Commodities

Goldcorp says no production hit as Mexico mine blockade is lifted

(FinancialPress) — Goldcorp‘s (NYSE: GG) Peñasquito gold mine (Mexico) blockade was lifted without it harming output overall, the Vancouver-based company stated on Wednesday. The blockade had risen because of complaints from local communities regarding water, on Thursday of last week. The main access to the open pit mine had been closed down by protestors. During 2016, Peñasquito, a fully self-owned operation, produced a total of 465,000 ounces of gold. When taking into account silver, lead and zinc byproducts, their output surpassed 1 million gold-equivalent ounces. Among Goldcorp‘s recent announcements, worth highlighting are their $420m Pyrite Leach Project (PLP) at the mine. Its development has reached 40%, and it will be commissioned 3 months ahead of schedule by Q4 2018. The project ...

400 miners laid off from Atlatsa‘s failed Bokoni mine

(FinancialPress) — Atlatsa Resources has taken action on its stated intention to shut down its operations in the Limpopo province of South Africa. The Bokoni platinum mine is set for closure. The closure is part of a deal reached with joint venture partner Anglo American Platinum (Amplats) aimed towards debt cancellation and restructuring. Amplats is the world leader in platinum group metals mining. In July, Atlatsa stated as follows in an investor letter: “In the circumstances, the Bokoni joint venture partners are no longer able to continue funding losses at the mine with no reasonable short to medium term turnaround prospects,” Last week, SABC News reported that over 400 workers of the Bokoni mine have been let go. This would be the first wave of terminations that has anothe...

Will BC block this Vancouver Island mine?

(FinancialPress)—A new copper-gold-moly mine may be coming to Vancouver Island, with promising economics for decades to come—as long as the jurisdiction’s challenges can be overcome. Late last week, micro-cap explorer NorthIsle Copper and Gold (OTC:NTCPF)(TSX.V:NCX) released a preliminary economic assessment (PEA) on its proposed North Island open-pit mine, claiming the project could produce 75,000 tonnes per day, for 22 years. Despite being a jurisdiction known for its challenges regarding building mines, NorthIsle’s management remain quite positive of the potential of the mine, which would reside approximately 200 miles to the northwest of the reclaimed Island Copper mine, previously operated by BHP Billiton (NYSE:BHP). “We are very pleased with the results of our maiden PEA,” said...

Gold down as N. Korea tensions subside, Irma impact less than expected

(FinancialPress)—Tension over the North Korean nuclear race, and Hurricane Irma‘s forecasted impact had people turning to gold as a safe haven for the potential drop in stocks. However, the wave has eased and the precious metal dropped to its lowest in over a week this Tuesday morning. Markets across the world reached record heights as concerns waned, and investors returned to higher risk assets over the safer gold, bonds and Japanese yen. After a big 1.4% drop on Monday (the biggest 1-day drop in 2 months), spot gold opened Tuesday with a 0.2% drop %1,324.17 – its lowest value since Sept. 1st. Natixis analyst Bernard Dahdah expanded on the issue: “The North Korea story has had (an impact) on the price of gold, but these geopolitical events tend to be quite limited in time… The marke...