Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Brucejack mine, in British Columbia, remains suspended pending an investigation into the death of a worker from contracting partner Procon.
Mine owner Newcrest confirmed the death on Thursday.
“The site incident management and mine rescue teams have been working around the clock with the relevant authorities to ensure safe access to the incident location which was a complex task. I am immensely proud of the courage, determination, and care shown by every team member throughout this challenging process,” said CEO Sandeep Biswas.
Newcrest acquired Brucejack, which produces gold and silver, as part of its acquisition of Pretium Resources Inc this year.
Brucejack began commercial production in July 2017 and is one of the highest-grade operating gold mines in the world.
The project spans 1,200 square kilometers in the heart of British Columbia’s Golden Triangle, which has a 100-year mining history and also hosts the Red Chris, Eskay Creek and Snip mines.
As of January 1, 2021, Brucejack’s Valley of the Kings deposit held a compliant proven and probable reserve base of 11.5 million tonnes grading 8.7 grams per tonne of gold and 9.8 grams per tonne silver, for 3.2 million ounces ad 3.6 million ounces of gold and silver metal, respectively.
Newcrest on Thursday reported a 17% sequential drop in first-quarter gold production, hurt by planned maintenance shutdowns at its mines, but said a rebound in the December quarter would help it meet its annual forecast.
The company’s quarterly copper output declined to 32,459 tonnes from 38,671 tonnes in the June quarter.
