Mining Review 21st July 2024
Gold had a poor week, crashing to $2,400 when it looked on the cusp of breaching $2,500.
G Mining Ventures and Karora Resources both announced the closure of their respective business combinations, and Cabral Gold and West Red Lake Mining both announced high grade drill results.
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City Investors Circle Mining Review 21st July 2024
Gold had a poor week, crashing to $2,400 when it looked on the cusp of breaching $2,500. Silver followed and fell more in percentage terms.
Copper and nickel also fell back after being disappointed by the chinese governement’s Third Plenum announcement, which was perceived as negative for metals.
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The Victoria Gold heap leach disaster in the Yukon goes from bad to worse, as now whistleblowers are announcing activities that went on at the mine that are very disturbing. (if proved true of course, and for now they’re just hearsay).
However, the future of the company looks incredibly bleak, and in my opinion it will cease to trade in short order, and disappear.
Production is halted, the company look to be unable to rectify the problems, debtors are owed $245 million, and are claiming a default on their loans, and the local First Nations are rightly outraged and look unlikely to allow the early restoration of mining, even if they company are able to do it, which they can’t.
I say this is done, Victoria will be toast soon.
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G Mining Ventures and Karora Resources both announced the closure of their respective business combinations, with Reunion Gold and Westgold respectively.
On the exploration front Cabral Gold and West Red Lake Gold Mining both announced high-grade drill results.
Aris Mining confrmed 2024 production guidance and Calibre Mining comenced a huge 100,000 m drill capaign.
To read all the significant news from the companies on our watchlist from last week, please click on the links below.
Archives
Click here for all company news archives
Market Data
Weekly price changes
(US$ unless stated)
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| Metal | Price | Weekly |
| Gold price in UK £ | 1851 | -0.48% |
| Gold | 2401 | -0.46% |
| Silver | 29.22 | -5.13% |
| Palladium | 906 | -6.69% |
| Platinum | 969 | -4.44% |
| Rhodium | 4550 | -1.09% |
| Copper | 4.24 | -3.64% |
| Nickel | 7.35 | -2.52% |
| Zinc | 1.24 | -6.06% |
| Tin | 14.37 | -10.91% |
| Cobalt | 11.76 | -2.08% |
| Manganese | 4.34 | -4.82% |
| Lithium | 11214 | -6.89% |
| Uranium | 84.7 | -1.51% |
| Iron Ore | 105 | -2.60% |
| Coking Coal | 213 | -1.39% |
| Thermal coal | 138.8 | 3.20% |
| Metal ETFs | Price | % change |
| GLD | 221.73 | -0.62% |
| GDX | 37.38 | -2.07% |
| GDXJ | 45.9 | -3.55% |
| Sil | 34.31 | -3.84% |
| SILJ | 12.32 | -5.16% |
| GOEX (PCX) | 30.22 | -3.94% |
| URA | 28.2 | -9.56% |
| COPX | 43.31 | -9.71% |
| HUI | 296.54 | -1.45% |
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Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
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