Zijin Mining has announced its acquisition of 100% ownership of the Akyem Gold Mine in Ghana, previously owned by Newmont, for $1 billion. Akyem, one of Ghana’s largest gold mines, began commercial production in October 2013 and has an annual processing capacity of 8.5 million tonnes. Over the past three years, gold output at Akyem...
READ MOREOn Thursday (October 10), despite U.S. Consumer Price Index (CPI) data coming in slightly higher than expected, poor performance in initial jobless claims led to a sharp decline in the dollar index, which drove gold prices higher. Spot gold experienced significant fluctuations, ultimately closing up $22.13, or 0.85%, at $2,629.84 per ounce. Ongoing tensions in...
READ MORESpot gold fell nearly \$15 on Wednesday, as the release of the Federal Reserve’s latest meeting minutes prompted market expectations for steady interest rates in November, strengthening the U.S. dollar and putting pressure on gold prices. Gold closed down \$14.13, or 0.54%, at \$2,607.71 per ounce, with intraday lows reaching \$2,605.16 per ounce. According to...
READ MOREFortuna Mining has announced production results for the third quarter of 2024 from its five operating mines in West Africa and Latin America. The company’s Q3 gold equivalent production totaled 110,820 ounces, down from 128,671 ounces in Q3 2023 and 116,570 ounces in Q2 2024. Gold production for the quarter reached 91,251 ounces, while silver...
READ MOREDundee Precious Metals has released preliminary production figures for gold and copper for the third quarter and the nine months ending September 30, 2024. The company’s Chelopech and Ada Tepe mines are reported to be on track to meet their 2024 production guidance despite some operational challenges. David Rae, President and CEO of Dundee Precious...
READ MOREGold prices have hit historic highs this year, driven by robust demand for the precious metal as investors seek safer assets amidst global economic uncertainty. The surge comes as geopolitical tensions, US Federal Reserve rate cuts, and increased gold purchases by central banks fuel demand. On September 25, spot gold prices reached a record $2,670...
READ MOREBHP Chief Financial Officer Vandita Pant emphasized the growing challenges in meeting the rising global demand for copper during a keynote interview at the Financial Times Mining Summit in London. Pant projected a 70% growth in copper demand from now until 2050, driven by traditional industrial sectors as well as new requirements from decarbonization, energy...
READ MORESpot gold prices surged to a new record of $2,685.58 per ounce during Thursday’s trading session, driven by a weakening U.S. dollar and escalating geopolitical tensions. Gold closed the day up $15.68, or 0.59%, at $2,672.23 per ounce, marking a continuation of gold’s upward trend. FXStreet analyst Christian Borjon Valencia attributed gold’s rally to factors...
READ MOREGold prices experienced significant volatility in the New York session after the Federal Reserve announced a 50 basis point interest rate cut. Spot gold initially surged to a new record high of $2,600.15 per ounce, only to plummet shortly after Federal Reserve Chairman Jerome Powell’s comments. Gold dropped sharply, falling as low as $2,546.79 per...
READ MOREEnersense and Swedish metals company Boliden have signed a significant agreement for the ongoing development of Boliden’s Odda production plant in Norway. The project, which began in early 2023, focuses on enhancing environmental sustainability and expanding production capacity. Enersense Works Oy, a part of the company’s Industry business area, has been involved in the installation...
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