|

Mali suspends artisanal gold mining

ByVictoria

Mali said on Wednesday it was suspending licenses for foreign artisanal gold mining companies after a series of fatal accidents in the West African country, one of Africa’s top three gold producers.

Gen. Assimi Goita, president of Mali’s transitional government, ordered “the suspension of artisanal mining permits granted to foreigners,” according to a statement issued following a Council of Ministers meeting.

“These measures are designed to further strengthen the state authorities and protect our fellow citizens. These measures give us the power to seize materials (mining equipment), which will be confiscated and placed in the domain of national heritage,” Gen. Daoud Ali Mohammedine, the minister of security and civil protection, said on ORTM.

Source – The Associated Press – Business News

Similar Posts

  • / /

    Gold prices hold steady as investors await US Fed policy cues

    ByVictoria
    0 Comments

    Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while U.S. gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

    “However, the Fed’s commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus,” said David Meger, director of metals trading at High Ridge Futures.

    Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.

    Source – Reuters

  • / /

    Gold and Silver : Experts predict 10% – 25% rally

    ByVictoria
    0 Comments

    “Given the current scenario, central banks are likely to continue diversifying their reserves with gold for financial and strategic reasons,” ICICI Securities stated in its report.

    Pankaj Pandey, Head of Research at ICICI Securities, noted, “We anticipate fresh investment demand for gold in 2025 as investors seek a store of value amidst trade war anxieties.”

    Silver is poised to outperform gold in 2025, supported by strong industrial demand from green energy applications, including photovoltaics and electric vehicle (EV) electrification, said ICICI.

    Source – Live Mint

  • Mayor of Pataz, Peru “Gold is a curse”

    ByVictoria
    0 Comments

    Pataz has become Peru’s largest gold-producing region, in no small part due to artisan or informal mines, which operate under temporary REINFO permits.

    “Gold is a curse for Pataz,” the mayor of Pataz, Aldo Mariño, told Reuters.

    He said that despite the area’s great mineral wealth, his community lives in poverty, without basic services and on deteriorating or unpaved roads.

    “This has been going on for several years, with the difference that now everything has collapsed. It’s due to the absence of the State,” he said. “People continue to die.”

    Poderosa has reported the deaths of 39 workers in recent years in attacks on its facilities or small mines that supply it with gold. And in the last four years, 15 of the company’s high-voltage towers have been destroyed with explosives.

    Source – Reuters

  • /

    Comex gold inventories see sharp rise since Trump’s victory; silver gains

    ByVictoria
    0 Comments

    “The uncertainty surrounding Trump’s first measures as U.S. president fuelled demand for gold as a safe haven. This can be seen, among other things, in the strong inflow of more than 10 tons into the world’s largest and most liquid gold ETF on Friday,” Commerzbank Research said.

    “The uncertainty as to whether tariffs will be introduced on gold and silver has already left visible traces on the Comex in recent weeks. In addition, the price premium for gold on the Comex has widened significantly compared to the spot price in London.”

    Source – Seeking Alpha

  • /

    Gold futures rising

    ByVictoria
    0 Comments

    Gold price have risen from Wednesday’s record close, propelled by fears that Trump’s tariffs will continue to hammer stocks and expectations that central banks will continue to hoard the precious metal. Gold futures for April delivery settled Wednesday at $3,139.90 a troy ounce, the latest notch in their 19% climb this year.

    Source – The Wall Street Journal