Gold Spot Price
Source – APMEX
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Panama approves plan for Copper mine
Panama has approved First Quantum Minerals’ maintenance plan for its closed copper mine in the country, but not a re-start of the site, a top trade official said on Friday
Trade and Industry Minister Julio Molto said the plan included environmental safety measures that were necessary following the abrupt shut-down by government order under the prior administration in late 2023.
“The mine is not being reopened. We’re authorizing the implementation of the care and safe management plan to ensure it is environmentally protected,” Molto told a press conference.
He said that experts estimate that process could take three to six months, accounting for environmental measures.
Source – Reuters
Platinum Price
Source – KITCO
Barrick Gold signs new agreement with Mali’s government
Barrick Gold (NYSE:GOLD) +3.2% in Wednesday’s trading to its highest in more than two months following a Reuters report that the miner has signed a new agreement with Mali’s government, which would end the dispute over the company’s mining assets in the country.
As part of the new deal, Barrick (GOLD) reportedly will pay 275B CFA francs, or $438M, to the government in return for the release of detained employees and seized gold, allowing for the restart of operations at the Loulo-Gounkoto mine.
Source – Seeking Alpha / Reuters
March 31 is “Buy Silver” Day for investors
March 31 has become a flashpoint for silver buyers hoping to shake up the market—and possibly squeeze out the short sellers.
If only the physical market demand for silver could overcome the paper market short sellers, the spot price of silver would almost certainly take off much higher. Toward that end, there is a developing strategy for investors around the world to purchase physical silver on March 31. This day is the focus because it is the final trading day of the calendar quarter, when financial firms need to report their financial results.
Source – Numismatic News
Zambia says Saudi’s Manara interested in its copper assets
Saudi Arabia’s Manara Minerals is looking for critical minerals projects in Zambia to invest in, the southern African country’s mines minister Paul Kabuswe told Reuters on Thursday.
“They (Manara) are interested, but we do not know which ones yet,” he said on the sidelines of a mining conference in Riyadh, adding that an announcement on a potential mining deal between Zambia and Saudi Arabia is likely this year.
“We no longer want those agreements where we have 10% or 15%,” he said, adding that the government is also holding talks with Barrick Gold, Ivanhoe Mines and Chinese investors on their plans for new projects.
Source – Reuters
US Treasury yields down
Investors are expecting a packed week of economic data starting with the Chicago Fed National Activity Index for January out on Monday at 8:30 a.m. ET. This will be followed by the Dallas Fed Manufacturing Index at 10:30 a.m.
The most anticipated data for the week will be the personal consumption expenditure index, which will be delivered on Friday at 8:30 a.m. ET. The Federal Reserve’s preferred inflation gauge heavily influences the Fed’s rate-cutting decisions.
Source – CNBC