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Newmont tops profit estimates on gold price surge

Newmont (NYSE: NEM, TSX: NGT) said on Wednesday that higher gold prices helped generate significant free cash flow in the second quarter.

The world’s largest gold miner’s adjusted net income for the June quarter was $261-million, or $0.32 per diluted share, compared with $92-million, or $0.12 per diluted share, in the prior-year quarter. The results topped analysts’ estimates of $0.31 per share.

Newmont reported $984 million in adjusted EBITDA and $388 million in free cash flow.


US Mint sets limits on gold, silver coins sales

The US Mint has reduced the supply of gold and silver coins to third-party distributors as the relentless coronavirus pandemic slows down production even of regular change.

The Mint’s New York-based facility is evaluating risks to employees to curb the spread of the virus, thereby slowing production for the next 12 to 18 months, Bloomberg reported on Tuesday, citing internal documents.

The nation’s coin maker, which is in charge of producing new money to replenish supply, warned last week that covid-19 had resulted in fewer pennies, nickels, dimes and quarters in circulation.


Gold, platinum used in new material to generate hydrogen from salt, polluted water

Researchers from the Czech Republic and Russia have developed a new material that uses gold, platinum and chromium to generate hydrogen molecules from fresh, salt, and polluted water by exposure to infrared sunlight.

The objective behind this development is that the solution becomes another green tool to help tackle the global energy challenge.

In a paper published in the journal ACS Applied Materials & Interfaces, the scientists explain that the material is a three-layer structure with a 1-micrometre thickness.


Market Update: Gold Hits $1800 – What’s Next?

As we committed to last week, this week’s video focuses on the precious metals and the exceptional performance gold is exhibiting right now after many years of disappointing returns.
Year-to-Date, it’s hard to find an asset class that has performed better than gold and gold mining stocks:

And the reasons for owning gold just keep getting stronger and stronger. As this week’s expert guest Jeff Clark, Senior Precious Metals Analyst at GoldSilver.com


Endeavour becomes West Africa’s top gold miner

Canada’s Endeavour Mining (TSX:EDV) said on Thursday it had completed the C$1 billion ($732m) acquisition of smaller rival Semafo, which has created West Africa’s top gold producer.

With the merger completed, Semafo’s president and chief executive Benoit Desormeaux, has assumed as Endeavour’s new president.

Semafo’s chief financial officer, Martin Milette, was set to be group CFO, but he has informed Endeavour that, for personal reasons, he won’t be able to relocate to London.


Egypt says $1.8 billion gold deposit found

Egypt’s Ministry of Petroleum and Mineral Resources revealed on Tuesday the discovery of a gold deposit with estimated resources of 1 million ounces, worth about $1.8 billion at today’s prices.

The asset was found in the mineral-rich Eastern Desert, on a mining concession run by state-owned Shalateen Mining Company, Ahram Online reports.

The government did not provide details on the methodology used to determine the deposit’s size.

It did note it expected more than $1 billion in investments related to the development of the deposit over the next 10 years.


Harmony Gold raises $200m to buy AngloGold assets

Harmony Gold (JSE: HAR) (NYSE: HMY) said on Thursday it had raised $200 million from a planned shares placement to partly fund its acquisition of rival AngloGold Ashanti’s (NYSE: AU) (JSE: ANG) assets in South Africa.

The Randfontein-based gold producer issued more than 60 million new ordinary shares at a price of 57.50 rand apiece on Wednesday. Harmony said it represented roughly 11% of its issued ordinary share capital before the placing.


Gold price up as Fed begins historic ETF purchase program

Gold price moved higher on Tuesday on expectations of more stimulus and talks of further interest rate cuts from the US Federal Reserve to reinvigorate the economy as it slowly emerges from the coronavirus induced lockdowns.

Spot gold returned to levels seen at the end of last week, rising 0.3% at noon ET to $1,701.87 per ounce. Gold futures for June delivery also recovered, up 0.7% to $1,709.60 an ounce.

The initiative will target ETFs that hold so-called “fallen angel bonds” of companies that have been downgraded from “investment grade” to “speculative” or “junk”

The US central bank began purchasing ETFs holding corporate bonds for the first time ever Tuesday as part of its pandemic rescue package.


Papua New Guinea snatches Barrick Gold’s Porgera mine

Papua New Guinea is set to take control of Barrick Gold’s (TSX: ABX) (NYSE: GOLD) Porgera mine after refusing to extend the company’s lease on environmental and social grounds, Prime Minister James Marape said on Friday.

“In the best interests of the state, especially in lieu of the environmental damages, claims and resettlements issues, the Special Mining Lease will not be renewed,” Marape said.

Barrick planned to boost the gold mine to its top-tier assets, despite landowner and government demands to cede a larger stake.


Perth Mint Gold Token starts trading on cryptocurrency exchange

The Perth Mint Gold Token (PMGT), the world’s first sovereign gold digital token, started trading this week on the KuCoin cryptocurrency exchange.

Each token is underpinned 1:1 by Perth Mint digital GoldPass certificates which represent physical gold held in storage at the organization. In addition, the weight and purity of every ounce of gold anchoring PMGT is assured by the Mint’s sovereign owner, the Government of Western Australia.

The Perth Mint is the world’s largest refiner of newly mined gold

“With zero fees for custody, storage, insurance and management, PMGT is a cost-effective gold asset and a competitive alternative to traditional gold products, like gold ETFs, banked gold transfers and more,” the Mint said in a press release.