Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Gold added 1% on Friday jumping to a two week high of $1,357.90. Gold hit a near two-year high earlier in July and year to date the metal has gained 28% or just shy of $300 an ounce. Silver’s winning streak has been even more impressive with the metal adding 8% in July and 46% year to date as it consolidates above the $20 an ounce level.
All gold and silver mining stocks have made the most of the better price environment this year, but the flurry of second quarter results out this week and last have produced big winners, and some losers.
Two major gold stocks shot up by more than 40% in July, but there’s been notable losers with Goldcorp dropping to fourth most valuable gold miner
Shares in South Africa-based Sibanye Gold and Gold Fields rocketed higher in July thanks to stellar numbers, a brighter outlook and some help from currency moves, but Canada’s Goldcorp, the world’s number four gold mining company in terms of output, and Eldorado Gold disappointed with declines in production and some operational difficulties during the quarter.
Among the top tier Newmont Mining was the best performer with a 18.6% jump for the month while Barrick Gold managed to add to its already giant gains for 2016 despite an underwhelming second quarter report and continued asset divestments.
In terms of market capitalization (and perhaps soon in terms of ounces produced per year) $23.4 billion Newmont narrowed the gap with Barrick during the month and now trails the Toronto company by around $1 billion from $4 billion at the start of the month.
Long the world’s most valuable gold mining company Vancouver’s Goldcorp has been losing ground and as of Friday was worth slightly less than Newcrest Mining in New York where Australia’s top producer is now worth just under $15 billion.
4 Comments
Lawrence Milos
Most (if not all) boats have risen since the 15th of Jan 2016. Think we still have much further to go. The dam hasn’t busted yet..
Reuvensure
Sometimes late-starters win. Remember the tortoise and the hare!
Alberta Doc
It comes down to the AISC and FCF. If the cost to operate doesn’t provide enough free cash to allow for resource replacement and growth, the company can’t possibly survive. It’ll will eventually use up the resource with no chance to replace it. AISC range between a low of $748 and a high of $1225. The lower the cost of operation, the higher the boat will float.
therooster
and remember that the type of demand for bullion is just beginning to shift as consumer demands for personal monetary gold become greater. There’s a grass roots appreciation beginning that gold as a store of value or an investment, where the gold sits idle, does not contribute to economic activity. Gold as a debt-free medium of exchange (currency) does contribute to real economy and the purging of existing fiat based debt so that momentum for this newer application of gold-as-currency should add to the gold demand & price and the support for all gold producers.