goldstocks
Major miner Gold Fields (NYSE:GFI) revised its 2024 gold production downward on Thursday (June 13), saying that severe winter weather conditions have affected its Salares Norte asset in Chile. Salares Norte, located in Northern Chile, has encountered challenges due to early and prolonged winter weather. This has led to the freezing of materials in the piping of the process plant, causing temporary shutdowns. The unforeseen weather conditions have disrupted the ramp-up phase, forcing the company to revise its output targets. Gold Fields initially set a goal of 220,000 to 240,000 gold equivalent...
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The gold price has pulled back from record-setting levels seen earlier in 2024, but remains historically high. Against that backdrop, explorers are working to bring past-producing assets back into production. Last week, Aguia Resources (ASX:AGR) announced plans to expedite the reopening of its recently acquired Santa Barbara gold mine in Colombia, while West Red Lake Gold Mines (TSXV:WRLG,OTCQB:WRLGF) provided an outline of the steps it is taking to restart its Madsen gold mine, which is located in Ontario, Canada. Here's a look at the work the companies are doing at their respective operation...
Investing News Network
Senior gold miner B2Gold (TSX:BTO,NYSEAMERICAN:BTG) and Sandbox Royalties announced on June 6 that they have entered into a purchase and sale agreement to create Versamet Royalties. As part of the transaction, B2Gold will sell 10 precious and base metals royalties to Sandbox, which will be renamed Versamet Royalties. Versamet will acquire ownership of the royalties by issuing 153.2 million common shares to B2Gold at a price of C$0.80 per share, giving B2Gold a 33 percent equity stake in Versamet. The royalties include 2.7 percent net smelter return (NSR) royalties on West African Resources' (A...
Investing News Network
The gold price has pulled back from the record-setting levels seen earlier this year, but Jeff Clark, editor of Paydirt Prospector, believes the yellow metal will continue moving upward in 2024. "The next target or level is US$2,500 (per ounce), and I do think we'll get to that this year because history tells me we will. We've had a 38 percent rise in the gold price in this upcycle ... but the average upcycle is much higher, and if this upcycle were to end now it would be the lowest in history," he told the Investing News Network in an interview. "I'm forced to believe because of history that ...
Investing News Network
Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about the outlook for gold and copper, as well as news from their respective companies. Looking first at gold, McEwen said it has space to move higher in 2024, and pointed to eye-watering predictions from a number of market participants. Citi is calling for US$3,000 per ounce before the end of 2024, while Bloomberg Intelligence expects US$7,000 by 2025. Meanwhile, Pierre Lassonde has given a US$19,000 to US$20,000 target. "The whole sector has been underinvested for quite awhile, and I think it...
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Eskay Mining (TSXV:ESK,OTCQX:ESKYF) announced plans to combine with P2 Gold (TSXV:PGLD,OTCQB:PGLDF) on Tuesday (June 4) in a move it says will create a new entity focused on gold and copper exploration. The non-binding letter of intent entered by the two companies outlines a deal through which Eskay will acquire all outstanding P2 Gold shares at an exchange ratio of 0.2778 Eskay shares for each P2 share. Eskay shareholders will hold 80 percent of the merged company, while P2 shareholders will own 20 percent. Once the transaction is complete, the company will have assets in BC's Golden Triangle...
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The New York Stock Exchange (NYSE) swiftly addressed a technical issue on Monday (June 3) that caused incorrect displays of share price information for a variety of companies listed on the exchange. The glitch, which the exchange attributed to a problem with limit up-limit down (LULD) bands, caused the Class A shares of Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) to plummet nearly 100 percent during morning trading. Major miner Barrick Gold (TSX:ABX,NYSE:GOLD) was also affected, as was NuScale Power (NYSE:SMR). GameStop (NYSE:GME) was impacted too, although the NYSE issue wasn't the only ...
Investing News Network
Speaking to the Investing News Network, Chris Ritchie, president of SilverCrest Metals (TSX:SIL,NYSEAMERICAN:SILV), shared his thoughts on how inflation continues to impact gold and silver miners, and explained why his company has chosen to hold precious metals on its balance sheet in this environment. SilverCrest's Las Chispas operation in Mexico went into production about two years ago, and Ritchie said that after paying back all of its debt in seven months the company had to decide what to do with the cash it had coming in. "Some of the knee-jerk responses were, 'Let's go build a new mine.'...
Investing News Network
The gold price has reached historic highs in 2024, rising above US$2,400 per ounce. For Australian investors, the price of the yellow metal has surged above the AU$3,700 mark in just the past few months. These gains have come as investors anticipate interest rate cuts, and against a backdrop of continued geopolitical turmoil in Ukraine and the Middle East. Gold has also been buoyed by central bank and Chinese buying. For many investors, gold is a tool for diversification. The precious metal is known for its ability to act as a safe haven and hence operates as a protective option when building ...
Investing News Network
The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 7.22 points last week to close at 607.95. Statistics Canada released consumer price index (CPI) data this past Tuesday (May 21). In the report, the agency indicates that CPI rose 2.7 percent in April on a year-on-year basis, dropping from a 2.9 percent year-on-year uptick in March. Inflation has now declined for the fourth month in a row, improving odds for a June rate cut as CPI inches closer to the Bank of Canada’s 2 percent target. The Canadian dollar lost a quarter percent on the news to close the day at US$1.37. South of the border, t...
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