News

Auto Added by WPeMatico


Nordgold matches Shandong Gold’s offer for Cardinal in takeover battle

A long-running battle between Nordgold (LON: NORD) and China’s Shandong Gold over Cardinal Resources (ASX: CDV) took a fresh turn on Wednesday, after the Russian gold miner matched Shandong’ s latest bid of A$1 per share.

Both suitors have been locked in a back-and-forth contest for the Australian miner — which owns the 5.1 million-ounce Namdini gold project in Ghana — since Nordgold put forward a 45.7 Australian cents-a-share bid in March this year.


Gold price rebounds on Fed’s new inflation policy

Gold prices rebounded on Friday from Thursday’s drop as the US dollar sank with investors weighing the impact of the US Federal Reserve’s new approach to setting monetary policy.

Spot gold advanced 1.8% to $1,964.89 per ounce by 11:20 a.m. EDT, heading for its first weekly gain since early August. US gold futures were 2.2% higher, trading at $1,975.50 per ounce in New York.

Comments from Federal Reserve Chair Jerome Powell sent bullion on a roller-coaster ride in the previous session — with prices seesawing between a 1% gain and a 2% decline — after he signaled the central bank will stay accommodative for longer, with a more tolerant approach on inflation.


Shandong Gold calls Canada to approve Arctic mine buy

Shandong Gold Mining, one of China’s top bullion miners, said its acquisition of a Canadian junior that owns the massive Hope Bay property in Nunavut should be approved for economic reasons.

The Chinese state-controlled miner signed in May a $149 million-deal to buy struggling TMAC Resources (TSX: TMR). The company, which went public in 2015, had seen its shares fall from a peak of C$10.77 in 2018 to C$1.68 the day before Shandong’s bid and to C$1.49 on Thursday.


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.