Gold 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 of $2,505. The marginal rise...
Sibanye-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 of the year, Sibanye-Stillwater posted...
The 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 the year. Mitchell J. Krebs,...
Gold 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 $2,581.40 per ounce, according to...
Gold 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 at $2,505, according to Reuters....
UK-based mining explorer Greatland Gold has acquired the Telfer gold mine and the nearby Havieron gold and copper prospect in Western Australia’s Great Sandy Desert for $714 million, capitalizing on rising gold prices. The deal was struck with Newmont Corporation, the world’s largest gold producer, which decided to offload the assets after its $26.2 billion merger with Newcrest last year....
FTSE 250 gold miner Centamin is exiting the London Stock Exchange after accepting a £1.9 billion ($2.5 billion) takeover bid from South Africa’s AngloGold Ashanti. The Centamin board has recommended shareholders approve the £1.63 per share offer, which values the company at a 36.7% premium to its previous closing price. Following the announcement, Centamin shares surged 22.9% to 146.9 pence....
AngloGold Ashanti has announced its acquisition of Egypt-focused Centamin in a $2.5 billion stock and cash deal, further expanding its African operations. The deal, which includes a 36.7% premium on Centamin’s share price, will see Centamin shareholders receive 0.06983 new AngloGold shares and $0.125 in cash for each share they own. This offer values Centamin shares at 163 pence ($2.14),...
Artemis Resources and Anax Metals have signed a Memorandum of Understanding (MoU) to explore the potential of processing copper assets from Artemis’ Carlow Castle deposit at the Whim Creek processing hub in Pilbara. The Carlow Castle deposit holds an inferred resource of 64,000 tonnes of copper, and the companies are considering the inclusion of other copper projects in the region....
On Monday, spot gold rebounded after falling to an intraday low of $2,485 per ounce, closing at $2,506 per ounce. Traders focused on upcoming U.S. inflation data for August, with expectations that the Federal Reserve may cut interest rates by either 25 or 50 basis points in the near future. Despite a stronger U.S. dollar, gold prices continued to climb,...
