Gold production is coming increasingly under threat in Latin America as workers strike over fairer pay.
Peru's president Alan Garcia is facing growing calls to distribute a fairer share of the mining profits to workers who are not currently benefiting from the high gold prices.
Miners at Yanacocha, owned by Newmont, are still deciding whether to join the walkout already underway by those in the copper industry, Reuters reports.
The Pierina mine, owned by Barrick Gold, has already been hit by strikes and has had to call in temporary workers.
Any widespread industrial action could act to support gold prices, since it reduces the worldwide supply and makes the precious metal rarer.
Yanacocha is the largest gold mine in South America, but it has been faced with falling output in recent years.
In 2007, it produced some 1.56 million ounces, down from the 2.57 million ounces recorded in 2006.
Earlier this week, it was reported that gold mining companies in Ghana have entered into negotiations with the government to oppose a cut in electricity subsidies.
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It's
Official - China to Consider Gold!
David N. Vaughn, Gold Letter, Inc.
Gold Letter Website, January 13, 2006
"China
said Thursday that it would diversify its foreign-exchange
reserves away from U.S. dollars and government bonds."
This news about China preparing to "diversify"
their reserves will have strong implications for a rising
gold price & a very favorable long term gold market.
"The
latest run for bullion follows Friday's news that the Central
Bank of China wants to diversify part of its record $769bn
in reserves away from the US Dollar. ANALYSTS BELIEVE GOLD
IS AN OBVIOUS BENEFICIARY OF THIS CHANGED APPROACH."
Dubai-
truly a 'City of Gold'
Enterprise
Dubai
Issue 40 May 2005 - Jul 2005
Dubai
is living up to its long held image of being a 'City of
Gold' by posting spectacular growth in the sale of yellow
metal thereby furthering reinforcing Dubai's position as
the gold and jewellery hub of the world.
The
Dubai Gold and Jewellery Group, functioning under the aegis
of the Dubai Department of Economic Development, says the
emirate recorded AED 600 million in sales in jewelry and
bullion during the DSF-2005.
Dubai
enjoys the world's highest per capita consumption of gold
with an average of 36 grams per person.
Gold's
lustre prompts fears of price bubble
Fri Oct 3, 5:50 PM ET
By Kevin Morrison in London
The gold market is riding high and as prices come within
striking distance of breaking through a seven-year high,
traders are asking whether bullion will reach new heights.
Gold
prices have risen 20 per cent in the past 12 months on the
back of a significant decline in the US dollar over this
period, the fears of both deflation and rising inflation,
and the more mundane effect of gold producers buying back
large volumes of forward gold sales.
Gold
would have to rise another 8 per cent to exceed the February
1996 high of $417.70 a troy ounce from its current level
of $382 per oz.
Saudis to double gold output, expand
mining
Posted: Wednesday, February 26, 2003
Riyadh
Saudi
Arabia plans to double its gold production over the next
five years, despite the closure of ancient mines in the
Kingdom.At 220,000 ounces per year, the desert kingdom's
gold output is tiny by global standards, but surging bullion
prices have given impetus to expansion plans, said Abdullah
Dabbagh, president and chief executive of state-mining company
Maaden."We expect that in five years we will double
gold output in Saudi Arabia," Dabbagh said on Wednesday.
Harmony
Commences Trading on the New York Stock Exchange (NYSE)
Harmony Gold Mining Company Limited
Wednesday November 27, 9:35 am ET
JOHANNESBURG,
South Africa, Nov. 27 /PRNewswire-FirstCall/ -- Harmony
Gold Mining Company Limited (NYSE: HMY; JSE: HAR), the world's
fifth largest gold producer, today announced that its American
Depositary Receipts commenced trading on the New York Stock
Exchange (NYSE) under the symbol "HMY". The Company's
warrants also began trading on the NYSE under the symbol
"HMYWS". No new shares were issued in connection
with the listing.
Scintilla
Middle East Launch
First
Company in the World to employ 'Table-Branding' on jewellery
Dubai, 20/10/2002
With
its spectacular launch at Burj Al Arab, on the 20th of October,
Scintilla, the Monaco based premium brand of diamond jewellery
is poised to establish new standards of quality and consumer
confidence, in diamond jewellery branding in the region.
Scintilla is striving to increase business relations between
the G.C.C. and Monaco through its fine jewellery, using
Dubai as a hub to the region. Jewellery spend in the Gulf
region has been steadily climbing over the past few years
and has now reached approximately $1.4 billion, making it
the fourth largest market in the World in terms of polished
diamond consumption. The UAE's market share amounts to $300
million - with the total Gulf market steadily growing at
a healthy rate of 3 to 5 per cent per annum.
Barrick
Revises 2002 Outlook
Full Year Earnings per Share Expected to
be in $0.33-$0.35 range; Q3 in $0.05-$0.06 range
Thursday September 26, 6:00 am ET
Press
Release Source: Barrick Gold Corporation
TORONTO--(BUSINESS WIRE)--Sept. 26, 2002-- Barrick Gold
Corporation (NYSE:ABX - News; TSX:ABX - News) announced
today that it expects 2002 earnings per share in the 33-35
cent range (excluding non-hedge related adjustments)(1)
compared to earlier guidance for earnings at the lower end
of the 42-47 cent per share range, based in both cases on
a $315 spot gold price.
Apollo
Gold Corporation, Exall Resources Limited and Glimmer Resources
Inc. Complete Transaction
Monday
September 9, 6:05 am ET
Source:
Apollo Gold Corporation
TORONTO,
Sept. 9 /PRNewswire-FirstCall/ -- Apollo Gold Corporation
(TSX: APG News
; "Apollo")
today announced that it has completed the acquisition of a
100 percent interest in the Glimmer Mine from Exall Resources
Limited ("Exall") and Glimmer Resources Inc. ("Glimmer").
The mine was controlled by a joint venture, 52 percent owned
by Exall and 48 percent owned by Glimmer, with the operator
being Exall.
Cambior
Completes Rosebel Feasibility Study - Mineral Reserves Increase
to 1.9 Million Ounces
Thursday
August 29, 7:02 am ET
Source:
Cambior Inc.
LONGUEUIL,
Quebec--(BUSINESS WIRE)--Aug. 29, 2002--Cambior (AMEX; TSX:CBJ)
(all amounts are expressed in U.S. dollars)
Cambior
is pleased to announce the completion of a feasibility study
for the Rosebel open pit gold project located in Suriname,
approximately 80 km south of the capital city of Paramaribo.
Highlights of the study include:
- Probable
mineral reserves: 37 million tonnes grading 1.63 g Au/t;
- Gold
contained: 1.93 million ounces;
- Average
annual gold production: 220,000 ounces;
- Average
direct mining cost: $187 per ounce;
- Current
projected mine life: 8 years;
- Initial
capital costs: $95 million;
- Construction
period: 14 months;
- Internal
rate of return: 12% using a long-term gold price of $300
per ounce.
Placer
Dome extends AurionGold offer
Friday
August 30, 4:00 am ET
Source:
Placer Dome Inc.
VANCOUVER,
CANADA AND BRISBANE, AUSTRALIA, Aug. 30 /PRNewswire-FirstCall/
- Placer Dome Inc. ("Placer Dome") (TSX: PDG,
NYSE: PDG, ASX: PDG) announced today that its wholly owned
subsidiary, Placer Dome Asia Pacific Limited, has extended
the scheduled closing date of its offer for AurionGold Limited
("AurionGold") (the "Offer") by 11 days
to 6:00pm (AEST) on Tuesday, 10 September 2002.
Canada's
Glamis to merge with Francisco Gold
Wednesday
March 6, 6:55 pm Eastern Time
By Lesley Wroughton
TORONTO,
March 6 (Reuters) - In Canada's second small-cap gold merger
in less than a month, Glamis Gold Ltd. and Francisco Gold
agreed on Wednesday to join forces in a C$196 million ($124
million) deal as market interest returns to the industry.
With
prospects of a comeback in the gold price after two decades
of decline and bankers eager again to finance gold firms,
small miners were revisiting opportunities to expand through
mergers, analysts said.
Last month Miramar Mining Corp. and Hope Bay Gold agreed
to merge to strengthen their profiles in the Canadian North
where they have operated for some years.
New
gold and copper discovery in Central Oyu Zone at Turquoise
Hill Project in Mongolia's Gobi Desert region
SOURCE: Ivanhoe Mines Ltd.
HIGH-GRADE GOLD AND COPPER MINERALIZATION EXTENDED TO A
DEPTH OF AT LEAST 750 METRES AT SOUTHWEST OYU DISCOVERY
ZONE
MINERAL INVENTORY FOR SOUTHWEST OYU DISCOVERY ZONE NEARING
COMPLETION
MONGOLIA, March 5 /PRNewswire-FirstCall/ - Ivanhoe Mines'
Chairman Robert Friedland and Executive Vice-President,
Exploration, Douglas Kirwin announced today that the company
has made a new gold and copper discovery at the Central
Oyu Zone of the Turquoise Hill (Oyu Tolgoi) project in southern
Mongolia. In addition, the company's ongoing delineation
drilling program has extended the high-grade gold and copper
mineralization in the Southwest Oyu Discovery Zone to a
true depth of at least 750 metres. An independently prepared
preliminary mineral inventory of the Southwest Oyu discovery
zone is well advanced and will be released shortly by Ivanhoe.
Announcement
- Goldcorp receives prestigious Investor Relations award
Thursday
February 21, 2:48 pm Eastern Time
SOURCE: Goldcorp Inc.
TORONTO,
Feb. - GOLDCORP (GG: NYSE; G: TSE) is pleased to announce
that it has been chosen as the winner of the Investor Relations
(IR) Magazine's 2002 Canada award for Best Senior Management
Communications among large capitalization companies (defined
as $1 to $10 billion). Awards were presented last night
at the IR Magazine's 2002 Canadian awards ceremony held
in Toronto's Royal York Hotel. Goldcorp was also nominated,
and received honorable mentions, for three other awards,
which were Best Investment Community Meetings; Best Use
of Technology; and Best Investor Relations Web Site.
Goldcorp
is a North American based gold producer. Its Red Lake mine
is the richest gold mine in the world. By market capitalization,
we are in the top ten of gold producers globally. In 2001
Goldcorp was the most profitable North American gold company.
The company is in excellent financial condition, with no
debt and positive free cash flow and earnings. Goldcorp's
production is unhedged, which allows its shareholders to
participate fully in a rising gold price environment. Goldcorp
is listed on the New York and Toronto Stock Exchanges under
the trading symbols of GG and G, respectively
Barrick
Completes Merger with Homestake
Friday
December 14, 5:06 pm Eastern Time
Press Release
SOURCE: Barrick Gold Corporation
Combination Creates World's Largest Gold Mining Company
by Market Capitalization
TORONTO-
(BUSINESS WIRE)--Dec. 14, 2001-- Barrick Gold Corporation
today announced the completion of its merger with Homestake
Mining Company, strengthening Barrick's leadership position
as the most valuable gold mining company by market capitalization.
GATA
Receives Gold-As-Money Contribution From Durban Deep
SOURCE:
Gold Anti-Trust Action Committee
DALLAS--(BUSINESS WIRE)--Dec. 3, 2001--Gold miner Durban
Roodeport Deep has contributed 30 one-ounce Krugerrands,
South Africa's famous gold coin, to the Gold Anti-Trust
Action Committee Inc., and GATA will sell them to raise
money for its challenge to the U.S. government agencies
and bullion banks it accuses of suppressing the gold price.
The coins were presented to GATA Chairman Bill Murphy by
Durban CEO Mark Wellesley-Wood during GATA's reception at
the New Orleans Investment Conference on Thursday, November
29. Wellesley-Wood congratulated GATA for its defense of
gold's traditional role in the international monetary system,
and reiterated his company's position that gold is money,
not merely a commodity. Wellesley-Wood predicted that gold's
nature as money will be fully recognized again soon.
Gold
finds new range, holding latest war rally
Tuesday December 4, 6:40 am Eastern
Time
LONDON,
Dec 4 (Reuters) - Gold found its feet in a new $275.00/278.00
range on Tuesday, as the market waited to see how the conflict
in the Middle East would develop, traders said.
Bullion was able to hold onto most of its gains after bouncing
more than a dollar higher on Monday as Israel launched a
missile strike in response to two Palestinian suicide attacks
on the country over the weekend.
By
1125 GMT, spot gold was trading at $276.30/276.80 an ounce,
down on the last close in New York on Monday at $277.20/277.70.
Europe
gold holds steady after "neutral" BoE sale
Tuesday
November 27, 11:33 am Eastern Time
LONDON, Nov 27 (Reuters) - Gold marked time on Tuesday afternoon
after absorbing another 20 tonnes of metal sold by the Bank
of England at auction earlier in the day, but prices were
seen drifting lower, traders said.
The
amount of gold on offer was 2.6 times oversubscribed, and
attracted bids totalling 1,655,600 ounces.
Dealers
said the market's lack of reaction to the sale -- the BoE's
15th sale of gold since 1999-- was a reflection of the ``routine
auctions'' held by the bank every other month.
The
previous BoE sale, which came after the September 11 attacks
in the United States was covered 4.3 times at $280.00.
Indians
likely to buy more gold
Tuesday,
November 27, 2001
India,
the world's largest consumer of gold, is likely to step
up imports in the short term to take advantage of attractive
global prices and rising demand for jewellery, traders and
analysts said yesterday. They said a 20-tonne gold reserve
auction by Bank of England today was unlikely to cause any
wild fluctuations in prices and it would remain in the range
of $270-280 per troy ounce. There is good demand for jewellery
and Indians are comfortable in importing gold at current
prices, a bullion dealer based in Ahmedabad, told Retuters.
Most Indian traders expect the auction to attract buying
at around $271-272 and the yellow metal to continue to trade
in the $270-280 range in the short term. India's gold demand
had waned due to spurt in price after the attacks on United
States and softening of prices in the last couple of weeks
had revived demand, traders said.
Newmont
looks for more bid targets
By Simone Deane
Tuesday
November 27, 10:34 pm Eastern Time
MELBOURNE,
Nov 28 (Reuters) - Newmont Mining Corp said on Wednesday
a successful takeover of Australia's Normandy Mining Ltd
(Australia:NDY.AX - news) could be a launch pad for more
acquisitions in the region, with Lihir Gold Ltd (Australia:LHG.AX
- news) among the potential targets. U.S.-based Newmont
launched a bid for Normandy earlier this month, topping
an offer by AngloGold Ltd .
