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Novagold sues J Capital Research for defamation

Novagold (NYSE, TSX: NG) announced on Tuesday that it had served short-seller J Capital Research USA (JCAP) with a civil action lawsuit for defamation in the United States District Court for the Eastern District of New York.

Novagold and Barrick have reopened the Donlin camp last month following a two-month due to the covid-19 pandemic

The company alleged that on May 28, JCAP issued a “report” on Novagold that contained false and misleading statements as part of what the company believes to be a “short and distort” attack.

PNG threatens Barrick over alleged gold export attempt

Papua New Guinea (PNG) has threatened Barrick Gold with criminal proceedings against it, claiming the company’s joint venture in the country was planning to illegally export $13 million in silver and gold to Australia.

The country’s mining regulator said that Barrick Niugini Limited (BNL) asked earlier this week for clearance to ship precious metals to the Perth Mint.

The move, the Mineral Resources Authority (MRA) said, is considered illegal given that BNL is not allowed to process or ship gold since the government’s refused to extend its mining lease for the Porgera mine almost two months ago.

Barrick, Japan Gold kick off exploration program

Barrick (TSX: ABX) (NYSE: GOLD) and Japan Gold (TSX-V: JG) have begun their joint exploration program in the Asian country under an alliance formed in February, which seeks to uncover the nation’s gold mining potential.

The partnership, known as Barrick Alliance, will see the Canadian gold giant sole-fund a two-year initial evaluation phase of 28 out of the Japan Gold’s 30 projects in the country.

Barrick will also finance a third year of explorations on assets that meet its criteria.

Australia working towards becoming top gold producer – report

Australia-focused market analyst Resources Monitor issued a short report stating that the island country is bound to overtake China in 2021 as the world’s largest gold producer.

According to Resources Monitor, Australia’s role as a cost-effective producer is giving it the advantage it needs to take the leading position.

The analyst backs such an assessment by looking at the margins that most gold-mining companies have been making for the past 18 months.

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.

Barrick unveils 10-year plan to become world’s most valued gold miner

Barrick Gold (TSX: ABX) (NYSE: GOLD), the world’s second largest gold miner, has unveiled a 10-year production plan aimed at becoming the most valued bullion company.

The strategy, outlined in its first annual report since its merger with Randgold Resources, includes boosting Barrick’s production to about 5 million ounces of gold a year, with the bulk coming from its North American operations.

President and chief executive officer, Mark Bristow, said Nevada Gold Mines — its recent joint venture with Newmont (NYSE: NEM) — would be the “value foundation” of its business moving forward.

Japan Gold shares jump on Barrick alliance

Japan Gold (TSXV: JG) announced on Monday the formation of a country-wide alliance with Barrick Gold (NYSE: GOLD, TSX: ABX) to jointly explore, develop and mine properties in Japan.

The Canadian company also announced additional six new project in the Southern Kyushu Epithermal Gold Province.

The Canadian company also announced additional six new project in the Southern Kyushu Epithermal Gold Province

The partnership spans 28 out of the firm’s 30 current projects and Barrick will sole fund a two-year initial evaluation of each project and potentially a three-year second phase if they meet the mining titan’s criteria.

Newmont’s gold reserves surpass 100moz, largest in company history

Colorado-based gold miner Newmont (NYSE: NEM, TSX: NGT) has reported gold mineral reserves of 100.2 million attributable ounces for 2019, the largest ever in company history. This represents a 53% increase over the 65.4 million ounces recorded in 2018 following the completion of two major transactions and through ongoing exploration success.

Last year, Newmont added almost 50 million ounces of gold reserves through the acquisition of Goldcorp, the formation of the Nevada Gold Mines joint venture and the continuation of its exploration program, solidifying the company as the world’s largest gold miner.

Mexican Gold owns world’s best drill intersection of 2020

Mexican Gold’s (TSXV: MEX) Queensway gold project in Canada’s Newfoundland province reported the most significant drill intersections of 2020 to date, according to intelligence company Opaxe, based on companies listed on the Toronto Stock Exchange.

Opaxe compiles the best drill intersections around the world and then ranks them based on gold equivalent grams per tonne using ruling metal and mineral prices.

The 92.86 g/t grade over 19 meters boosted MEX shares 25% higher on the TSX Venture Exchange the day after the announcement.

AngloGold restarts Obuasi mine after five years of closure

South Africa’s AngloGold Ashanti (NYSE:AU) (JSE:ANG), the world’s third-largest producer of the precious metal, has poured first gold at its Obuasi mine in Ghana, five years after mining activities were suspended.

The company, which seeks to access Obuasi’s 30-million-ounce ore body over the next two decades and beyond, said that following a ramp up period, the mine will generate 2,000 tonnes a day during 2020.

Company expects its gold mine in Ghana to produce between 350,000 and 400,000 ounces per year for the first ten years.