Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Zambia makes large-scale mining fees 15 times higher | MINING.com

Zambia makes large-scale mining fees 15 times higher | MINING.com | Gold and What Moves it. | Scoop.it
They'll go from $340 to $5,400 beginning this month.

 

The Zambian government announced Friday it is increasing the cost of its mining licences to equal neighbouring countries’ rates and deter speculators from buying land in the country.

 

Zambia’s mining minister, Yamfwa Mukanga, said fees for large-scale mining will jump from $340 to $5,400 beginning this month, reports Reuters.

 

The country, which is Africa's top copper producer, made headlines on Wednesday, after revoking the mining license for Collum, a Chinese-owned coal company in the south of the country accused of violations of safety and environmental laws. ...

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These 4 countries are ramping up gold production

Vladimir Basov:

 

In 2012, the top 10 gold producing countries slightly increased their gold output.

 

According to the United States Geological Survey (USGS) provisional data — updated with the recent official figures for China, Russia and Peru — estimated global gold production rose to 2,700 tonnes in 2012, or 1.4% growth compared to 2011 (2,662 tonnes).

 

The top 10 gold producing countries mined out about 1,807 tonnes of the precious metal which is 2.4% more than in 2011 (1,765 tonnes).

Hal's insight:

Click through for the chart and the rest of the piece.

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China, Ghana gold production spike, others fall | MINING.com

by Vladimir Basov:

 

The top 10 gold producing countries mined out 1,799 tonnes of the precious metal which is 2% more than in 2011.

 

In 2012, the top 10 gold producing countries slightly increased their gold output.


According to the United States Geological Survey (USGS) provisional data, estimated global gold production amounted to 2,659 tonnes in 2012, and was in line with 2011 totals (2,660 tonnes).


With updated data for China, announced by the China Gold Association after the USGS estimates became known, world gold output rose to 2,692 tonnes in 2012, or 1.2% growth compared to 2011. ...

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South Africa pushes for greater tax revenues from miners | MINING.com

South Africa pushes for greater tax revenues from miners | MINING.com | Gold and What Moves it. | Scoop.it
South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with rising costs and declining commodities prices.

 

South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with the double burden of rising costs and declining commodities prices.

 

Bloomberg reports that while the incumbent African National Congress seeks to derive greater fiscal benefit from its mining companies, any measures to raise tax revenues will also risk further hampering a sector already burdened by ballooning costs and weak spot prices for key commodities.

 

The ANC announced at a conference in December that it would pursue a tax review for the mining sector in lieu of radical proposals to nationalize mines. Talk of a "resource-rent" tax ...

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Study shows actual gold cash costs are 50% more than what is reported | MINING.com

Study shows actual gold cash costs are 50% more than what is reported | MINING.com | Gold and What Moves it. | Scoop.it
$1,170 vs $773.

 

The Australian (paywall) reports the actual cost of mining gold is over 50% higher than the cash costs gold producers disclose in financial statements.

 

Analyst Stephen Thomas of Bell Potter, an Australian brokerage, found that "the average total production cost was $1,170 an ounce, compared with an average reported cash cost of $773 an ounce." ...

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Asteroid-Mining Project Aims for Deep-Space Colonies

Asteroid-Mining Project Aims for Deep-Space Colonies | Gold and What Moves it. | Scoop.it

A new asteroid-mining company launched Tuesday with the goal of helping humanity expand across the solar system by tapping the vast riches of space rocks.

The new firm, called Deep Space Industries, Inc., announced today (Jan. 22) that it plans to launch a fleet of prospecting spacecraft in 2015, then begin harvesting metals and water from near-Earth asteroidswithin a decade or so. Such work could make it possible to build and refuel spacecraft far above our planet's surface, thus helping our species get a foothold in the final frontier.

Hal's insight:

I will admit that the idea of 3d printing does actually offer up a great way to build in space. I still can't wrap my head around this being feasable so soon.

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Kumtor to produce 18.7 tons of Gold next year

The company planned to invest in general about $95 millions in the Kumtor deposit in 2013. Some $13,5 million is planned to be spent on exploration work.

 

BISHKEK(BullionStreet): Kyrgyzstan's flagship Kumtour gold mine is expected to produce nearly 19 tons of gold next year, said Canada's Centerra Gold, the mine operator.

 

In a statement, Centerra said gold production on the Kumtor deposit will reach 18,7 tons this year. The statement came a day after Kyrgyzstan acknowledged cut in 2012 GDP due to output collapse at Kumtor.

 

Centerra said by late 2012 about 9,8 tons of gold have been produced on the Kumtor deposit, and the forecast for 2013 is to produce 17,1-18,7 tons. ...

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Yellow Metal's Blue Chips Are Greener Than You Think - Casey Research

Yellow Metal's Blue Chips Are Greener Than You Think - Casey Research | Gold and What Moves it. | Scoop.it
Is the bearish sentiment against gold miners warranted?

 

By Alena Mikhan, Casey Metals Team Researcher, and Andrey Dashkov, Research Analyst

 

Disenchanted with gold's lackadaisical performance over the last year, some investors are losing interest in the equities that are supposed to provide leverage to the metal's price movements. The press has added fuel to the fire by increasingly attacking gold-mining CEOs for rising production costs and weak stock prices. This has driven some investors to pursue ETFs or other vehicles as a replacement for gold stocks, while others have simply thrown their hands up and left the precious-metals space. Is this overreaction or rational decision-making?

 

In this article, we set out to objectively evaluate how gold-mining majors have been performing operationally in the current commodity bull market that started roughly at the beginning of 2002. We compare them against the S&P 500 – the mainstream "blue chip" index – to see if gold miners deserve the beating they've received. We also look at what may lie ahead for one of our favorite subsectors of the gold universe. ...

Hal's insight:

Click over for the rest of the article on miners.

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Tajikistan holds 100 tons of stream Gold reserves

According to Tajikistan's chief geologist Azim Ibrohim, prospective stream gold reserves in the country
make about 100 tons.

 

DUSHANBE(BullionStreet): Former soviet state Tajikistan said country has mapped prospective reserves of stream gold deposits.

 

According to Tajikistan's chief geologist Azim Ibrohim, prospective stream gold reserves in the country make about 100 tons.

 

The stream gold deposits mainly lie in the north and the south-east of the country. Over 1,500 work places will be created during development of these deposits, he said. ...

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Chinese miners hunt for gold overseas on expectations of bullion price gains | MINING.com

Chinese miners hunt for gold overseas on expectations of bullion price gains | MINING.com | Gold and What Moves it. | Scoop.it
Tianjin China Mining Conference highlights overseas acquisitions rush

 

A recent mining industry conference held in the northern Chinese coastal city of Tianjin has highlighted the concerted effort amongst the country's miners to snap up gold mines abroad.

 

Caixin reports that conversations amongst gold mining executives at the recent China Mining Conference were abuzz with the topic of foreign acquisitions, with industry insiders anticipating a sustained rise in bullion prices.

 

Spearheading the overseas acquisitions drive is Fujian-based gold mining giant Zijin (SEHK:2899), which made its initial foray abroad eight years ago.

 

According to Zijin's president for international affairs, Li Zhilin, the company currently controls six mines in Russia, Mongolia, Tajikistan and Australia. ...

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China discovers 149 tons of Gold reserves

The gold mine is located in Bayannur in the west of Inner Mongolia, and was found by Inner Mongolia Pacific Mining, a subsidiary of China National Gold Group Corp.

 

BEIJING(BullionStreet): World's largest gold producer China discovered yet another major reserves in it's Inner Mongolia province in the country’s north.

 

A mine containing 148.5 tons of gold reserves was found in the province, the largest verified reserves in the autonomous region.

 

Hal's insight:

And they won't be sitting around just with that. They are going to be finding more and more. You just wait.

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The Greatest Business Opportunity Of The Millennium « Jim Sinclair's Mineset

The gold mining business will be looked back on in time as the greatest business opportunity of the millennium. That which polite groups look on today as an investment pariah will outperform the tech stocks of 2006-07 and hold their price levels rather than crashing like a South Sea bubble.

 

Today you got insight from CIGA Patrick on the essential tool gold has been to central banks, a hint of a final price on gold and why it takes almost a generation to return gold to its rightful owners, the Germans, who have made that request of the US Treasury and Fed. That is an article that you should print, read and re-read as it is essential to your understanding of the Golden End Game.

 

Lars, our investigative reporter in the field of economics, published a long interview full of good reading and fact, but the following is in my opinion something you must print read and read again.

 

My purpose is to teach you practical monetary science in terms of the Golden End Game certain to occur and thereby transit you from this time of evolution of money into the future safe and sound. The present reaction of the gold price in the market today is almost comical if you know what is in store and in fact taking place right now.

 

The mark to market of gold that is taking place on at least half of the globe is the beginning of a ground swell that will in the cash market for gold provide the means of balancing the balance sheets of the worst offenders of the exponential growth in debt up to today and well beyond. ...

Hal's insight:

click through for the rest of Jim Sinclair's letter.

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Peru 2012 mineral exports shrink 1.7% on Gold

Peru's national statistics agency INEI said the nation saw a 1.7% fall in mining exports in 2012 due to an 11.4% decrease in gold exports.

 

LIMA(BullionStreet): Decrease in gold exports trim overall mineral exports of Peru by 1.7 percent last year.

 

Peru's national statistics agency INEI said the nation saw a 1.7% fall in mining exports in 2012 due to an 11.4% decrease in gold exports.

 

In December last year, country's gold exports took a 35.2% dive in December from $191mn in 2011 to $124mn last year.

 

The lower gold exports contributed to the 18.7% drop in overall mineral exports in the last month of 2012.

Hal's insight:

Hmm... This is interesting. I wonder what this will hold for gold demand?

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Peter Grandich: When Gold Breaks From This Base, It Will Trigger A Stampede Of Momentum Buyers | Bull Market Thinking

Peter Grandich: When Gold Breaks From This Base, It Will Trigger A Stampede Of Momentum Buyers | Bull Market Thinking | Gold and What Moves it. | Scoop.it

During the interview, Peter gave a sober outlook on the junior resource market, warned of a frightening class-warfare to arrive shortly in the US, and spoke on which key market will trigger a collapse making 2008 look like just a warm-up.

 

Peter also spoke on gold and silver, indicating, “It’s a stealth bull-market…what I mean by that is, never in 30 years in this business could I say a market could have risen as much as they have, and still see so few net participants in it…Go to any financial institution in any part of the country and look at any 100 accounts, and you won’t find 1 out of 100 that own physical metal—the bulk of the buying net-net, has been outside of the United States.”

 

When asked about this excruciating consolidation period for many investors, Peter explained that, “They [the metals] have digested a decade’s worth of large gains, they’ve built a very strong base…as tough as it is for somebody to struggle with it, the longer the base is built, when the inevitable breakout to the upside comes, the bigger that move can be. I believe that move is coming this year ...

Hal's insight:

Click over for the full interview which you can listen to at the bottom of the page. Peter discuss the difficulty of the past year in a candid interview.

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South Africa becomes China's third biggest iron ore supplier | MINING.com

South Africa becomes China's third biggest iron ore supplier | MINING.com | Gold and What Moves it. | Scoop.it

Marc Howe writes:

 

South Africa has become the third largest supplier of iron ore to China as rival exporter India struggles to overcome troubles in its mining sector.

 

Business Day Live reports that exports of iron ore from South Africa to China leapt a stunning 12% to 40.6 million tonnes in 2012 compared to 2011, while Indian exports plunged nearly 55% to 33 million tonnes.

 

India implemented a strict crackdown on illegal operations in its mining sector last year, stanching overseas sales of iron ore to the immense benefit of international competitors. ...

Hal's insight:

No surprise here. China has been on this course for years now.

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Jake Red Dorman's curator insight, November 19, 2014 2:42 PM

Africa has always had a large amount of resources. As a matter of fact they probably have the most as records show so far. Especially in the Congo, ore isn't a rare sight. The only reason they aren't one of the richest continents is because of European countries taking over the land for their resources early on in African history. Africa has increased its iron production by 12% in the past year, passing India in iron ore sent to China.

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International watchdog exposes use of forced labour in Canadian-Eritrean gold project | MINING.com

International watchdog exposes use of forced labour in Canadian-Eritrean gold project | MINING.com | Gold and What Moves it. | Scoop.it
The group claims the Eritrean government has been using forced labour to construct a gold mine, in a joint venture with Canadian Nevsun Resources Ltd.

 

International group Human Rights Watch said Tuesdaythe Eritrean government has been using forced labour to construct a gold mine, in a joint venture with Canadian Nevsun Resources Ltd. (TSX: NSU).

 

According to the report, the Vancouver-based miner failed to ensure that forced labour was not used in the construction of its African Bisha gold project.

 

The 29-page document, Hear No Evil: Forced Labour and Corporate Responsibility in Eritrea’s Mining Sector, describes how mining companies working in Eritrea risk involvement with the government’s widespread exploitation of forced labour. It also documents how Nevsun – the first company to develop an operational mine in Eritrea – initially failed to take those risks seriously, and then struggled to address allegations of abuse connected to its operations. ...

Hal's insight:

I'm not surprised by this, Eritrea does not have a great track record.

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Western Australia's gold sector in jeopardy | MINING.com

Western Australia's gold sector in jeopardy | MINING.com | Gold and What Moves it. | Scoop.it
High exploration costs are to blame.

 

 

The Australian Association of Mining and Exploration Companies (AMEC) warned Monday  the future of Western Australia's gold sector is uncertain as high exploration costs hamstring miners.

 

ABC News reports that several of the state's operating gold mines have declining reserves and lower ore quality as they dig deeper.

Hal's insight:

So how do you think the gold spot will react to this?

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SA Gold production dips 32.2% in Nov

Analysts said the impact of a wave of wildcat strikes that swept the sector last year remained and reflecting in the outcome.

 

JOHANNESBURG(BullionStreet): Former top gold producer, South Africa's production continued to fell [sic] on the impact of the illegal mine strikes last year.

 

Statistics South Africa said country's gold output fell by 32.2% in volume terms in November, while total mineral production rose 1.1% compared with the same month last year.

 

Production of non-gold minerals was 4.5% lower, Statistics South Africa said. Production of platinum group metals climbed 3% in November. ...

Hal's insight:

I figured those strikes would continue to be a factor. I imagine that more strikes will be in the future of mining this year as well.

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John Hathaway - 2 Key Charts, Gold, Fed & The Big Picture

John Hathaway - 2 Key Charts, Gold, Fed & The Big Picture | Gold and What Moves it. | Scoop.it

January 10 (King World News) - The bull market in gold remains intact.  The metal rose approximately 7.14% in 2012 in U.S. dollar terms and has increased in each of the last 12 years.  Negative real interest rates incentivize capital to move into gold.  

 

It is difficult to imagine a world of positive real interest rates, absent a significant shift in monetary and fiscal policy in the Western democracies.  Gold and gold shares historically have been positively correlated.  

 

However, during the past few years, gold mining stocks have underperformed the metal due a host of issues that we have discussed at length, including in our article A Golden Mulligan.  Although the article was published a few years ago, the issues afflicting gold mining stocks mentioned then still hold true. 

 

Gold mining stock valuations are at the low end of the historical range since the introduction of the gold ETF (GLD) in 2004, or roughly 10% (basis XAU/spot bullion.)  Significant rallies in gold mining shares have occurred in the past few years from this compressed valuation base. 

 

We see evidence of fundamental change within the gold mining industry, which ...

Hal's insight:

click over for the full piece and the charts.

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China buys another Gold asset in Australia

Major Gold companies such as Shandong Gold, Zijing Mining and Zhaojin Mining are already in the fray for overseas takeovers, analysts said.

 

PERTH(BullionStreet): As part of it's efforts to boost gold reserves, China acquired yet another gold asset in Australia.

 

China's Hanking Gold Mining said it had acquired St Barbara's Southern Cross mine in the WA goldfields for $22.5 million.

 

The acquisition follows the sale of several other WA mines to Chinese companies over the past six months.

Hal's insight:

And the Dragon continues to get all the gold it can.

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