FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Oct. 6, 2021 /PRNewswire/ — Amongst a growing number of concerns, changing fiscal and monetary policies are believed to have created future inflation risks. It is worth remembering that fueling the gold price rally that followed the 2008 global financial crisis, only to be proven wrong later, many investors feel that given the far more extensive stimulus provided during the Covid-19 crisis, the likelihood of inflationary pressures are growing. Reuters had commented “the coronavirus pandemic forced many mines to close temporarily and curtailed sales of gold jewelry, but it also triggered a rush to buy gold for its perceived safe-haven status… These investors pushed prices Gold above $2,000 an ounce (in 2020), the highest level on record, and… prices are likely to average more than $2,000 in 2021.” A recent article published this week stated: Gold prices held steady below a one-week high earlier this week as lingering concerns over higher inflation and a slowdown in economic growth countered pressure from a firmer dollar. Spot gold was little changed at $1,759.11 per ounce by 0632 GMT, after hitting its highest since Sept. 23 at $1,765.54 earlier in the day. U.S. gold futures rose 0.1% to $1,760.20. The dollar index was steady and rebounded from its lowest level since Sept. 29 hit earlier in the day, making gold more expensive for buyers holding other currencies. Offsetting pressure from the stronger dollar were concerns over persistent inflation, with data on Friday showing euro zone inflation hit a 13-year high last month and elevated price spikes in the United States.” Active stocks in the mining markets this week include Golden Independence Mining Corp. (OTCQB: GIDMF) (CSE: IGLD), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Franco-Nevada Corporation (NYSE: FNV) (TSX: FNV), i-80 GOLD CORP. (OTCQX: IAUCF) (TSX: IAU), Newmont Corporation (NYSE: NEM) (TSX: NGT).
The recent Reuters article continued: Gold is traditionally seen as an inflation hedge, although reduced central bank stimulus and interest rate hikes tend to push government bond yields up, translating into a higher opportunity cost for holding gold that pays no interest. Also providing some support to the safe-haven metal were concerns over the broader economic impact of Chinese property developer Evergrande’s debt crisis. “With gold near the lows of its recent range, it is attractive as a short-term hedge against potential political disruptions in Washington and elsewhere,” said Stephen Innes, managing partner at SPI Asset Management.
Golden Independence Mining Corp. (CSE: IGLD.CN) (OTCQB:GIDMF) BREAKING NEWS: GOLDEN INDEPENDENCE PROVIDES PEA AND CORPORATE UPDATES – Golden Independence or (the “Company”) is pleased to provide an update on the Preliminary Economic Assessment (“PEA”) for the Independence project (“Independence Project”) and to provide a general corporate update.
“Golden Independence has made great strides over the past year at the Independence Project.” stated Christos Doulis, CEO. “The retirement of the US$4 million cash bullet payment in January followed by the delivery of the project’s maiden NI 43-101 resource in May were the Company’s first two major milestones.”, he continued, “Our next two major milestones are the delivery of the PEA and completion of our initial earn-in at the Independence Project which are both expected before the year end.” he concluded.
PEA Update – Golden Independence is on track to deliver a PEA on the near surface component of the Mineral Resource Estimate (“MRE”) before year-end 2021. Dyer Engineering based in Reno, Nevada is leading the design work for 9,000 tonne per day heap leach operation with engineering and design work approximately twenty-five percent complete. The resource model and mineralized envelopes have been updated to include the twelve new drill holes drilled in April and May of this year. A preliminary pit design has been completed and is being optimized to account for safety benches and haulage access.
Kappes, Cassiday & Associates of Reno, Nevada have been engaged to undertake metallurgical testing which is well underway with thirty-four bottle roll tests having been completed on composite samples covering a majority of the near surface component of the MRE prepared in accordance with NI 43-101 and with all check assays having now been reported. A total of 1,058 new cyanide soluble results from drilling completed in 2020 and early 2021 have been added to the database and will be used in refining the gold and silver recovery models which suggest that oxidation extends to depth in various areas and a hard oxide/sulfide boundary is not evident. Operating costs and parameters are being refined based on the new metallurgical testing results. Seasonal biological, as well as cultural, baseline work will commence in Q1 2022. A groundwater Sampling and Analysis Plan is being developed and will be prepared for agency review.
Corporate Update – Golden Independence is on track to complete its initial earn-in at the Independence project before year-end 2021. As at October 1st, the Company had spent approximately US$2.7 million of the required US$3 million work commitment to earn an initial 51% in the Independence Project and is fully funded to deliver the PEA and complete the initial earn-in. Once the Company has delivered the PEA and completed the initial earn-in at the Independence Project it will pursue options to begin unlocking the potential of the high-grade skarn which currently consists of a mineral resource prepared in accordance with NI 43-101 of 796,200 ozs grading 6.5 g/t gold in the Inferred category. CONTINUED… Read this entire release for the Golden Independence news at: https://goldenindependence.co/news/
Other recent developments in the mining markets include:
Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) – The Loulo-Gounkoto gold complex is set to remain a major contributor to the Malian economy well into the future as it continues to replace the ore depleted by mining, Barrick president and chief executive Mark Bristow said recently.
Mines operated in Mali by Barrick and its predecessor Randgold have spent some $8 billion in the country in the form of taxes, royalties, salaries and payments to local suppliers over the past 24 years. To date this year, it has paid $318 million to the government in taxes, royalties and dividends and invested more than $13 million in community wellbeing projects ranging from health and education to economic development initiatives such as its Business Accelerator program, designed to equip budding entrepreneurs with management skills.
Franco-Nevada Corporation (NYSE: FNV) (TSX: FNV) recently said it is on track to achieve record results in 2021, thanks to both organic growth and the acquisitions completed in the first half of the year. The diversified portfolio performed well in the second quarter and, with the first Vale Royalty Debenture contribution, delivered record GEOs, revenue, Adjusted EBITDA and Adjusted Net Income”, stated Paul Brink, President & CEO. “Franco-Nevadagenerated Adjusted EBITDA of $290.0 million in the quarter, has no debt and has $197.7 million in cash and cash equivalents. Our revenue-based business model is particularly attractive during periods of industry cost inflation, as reflected in earnings, Adjusted EBITDA and Margins that are at or close to record highs. We have raised the bottom end of our GEOs sold guidance and, with the recovery in energy prices, have materially increased our Energy revenue guidance for the year.”
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges.
i-80 GOLD CORP. (OTCQX: IAUCF) (TSX: IAU) recently announced that initial rehabilitation of the underground workings has been completed at the Company’s Granite Creek Mine (“Granite Creek” or “the Property”) property located in Humboldt County, Nevada and an underground test mining program is now underway.
Granite Creek hosts both open pit and underground resources and is located proximal to Nevada Gold Mines’ (“NGM”) Twin Creeks and Turquoise Ridge mines at the north end of the Battle Mountain-Eureka Trend at its intersection with the Getchell gold belt in Nevada. The underground deposit at Granite Creek represents one of the highest-grade gold deposits in North America with resource grades in excess of 10 grams per tonne gold.
The primary goal of the 2021 program is to advance underground drilling and test mining with a target to make a production decision. Underground drilling and advancements will be focused on delineating sufficient resources for near-term mine development and initial mined material from Granite Creek is expected to be trucked for processing at the nearby Twin Creeks processing facility via an interim processing arrangement with Nevada Gold Mines that was announced as part of a transaction announced on September 7, 2021.
Newmont Corporation (NYSE: NEM) (TSX: NGT) recently delivered the gold industry’s first Autonomous Haulage System (AHS) fleet at Boddington, Western Australia’s largest gold mine. With the transition to a fully autonomous haulage fleet of 36 trucks, the Company will improve mine safety and productivity, while extending mine life.
“Newmont is proud to deliver the gold industry’s first autonomous haul truck fleet at Boddington, an important milestone for the Company and the industry as a whole,” said Newmont President and CEO Tom Palmer. “Delivering this project on time and on budget during a global pandemic is an enormous accomplishment. I am grateful for our team and our partners at Caterpillar for their ongoing dedication and drive. The scale and long life of our operations enables Newmont to implement leading technologies to promote both safety and productivity. We look forward to leveraging this project and our commissioning experience at our other operations and projects around the globe.”
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