GoldStone kicks off project to restart Ghana mine shut for 100 years

It has been a difficult week for precious metals, as gold and silver both experienced their lowest closes of the year.

Osisko Mining investors were unimpressed by the fire yesterday at the company's Canadian Malarctic mill. The stock (TSX:OSK) closed down a buck, or 12.94%, on the Toronto main board Friday as Osisko assessed the damage.

When Kim got involved with Kazakhmys (then called ZhezkazganTsvetMet) during the 1990s the Soviet era the state company was in complete disarray and debt laden. He turned Kazakhmys into a $6 billion company and amassed a personal fortune of $3.5 billion along the way.

Rio Tinto may attempt to re-enter the mining industry in Papua New Guinea after a distastrous experience in the 1980s, according to a report this week in PNGIndustryNews.net.

Gold prices hit a four-month low today as worries over Europe's financial health, particularly Greece and Spain, and massive trading losses for JPMorgan hurt stock markets and the euro, prompting investors to shelter in the US dollar.

Greek politicians are struggling to form a new government. Concerns are increasing that Greece will drop the euro.

The oil and natural gas rich nation's stake in the coal giant is now 8% with a target of over 10%, providing crucial back for Glencore CEO Ivan Glasenberg to push through the $90 billion merger with Xstrata.

Despair not, gold investors. Goldman Sachs hasn't given up on bullion. Despite a significant selloff in the yellow metal in recent days, bottoming out at four-month lows, Goldman Sachs is still forecasting a rally in gold this year.

Lake Shore Gold added 8.2% on Thursday after announcing positive financial and operating results for the first quarter as it accelerates a $160 million capex programme for the year.