Gold Fields Ltd reported a drop in interim profit for the first half of 2024, impacted by adverse weather conditions and production setbacks that negatively affected output. The Johannesburg-based gold mining company also lowered its production forecast for the 2024 financial year to a range of 2.05 million to 2.15 million ounces, down from the...
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Spot gold prices experienced a volatile session on Wednesday, fluctuating around the $2,500 per ounce mark, as traders reacted to dovish signals from the Federal Reserve’s latest meeting minutes. The yellow metal initially dipped to an intraday low of $2,493.69 per ounce during New York trading hours but rebounded strongly, closing at $2,512.19 per ounce,...
READ MOREXanadu Mines has announced a significant increase in the mineral resource estimate for its flagship Kharmagtai copper-gold project in Mongolia. The updated estimate reveals an additional 463,000 tonnes of contained copper and a 746,000-ounce increase in contained gold. This brings the total resource to 3.8 million tonnes of copper and 9.3 million ounces of gold....
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Weir Group, a mining specialist, has secured a £53 million contract for the Reko Diq copper-gold project in Pakistan’s Balochistan province, a greenfield development 50% owned by Barrick. The project aims to commence production in 2028, with a projected mine life exceeding 40 years. In the first phase of the project, Weir Group will be...
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KGHM, a major copper producer, is preparing to launch the production of cast gold and silver bars at its “Glogow” Copper Smelter, with sales expected to begin between the third and fourth quarters of 2024. Piotr Krzyzewski, KGHM’s deputy CFO, announced during an investor chat that the company is currently focused on establishing the necessary...
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Aluminum Corporation of China (Chinalco), a state-owned enterprise, is reportedly exploring a $2 billion investment in Indophil Resources Phils., according to Bloomberg News. This potential stake would grant Chinalco access to the Tampakan copper-gold site, which could become the Philippines’ largest mine of its kind. Indophil Resources Phils. owns Sagittarius Mines, the developer behind the...
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Evolution Mining has reported a record annual profit of $422 million, driven by strong demand for gold and copper. This impressive result allowed the company to more than double its final dividend, reflecting a robust performance that exceeded market expectations. The company’s final dividend has been increased to 5 cents per share, fully franked, up...
READ MORENickel Prices Approaching a Floor According to Morgan Stanley, nickel prices might be nearing their lowest point, with the year-end price target of $16,000 per ton already achieved. While short-term rallies may occur due to existing market conditions, elevated nickel inventories and weak demand are likely to hinder any sustained price increases. Nickel inventories globally...
READ MOREBarrick Gold, a leading Canadian gold producer, reported increased earnings in the second quarter of 2024, driven by higher gold and copper prices. The company posted net earnings of $370 million, or 21 cents per share, compared to $305 million, or 17 cents per share, in the same quarter last year. When adjusted for certain...
READ MOREMinnova has released an update regarding its 100% owned PL Gold Mine, detailing future plans to advance the project in light of significantly higher gold prices. Since the completion of a positive Feasibility Study in 2017, when gold was priced at US$1,250 per ounce, current market prices have surged to over US$2,400 per ounce. This...
READ MOREFortuna Mining Corp. has released its financial and operating results for the second quarter of 2024, showcasing substantial growth in net income and operational performance. The company reported an attributable net income of $40.6 million, or $0.13 per share, marking an increase from $26.3 million, or $0.09 per share, in the first quarter of 2024....
READ MOREOn Tuesday, spot gold prices dropped nearly $20, closing below $2,390 per ounce. The decline was attributed to the strengthening of the U.S. dollar and rising U.S. Treasury yields, which diminished the appeal of gold as a safe-haven asset. A rebound in global stock markets also contributed to the decrease in gold prices. Spot gold...
READ MOREHecla Mining Company has announced its financial and operational results for the second quarter of 2024, marking significant achievements in silver and gold production. Hecla reported the production of 4.5 million ounces of silver, the second-highest in the company’s history. Lucky Friday Mine achieved its highest silver production since 2000, with 1.3 million ounces, supported...
READ MOREOn Monday, the global stock market turmoil significantly impacted gold prices, resulting in volatility of nearly $95 in a single day, an exceptionally rare occurrence. During the Asian market session, spot gold reached a high of $2,458.78 per ounce before sharply declining to $2,364.19 per ounce in the European session. The gold price then rebounded,...
READ MOREAzerbaijan’s state-owned company, AzerGold, has announced a partnership with V. Investment Group Services to advance the exploration, development, and production of gold, copper, and polymetallic ore deposits in the country. This collaboration covers several key mining sites, including Gadabay, Gosha, Kharkhar, Garadagh, Ordubad (Piyazbashi, Agyurd, Shakardara, Kalaki), Gizilbulag, Demirli, and Vejnali. The agreement aims to...
READ MOREIn a volatile trading session on Thursday, August 1, spot gold prices experienced significant fluctuations during the New York session. Prices initially dropped sharply from above $2,460 per ounce to below $2,435 per ounce. Earlier in the day, during the European session, gold prices reached an intraday low of $2,430.12 per ounce. The New York...
READ MORECenterra Gold has announced its second-quarter 2024 financial and operational results, demonstrating strong performance and strategic progress across its key projects. President and CEO Paul Tomory highlighted the company’s continued solid operating performance and consistent cash flow from operations, aligning with the company’s guidance for the year. Operational Highlights Financial Highlights
READ MOREThe New York trading session on August 1st witnessed significant fluctuations in spot gold prices, with a dramatic drop from above $2,460 per ounce to below $2,435 per ounce. Thursday’s trading saw heightened volatility, with spot gold reaching an intraday low of $2,430.12 per ounce in the European market. Later, prices climbed sharply to an...
READ MOREOn Wednesday, spot gold prices surged over $36, closing at $2,446.91 per ounce after rising to a high of $2,450.93 per ounce during the New York trading session. This increase was driven by Federal Reserve Chairman Jerome Powell’s dovish remarks, which affected the U.S. dollar and bond yields, and escalating tensions in the Middle East....
READ MOREKorea Zinc, the world’s leading non-ferrous metal smelting company, is celebrating its 50th anniversary with ambitious plans for future growth. The company aims to reach a market capitalization of 70 trillion won ($51 billion) by 2033, supported by a cumulative revenue target of 217 trillion won ($158 billion) from 2023 to 2033. This goal was...
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T2 Metals has signed a contract with Quesnel Bros. Diamond Drilling for at least 3,500 meters of core drilling at its Sherridon copper-gold project in the Flin Flon – Snow Lake District of west-central Manitoba. The program, set to commence in mid-August, will include over 20 drill holes, marking the largest drilling initiative at Sherridon...
READ MOREMexico-focused precious metals producer Fresnillo PLC announced an 11% rise in revenue for the first half of 2024, reaching USD1.49 billion, up from USD1.34 billion a year ago. The company’s pretax profit surged to USD277.8 million, a significant increase from USD47.9 million in the same period last year. The increase in profitability was attributed to...
READ MOREGold prices remained largely unchanged on Tuesday as investors awaited the Federal Reserve’s policy meeting and a series of U.S. data releases that could provide more clarity on the timing of potential rate cuts. As of 0023 GMT, spot gold was down 0.1% at $2,380.79 per ounce, while U.S. gold futures held steady at $2,378.00....
READ MOREAneka Tambang, part of Indonesia’s MIND ID, has reported solid financial performance for the first half of 2024. Despite facing global economic volatility and commodity price fluctuations, the company maintained robust production and sales levels. For the period from January to June 2024, ANTAM achieved a net profit of Rp1.51 trillion (approximately $18.12 million). This...
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