Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
The London Bullion Market Association (LBMA) said Societe Generale had resigned as a market maker for gold and silver, as France’s third-largest bank pushes ahead with a downsizing of its commodities business.
SocGen said this month it would cut 1,600 jobs to boost profits after poor performance last year and exit over-the-counter commodities trading.
SocGen declined to comment on its resignation.
In over-the-counter trading deals are done bilaterally between banks and brokers rather than on a financial exchange. London is the world’s largest over-the-counter gold trading hub, overseen by the LBMA.
Market makers commit to provide liquidity to the market. SocGen’s exit leaves 12 LBMA market-making banks including JPMorgan, HSBC and BNP Paribas.
(By Peter Hobson; Editing by Veronica Brown and Dale Hudson)
