international weekly journal of science, caught our eye today. It appears to be suggesting that a species of bacterium can be used to grow nanoscale gold nuggets in a petri dish. From Nature: Gold prospectors may one day use Petri dishes to help with their quests. A species of bacterium [...]
The world’s third-largest gold miner has announced that it will hit its production targets for gold despite the fact that this week saw the miner deliver a weaker production update than expected: The Melbourne-based miner also revealed the final price to expand the Lihir mine in Papua New Guinea and its Cadia Valley site in [...]
The Chinese desire to gobble up as much gold as possible shows no sign of letting up. Despite already being the biggest gold producer on the planet internally, this doesn’t seem to be enough for the Chinese and they’re foreign gold mine buying continues at a pace. ABC news in Australia reports: China is continuing [...]
Back at the start of August we published the words of Nick Holland, head of South African mine Gold Fields Ltd. He was raising concerns that the price of gold would have to rise significantly otherwise some mines would be forced to shutter because of rising costs. The wave of rationalisation that is starting to [...]
Back at the start of October we wrote about Scotgold, a UK gold mining company who intend to open a gold mine in Loch Lomond by the summer of 2014 – albeit only producing some 0.03% of the world’s gold. Now Scotgold have just announced that they’ve raised some £800k in a share offering to [...]
Reuters are reporting an interesting development out of Sudan regarding gold mining in the country. Sudan’s oil reserves have been depleted when South Sudan became independent last year. From Reuters: KHARTOUM, Nov 27 (Reuters) – Sudan expects to produce around 50 tonnes of gold this year, earning $2.5 billion, its mining minister said, as the [...]
News that Goldcorp is now bigger than Barrick by market-cap isn’t just a story about a company becoming ‘bigger’ than another company. Underlying this news is the fact that many companies are struggling to turn a profit with gold around the $1700 level. This relates to a story we wrote about back at the start [...]
