Gold remained stuck from the doldrums on Thursday, staying near four-month lows of around US$1,660 an oz..
With minor news to move the gold price amid thin holiday trading, spot gold finished at an even $1,663, up $3.60 from Boxing Day. Gold futures in addition increased marginally, with the February gold contract last trading up $3.40 an ounces , at $1,664.10.
The precious stainless was lifted slightly from short covering and bargain hunting, even reaching $1,666 at a single point through the day, but those gains were limited through the US Labor Department’s news that applications regarding unemployment benefits fell to 1 of the lowest volumes of the year. The US dollar gained as a result, putting pressure on gold.
Gold investors and traders are also increasingly leery of stalled negotiations over the US “fiscal cliff” deadline, with many preferring to sit of the sidelines and wait and observe. Lawmakers in Washington have until January 1 to come up with a trade that can stay out from $600 billion in tax grows and spending cuts slated to kick in come the fresh year. Economists predict that the measures will push the nation in to a recession.
Senate Majority Leader Harry Reid on Thursday did not encourage any hope of a resolution, and was quoted via The Independent as saying it “looks like” the US is heading over the fiscal cliff.
Company unexampleds
Randgold Resources (NASDAQ:GOLD) announced that productions at its Tongon gold mine in Cote d’Ivoire was impacted due to a mill fire. The incident occurred on December 24 during a planned shutdown. “The fire has been fully extinguished and no injuries have been reported however both cyclone clusters, flotation cells and blowers and also similar infrastructure for both milling circuits suffered damage,” Randgold said in a statement. The company’s stock suffered a 0.54-percent decline on Thursday.
Al Jazeera reported that 4,000 miners suffering from lung disease have released South Africa’s largest-ever class-action lawsuit against AngloGold Ashanti (NYSE:AU), Goldfields (NYSE:GFI) and Harmony Gold Mining (NYSE:HMY). The plaintiffs claim to have contracted severe lung ailments which includes tuberculosis and silicosis while working in underground gold mines and are demanding millions of money in compensation to the defendants, which are several of the world’s biggest mining businesses.
Kinross Gold (TSX:K) Canada’s third-largest gold producer, denied a statement from Southridge Enterprises (OTC Pink:SRGE) that says the two providers are working together to develop properties in Mexico. In a very statement quoted through Bloomberg, Toronto-based Kinross said the company “has not entered in to a joint venture agreement with Southridge Enterprises, and is not actively pursuing any such agreement at this time.”
Focus Minerals (ASX:FML) completed a AU$225-million private placement with Shandong Gold Mining (SSE:600547), which will have a 51-percent equity stake in the Australian gold miner.
Funds in the offer, approved through shareholders earlier this month, will perhaps be set towards developing Focus’ existing gold projects of the Goldfields-Esperance region of Western Australia.
“This is one from the largest mining deals for an emerging mid-tier Australian gold producer in recent occasions and underscores the magnitude of Australia-China mining interests,” said Don Taig, Focus Minerals’ chairman.
The Australian Federal judge has approved a AU$426-million merger between Silver Lake Resources (ASX:SLR) and Integra Mining (ASX:IGR). within terms of the agreement, Silver Lake will hand over one of its own shares for every 6.28 Integra shares held.
Meanwhile, Silver Lake in addition reported that commissioning of its Murchison gold project, in Western Australia, is on track, with shows expected to start in March. The project will ramp up to ONE00,000 ouncesper year via 20ONE4.
“We are looking forward to commissioning the Murchison gold project, bringing it into productions and ramping up to A SINGLE00,000 ounce per annum rates on time and in line with funds,” said Silver Lake’s managing director, Les Davis.
Junior company unexampleds
Santacruz Silver Mining (TSXV:SCZ) announced the completion of an updated NI 43-101 mineral resource estimate on its Rosario project in Mexico.
“This resource classification upgrade offers us with more certainty that the Rosario Project will probably be an emerging silver producer that will probable be the origin in the Company as we advance towards becoming a mid-tier silver producer. We keep on schedule to achieve commercial productions at the Rosario Project withinside a first quarter of 20ONE3,” said Santacruz’s president, Arturo Préstamo. The deposit hosts 270,000 tonnes of mineralization containing 2ONE0 grams per tonne silver, 0.94 g/t gold, 3.69 percent zinc and 1.17 percent lead.
Northern Gold Mining (TSXV:NGM) and Champagne Resources entered in a letter of intent under which Champagne has granted Northern Gold the right to acquire all of its mining claims located in each of the Guibord, Michaud and Holloway Townships in Ontario, Canada.
originally appear here http://goldinvestingnews.com
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