Gold price tumbles on reports of de-escalating Middle East tensions
Gold plunged 3% after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement.
Australian gold miner Newcrest Mining said on Tuesday it has received conditional approval to list on the Toronto Stock Exchange (TSX) and will begin trading on Oct. 13.
The listing comes after Newcrest last year acquired a 70% joint venture interest in the Red Chris mine in British Columbia, Canada from Toronto-listed Imperial Metals Corp .
“A North American listing is part of our strategy of pursuing growth in the Americas,” Chief Executive Officer Sandeep Biswas said in a statement.
Newcrest, which also has investments in Ecuador, had seen increased interest from North American investors in the gold sector over the last six months, Biswas added.
“It makes sense for Newcrest stock to be able to be traded in this time-zone,” he said.
Gold miners have benefited from rising bullion prices, which have jumped 30% this year to around $2,000 an ounce, as central banks dial up stimulus measures in response to the coronavirus pandemic.
Newcrest will retain its primary listing on the Australian Securities Exchange and its secondary listing on PNGX markets, under the trading symbol “NCM”.
The Toronto listing does not include an equity offering.
(By Nikhil Subba; Editing by Richard Pullin)
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