REVIEW, PREVIEW, AND BOTH SHORT- AND LONGER-TERM THOUGHTS Job growth slowed in November amid fears that economic growth is losing steam. Nonfarm payrolls increased by 155,000 for the month while the unemployment rate again held at 3.7 percent, its lowest since 1969, the Labor Department reported Friday. Economists surveyed by Dow Jones had been expecting payroll growth of 198,000 and the jobless r...Read More
Gold rose to the predicted level of the prior article.The spread between the 5-year and 2-year U.S. treasury yield has turned towards the downside.The technical picture of gold looks positive, all thanks to the bullish candle breaking above the 200-day moving average on the weekly chart.In my last article on October 26th, I was bullish on gold (GDX, ASA) as I expected it to have a rise in its valu...Read More
James Hyerczyk16 hours agoGold Bars and DollarGold futures are trading slightly lower after giving up earlier gains that drove the market to its highest level since July 17. The early strength was fueled by follow-through buying related to Friday’s weaker-than-expected U.S. Nonfarm Payrolls report. The jobs report garnered mixed reviews with some traders describing it as “so-soȁ...Read More
Gold's intermediate-term recovery process continues to gain traction.Flight-to-safety demand on the rise, thanks to global market jitters.Dollar index still needs to weaken some more, however.It has been a long time in coming, but things are finally looking up for gold. After a drawn-out bottoming process over the last four months, the gold price is climbing out the basement in stair-step fash...Read More
Gold jumped to $1,251 in Asia - the highest level since July 11. Rising evidence of a global growth slowdown, trade fears, and the resulting risk aversion is likely helping gold report gains. Talk of Fed rate pause in 2019 is likely adding to the bullish tone around the yellow metal. Gold rose to a six-month high of $1,251, having closed higher by 2.10 percent last week – its biggest weekl...Read More
CHILE - Over the last 15 years, Newcrest Mining has discovered gold deposits in Australia, Papua New Guinea and Indonesia and continues to explore and evaluate prospects in those countries as well as in many others including Fiji, North America, Mexico, Cote d'Ivoire, Chile, Argentina, and Ecuador.This week it signed an option agreement in Chile to earn up to a 75% interest in Cornerstone Capital...Read More
NEW DELHI - India's environmental court on Monday said it will issue its judgment in one week on whether to allow Vedanta Ltd to re-open its copper smelter, which was closed earlier this year after 13 people died when police fired on protesters.A panel of experts set up by India's National Green Tribunal, informally known as the environmental court, in November said authorities in Tamil Nadu state...Read More
KINSHASA - Democratic Republic of Congo's state mining company Gecamines said on Monday it would increase its stake in its Boss Mining joint venture with ENRC Africa Holdings to 49 percent after the two companies renegotiated terms.The state miner is moving to increase its take from joint ventures with international miners such as Glencore and China Molybdenum, which it accuses of not bringing eno...Read More
Capstone Mining (TSX: CS) released today positive results of an updated technical report for its Cozamin mine, located north-northwest of Zacatecas City in the Mexican north-central state of the same name.Cozamin is a polymetallic underground mine with a surface milling facility.According to the updated report on the operation, Proven and Probable Mineral Reserves increased significantly compared...Read More
Alacer Gold (TSX: ASR; US-OTC: ALIAF) has tabled a maiden resource for its Ardich gold deposit, located 6 km northeast of its 80% owned Copler gold mine in east-central Turkey. The current resource is within areas 80% owned by Alacer.Ardich contains 6.92 million measured and indicated tonnes grading 1.32 grams gold for 294,000 oz. gold. It also contains 2.2 million inferred tonnes at 1.2 grams gol...Read More
RAPAPORT... Alrosa noted an improvement in demand for lower-value roughin November, even as total diamond sales dropped. Proceeds slid 18% year on year to $274 million for themonth, the miner said Monday. However, sales value and volume were higher thanin October, which "may be indicative of strengthening demand for low-cost,small-sized rough diamonds, which has been declining over the past few mo...Read More
RAPAPORT... Signet Jewelers has launched a brick-and-mortar conceptstore for its e-commerce brand James Allen. The store, which opened on Friday in the Georgetown area ofWashington, D.C., will feature an immersive gallery experience aimed at thebrand's younger consumer base, the retailer said last week. "We're excited to continue executing Signet's customer-first,omni-channel stra...Read More
RAPAPORT... A Bulgari necklace fetched $200,000 at Phillips auctionhouse's first New York sale, exceeding its presale estimate of $120,000 to$180,000. The piece includes 39.35 carats of oval-shaped rubiesand 6 carats of round brilliant-cut diamonds. It was the top-selling lot at theauction, which earned $2.4 million overall, Phillips said. A ring featuring an emerald-cut, 4.91-carat, faint-pi...Read More
RAPAPORT... Dominion Diamond Mines CEO Patrick Evans has resigned withimmediate effect after a year at the company, the miner confirmed to RapaportNews Sunday. Evans joined the Canada-based producer in November 2017 afterits $1.2 billion acquisition by Washington Companies. Prior to that, he was CEOof Mountain Province for 12 years. Shane Durgin, Dominion's chief operating officer, will take...Read More
(IDEX Online) - Lucapa Diamond Company says that diamonds from the Lulo mine in Angola will feature in an historic inaugural international tender under Angola's new diamond marketing laws recently approved by the President of Angola, Joao Lourenco, and the country's Council of Ministers. Sociedade Mineira Do Lulo, of which Lucapa is a partner, will showcase and sell seven large and exc...Read More
LONDON – Dominion Diamond CEO Patrick Evans has left the company, marking at least the third high-profile departure in less than a year at the Canadian miner, which is owned by billionaire Dennis Washington.Evans confirmed that he departed on December 5. Shane Durgin, who was COO, took over as CEO effective December 7, Evans said in a telephone interview Sunday. Evans said he plans to stay o...Read More
(IDEX Online) - Petra Diamonds Limited is selling off its interest in Helam Mining (Pty) Ltd in South Africa to Lindleys Mining (Pty) Ltd for a nominal consideration ZAR200 ($14) with immediate effect. Petra put the Helam mine on care on maintenance during FY 2015 following previous attempts to find a suitable purchaser, and no mining activities have been conducted by Petra since then. &nbs...Read More
(IDEX Online) - Stornoway Diamond Corporation said that the remaining tranches of financing announced on October 2 have been completed or approved for completion. A $10 million private placement with Ressources Qu?(C)bec Inc. acting as agent for the government of Qu?(C)bec, was completed on December 7. A 2-year deferral of principal payments on the Renard Mine Road Loan was authori...Read More
PERTH (miningweekly.com) – A 78 ct white diamond has been recovered from the Mothae diamond mine, in Lesotho.ASX-listed Lucapa Diamond Company on Monday reported that the large diamond was recovered through the new 1.1-million-tonne-a-year treatment plant, where commercial production was declared earlier this month.Advertisement“We are extremely delighted to have started our commercial...Read More
Welcome to Creamer Media’s Resources Watch, a weekly video round-up of the events and people making and shaping the news in the mining industry.This week:AdvertisementGold One launches R100m plant expansion projectOverly prescriptive policies threaten mine profitabilityAdvertisementAnd, Zest WEG Group delivers R200m electrical infrastructure solution at Petra’s Cullinan diamond mineGol...Read More