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.
Osisko Mining Corporation CA:OSK +2.75% , has declared commercial production at their flagship Canadian Malartic Mine in Malartic, Quebec.
Sean Roosen, President and Chief Executive Officer, commented on reaching this major milestone: “It is our great pleasure to report that our gold milling plant has processed an average of 33,300 tonnes per day during the 30-day period ending June 17, 2011. Our operating team has been successful in ramping up production rapidly and we are seeing steady progress on a daily basis in all facets of our operations. The rapid development of the Canadian Malartic Project from exploration to commercial production is a tribute to the hard work, dedication and expertise of our employees and contractors. With great pride we present Canada’s newest and largest commercial gold mine.”
Commercial production is determined within the gold industry as the first continuous 30-day period of plant operation at a rate of 60% of design capacity, which is 33,000 tonnes per day for the Canadian Malartic Mine. Accordingly, the first day of commercial production was May 19, 2011.
Construction of the mill was completed in the first quarter. Following a water and waste rock testing period, ore was introduced into the mill in late March 2011. The first gold pour occurred on April 13, 2011.
