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    AngloGold to acquire Augusta Gold in Nevada expansion

    ByVictoria
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    AngloGold Ashanti (NYSE:AU) said Wednesday it agreed to acquire Augusta Gold (OTCQB:AUGG) for C$1.70/share in cash, implying a fully-diluted equity value of ~C$152M (US$111M).

    The price represents a ~28% premium to Augusta Gold’s (OTCQB:AUGG) closing price on the Toronto Stock Exchange on July 15.

    “This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” AngloGold (AU) CEO Alberto Calderon said.

    Source – Seeking Alpha

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    Congo gold miner pauses because of dispute on taxes

    ByVictoria
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    Twangiza Mining, a gold miner operating in the rebel-controlled South Kivu Province in the eastern Democratic Republic of Congo, said it has been ordered to suspend operations by the rebel administration, according to a company-wide letter seen by Reuters.

    Manu Birato, who was recently installed as M23 governor of the South Kivu Province, said Twangiza Mining must adapt to new regulations and pay taxes they have not been paying.

    “We are in talks with them and showing them that from now on they must start paying taxes,” Birato told Reuters.

    Source – Reuters

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    Copper futures fell by 22%

    ByVictoria
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    US President Donald Trump went ahead with 50% tariffs on copper imports but exempted refined metals, which are the mainstay of international trading. The move triggered a record plunge for US prices after a period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.

    “The blow-out in the CME-LME spread has been touted as one of the most profitable commodity trades in modern history,” Daniel Ghali of TD Securities Inc. wrote in a note. “In a single session, the White House’s proclamation on copper tariffs annihilated the spread and catalyzed CME copper’s largest intraday fall on record.”

    Copper futures on Comex in New York fell by 22% as traders recalibrated the value of metal in the US versus the rest of the world.

    Source – Bloomberg

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    Hindustan Zinc shares up 5%

    ByVictoria
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    The shares of Hindustan Zinc surged nearly 6 percent to trade at Rs 496 apiece on June 5 on the back of a notable surge in silver prices in India.

    Hindustan Zinc is the largest producer of silver in India, and produces refined silver with a minimum 99.9 percent purity. The sharp rise in the bullion’s prices is expected to further boost the stock.

    Hindustan Zinc shares have gained nearly 16 percent in the past one month, but dropped nearly 27 percent in the past one year.

    Source – Money Control

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    Silver prices rise, how high will it go?

    ByVictoria
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    “Silver is showing signs of relatively higher momentum with the price trying to breach the crucial US$ 33 level,” Emkay said

    Given silver’s diverse industrial applications, its price is projected to rise from its current level, reaching $36.60, $38.70, and $39.30 on COMEX, it said.

    “Investing in silver funds with a 12 to 18 months’ time horizon is likely to be a worthy proposition.”

    The gold-silver ratio is currently around 90, which suggests that silver is currently undervalued.

    Source – invezz