Gold price up over 1%, closing in on new record
Bullion is now 18% higher for the year, boosted by anticipation of Fed loosening as well as significant buying by central banks.
Allied Gold Limited has gone into production with its Gold Ridge mine on Guadalcanal in the Solomon Islands.
The Australia-based company spent $150 million on the project after acquiring it through the takeover of TSX-listed Australian Salomons Gold in 2009. The mine is expected to produce 120,000 ounces of gold per year.
Allied Gold said in a news release Wednesday that Newmont Gold has an exploration program in place to the northeast of Gold Ridge and will explore on Guadalcanal this year and next. The company also operates the Simberi gold mine in Papua New Guinea, which is currently being expanded to 100,000 ounces per annum.
