Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Toronto-based Anaconda Mining is considering the idea of expanding the pit at the Pine Cove gold mine, part of its Point Rousse project near Baie Verte. Expansion at this mine would delay development of the Argyle gold deposit into 2020.
The company cites the successful infill and expansion drilling it did recently as the reason for this consideration. The Pine Cove geology is well understood and the mine is adjacent to the processing plant. Expansion would require a low capital investment. Moreover, additional mining at Pine Cove would increase the permitted in-pit tailings storage capacity.
With the Pine Cove expansion and the Argyle delay, Anaconda adjusted its 2019 guidance downward to 16,000 to 17,000 oz. of gold. The initial numbers were 19,000 to 20,000 oz.
This article first appeared in the Canadian Mining Journal
