Yukon-Nevada Gold Corp. (TSX: YNG) on Wednesday announced a forward gold purchase agreement with Deutsche Bank's London office for $20 million. Yukon Nevada says it will deliver 27,950 ounces of gold over a 43 month term at a rate of 650 ounces per month starting end of Q1.
The state agency of geology and mineral resources of Kyrgyzstan announced this week that in 2011, the output of the gold-mining industry of the ex-Soviet republic increased by 41.7% compared with 2010. The value of gold production dominated by the Kumtor mine owned by Canada's Centerra was $1.9 billion, almost a full 15% of the impoverished country's $13.16 billion (2011 est.) gross domestic product.
Sunshine Oilsands, a Calgary-based oil explorer backed by Chinese state-owned enterprises, has delayed the launch of a planned up to $700 million initial public offering in Hong Kong which would have been the biggest in Asia this year.
In a trading update Monday Russia’s Polyus Gold International, owned by Mikhail Prokhorov, announced a 8% increase in gold production to just under 1.5 million ounces which boosted earnings 40%. Prokhorov, a Vladimir Putin rival in upcoming presidential elections, is also readying his firm for a London listing after which he says he wants to do a major deal.
Bloomberg reports gold traders are upbeat about the prospects for the gold price for the fourth week in a row after the Fed's interest rate move gave gold the best start to a year since 1980.
Gold has risen 10% since the start of the year, rebounding from the first quarterly decline in three years and scaling the $1,700 an ounce level for the first time since December 9.
The US Federal Reserve on Wednesday pledged to hold interest rates at levels near zero until late 2014. The surprising announcement sent gold soaring in afternoon trade and the yellow metal scaled the $1,700 an ounce level for the first time since December 9 last year as investors – worried about cheap money flooding markets – turn to gold as a storer of wealth.
A new survey out Tuesday shows South Africa’s appeal for mining investment has declined dramatically since 2006 and the country now ranks a lowly 67th out of 79 countries in the study.
Reuters reports that Toyota has developed a technology to substitute rare earths used in its hybrid vehicles. The company, which has a strong lead in environmentally friendlier car sales around the world said it would be able to bring the technology to market within two years if REE prices don't fall.
Comex gold and silver futures prices made strong gains in morning trade Monday, with the February gold contract powering to a six week high of $1,679.50 an ounce, up just shy of 1% by midday. Gold is now up over 5% for the year, but still well of the record high above $1,900 hit in September.
