Newmont, the world’s largest gold producer, reported its highest quarterly profit in five years, driven by a surge in gold prices. Despite the profit jump, shares of the company fell after both sales and earnings missed analysts’ expectations. In the third quarter, the Denver-based company’s net income attributable to shareholders was \$922 million, nearly six...
READ MORERussian mining company Seligdar has reported a 5% decrease in gold production from January to August 2024, totaling 5.94 metric tons. The decline in output was attributed to the scheduled processing of previously mined and stockpiled ore and the completion of operations at the Lunnoe deposit. Ore extraction also dropped significantly by 33%, reaching 6.2...
READ MOREIn Monday’s Asian market session, spot gold experienced a sharp upward movement, breaking through $2,731 per ounce and touching a new all-time high of $2,731.43 per ounce. This surge is attributed to escalating geopolitical tensions and rising concerns regarding the U.S. elections, which have driven demand for safe-haven assets. The recent surge in gold prices...
READ MOREHuatai Securities has released a research report suggesting that Zijin Mining remains on course to achieve its annual production targets of 1.11 million tons of mined copper and 73.5 tons of gold, supported by quarter-on-quarter growth in copper and gold production during the third quarter of 2024. Zijin Mining also announced plans to acquire 100%...
READ MOREGreenX Metals has released its Quarterly Activities Report for the period ending September 30, 2024, providing updates on a significant arbitration award, the Tannenberg Copper Project, and the Eleonore North Gold Project. GreenX reported a major win in international arbitration against the Republic of Poland under both the Australia-Poland Bilateral Investment Treaty (BIT) and the...
READ MOREBarrick Gold reported preliminary third-quarter production of 943,000 ounces of gold and 48,000 tonnes of copper, along with preliminary sales of 967,000 ounces of gold and 42,000 tonnes of copper. The company continues to anticipate a materially stronger fourth quarter, aiming to achieve its full-year gold and copper production guidance. The average market price for...
READ MORESilver has delivered thirty-five percent returns in the first nine months of 2024, surpassing gold’s thirty percent. Motilal Oswal Financial Services remains optimistic about silver, suggesting it could continue to outperform gold in the near term. Navneet Damani, head of research for commodities and currencies, highlighted silver’s safe-haven appeal, which has driven its growth, along...
READ MOREZijin 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...
READ MOREStarting January 1, 2025, New Jersey will join 44 other U.S. states in eliminating sales tax on purchases of gold, silver, and other precious metals exceeding $1,000. The move reinforces the constitutional recognition of gold and silver as legitimate forms of payment. This change aligns with the principle that sales tax should apply to consumer...
READ MORECentamin will be the latest goldminer to exit the London stock market following its £1.9 billion ($2.37 billion) takeover by AngloGold Ashanti. This move comes as the price of gold hits record highs and London-listed miners struggle with valuation discounts. AngloGold Ashanti, headquartered in Johannesburg, has secured an attractive deal, offering a 37% premium to...
READ MOREGold prices increased on Thursday, driven by expectations of a U.S. Federal Reserve interest rate cut next week. Meanwhile, supply concerns from Russia, the world’s largest palladium producer, pushed palladium above the key $1,000 per ounce level. Spot gold was up 0.1% at $2,513.78 per ounce by 1107 GMT, supported by the 21-day moving average...
READ MORESibanye-Stillwater, a major South African precious-metals miner, has revised its gold production guidance downward for the year and reported a larger-than-expected net loss for the first half of 2024. The company’s financial performance was hurt by persistently weak platinum prices and a $401 million impairment related to declining palladium price forecasts. For the first half...
READ MOREThe Rochester mine, part of Coeur Mining, is on track to meet its full-year 2024 production guidance, with plans to process 8.0 million tons of ore per quarter in the second half of the year. The company anticipates producing between 4.8 to 6.6 million ounces of silver and 37,000 to 50,000 ounces of gold for...
READ MOREGold prices surged more than 1% on Thursday, reaching a record high as expectations for an interest rate cut by the U.S. Federal Reserve next week strengthened following data suggesting a slowing U.S. economy. Spot gold climbed 1.6% to $2,552.63 per ounce by 11:40 a.m. ET (1540 GMT), while U.S. gold futures rose 1.5% to...
READ MOREGold prices climbed on Thursday, supported by expectations of a US Federal Reserve rate cut next week, while palladium reached its highest level in over two months due to potential supply disruptions from Russia. Spot gold rose by 0.3%, trading at $2,517.88 per ounce at 0942 GMT, bolstered by support from the 21-day moving average...
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