Double gold mine buy gives Genesis Minerals critical mass down under

Flooding collapsed a gold mine in southern Venezuela, killing at least 12 miners.

The mine, a top producer of gold in the Andean country, has suffered two attacks over the last two weeks.

A 25-year deal published this week by the Congolese government hands a little-known UAE firm exclusive rights to export artisanal gold at preferential rates.

Gold’s latest pullback in May short-circuiting strong seasonals frustrated plenty of traders.

Providing Silver Lake with access to due diligence would potentially expose St Barbara to a termination of the binding deal with Genesis, it said.

The company has decided to increase the placement from C$100 million to C$130 million due to strong demand.

Greg Sharenow, who manages a portfolio focused on energy and commodities, calls gold a 25-year duration asset.

The open pit project in northern Para state Brazil is on track for commercial production in the second half of 2024.

The Lundin Family Trusts will subscribe for up to C$70 million of the shares, and the BHP Group will subscribe for up to C$30 million.