goldmining
Horizon Minerals (ASX:HRZ) announced it will proceed with the development of its Boorara gold project. In a press release on Monday (July 29), the company said its board has approved a final investment decision for the asset. According to Horizon, Boorara is fully permitted, with all statutory approvals in place. Located in Western Australia, Boorara is 10 kilometres east of the Super Pit gold mine, one of the country's largest open-pit gold mines. Boorara previously underwent a trial-mining period in 2016. According to Horizon, the property's independent ore reserve estimate stands at 1.24 mi...
Investing News Network
By Timothy J. Killeen Gold mining has been a feature of the Andean Amazon since pre-Colombian times and, along with silver, it was the cornerstone of the economy in the colonial and republican periods. In Brazil, gold mining was a source of wealth for the Portuguese crown and a major diver in the colonization of Mato Grosso and Rondônia during the eighteenth century. Guyana, Suriname and French Guiana all experienced nineteenth-century gold rushes, as did Venezuela in the first decades of the twentieth century. These historical events, however, have been dwarfed by the gold rushes of the moder...
Mongabay
Endeavour Mining (LSE:EDV,TSX:EDV,OTCQX:EDVMF) said on Monday (July 2) that it has completed the first gold pour at its Lafigué mine in Côte d’Ivoire ahead of schedule, 21 months after construction began. “We are proud to have achieved our first gold pour at Lafigué, which, alongside the first gold pour at the Sabodala-Massawa BIOX expansion that we achieved in April, marks the successful completion of the recent phase of investment and growth that we started in Q2-2022,” said CEO Ian Cockerill in a release shared by the company. “We now begin a new phase of increased free cash flow generation...
Investing News Network
The gold price made moves in 2023 on the back of strong central bank buying and a tense geopolitical situation. With those factors still in play, the yellow metal has soared to record highs in 2024. Against that backdrop, independent precious metals consultancy Metals Focus forecasts that gold will average US$2,250 per ounce in 2024, up 16 percent from last year and a new record for the precious metal. Its annual Gold Focus report, released on June 6, explains what factors the firm believes are driving gold at the moment and outlines what investors should watch moving into the second half of t...
Investing News Network
By Timothy J. Killeen Although new mines use state-of-the-art technology, the industry also has a legacy of ageing containment dams at older mines, particularly shuttered mines that no longer generate revenues to finance improvements in the technology surrounding tailings storage facilities (TSF). Their failure can result in the release of millions of cubic metres of toxic sludge into river systems. In populated areas, this can impact the water supplies of communities, wreak havoc on the local economy and endanger the health of thousands of inhabitants. In remote landscapes, a failed containme...
Mongabay
By Arturo TorresDan Collyns The road leading to Podocarpus National Park winds around lush, forested mountains that seem to stretch endlessly on the horizon. Covering 1,463 square kilometers (565 square miles), the park stretches from the foothills of the eastern Andes into the rainforest, straddling the southern Ecuadorian provinces of Loja to the west and Zamora Chinchipe to the east. It extends from the foggy alpine shrubland known as the páramo, at 3,600 meters (11,800 feet) above sea level, down into tropical forest at 900 m (3,000 ft), with waterfalls and boulder-strewn crystalline river...
Mongabay
By Timothy J. Killeen Investment capital flows when prices are high, but companies scale back investments when they fall. Nonetheless, companies do not often abandon projects once underway; in part, this is a natural resistance to writing-off an existing investment, but experienced businessmen also know that markets are cyclical. If companies wish to ‘cash in’ when prices are high, they must have installed capacity in order to ramp up production when the price is right. The prices of industrial minerals were at historical lows prior to 2000 but increased dramatically through the next two decad...
Mongabay
By Timothy J. Killeen The Pan Amazon is a significant source of several key industrial commodities. Global markets are not overly dependent on the region; nonetheless, production from Amazonian mines is not insignificant. Development of mineral resources is a decades-long process and, if the extractive sector were to abandon the region, as proposed by some environmental advocates, the global economy would find other geographies to supply these essential minerals. Oil and gas production is insignificant at the global scale (< 0.1%) and production could be wound down without difficulty. In purel...
Mongabay
Newmont (TSX:NGT,NYSE:NEM) released its Q1 results on April 25, saying it is on track to achieve guidance. In Q1, the world's largest gold miner reported attributable gold production of 1.7 million ounces, up from the previous year's 1.3 million ounces. The company's shares rose as much as 13.57 percent on the news to hit US$43.84. Emphasizing the strength of its Tier 1 gold and copper assets, Newmont said it generated US$776 million in cashflow from operating activities during the period, net of working capital changes of US$666 million. The company continues working to divest non-core assets...
Investing News Network
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