U.S. court rules against miner Crystallex in Venezuela dispute
Crystallex International Corp is seeking to collect $1.2 billion plus interest awarded in 2016 by a World Bank tribunal against Venezuela, which Venezuela has refused to pay.
China's Ministry of Industry and Information Technology (MIIT) is drafting new standards for the gold industry which will raise the entry barriers and it will force companies with daily gold processing capacity of less than 50 tons to shut down.
Citing unidentified sources who attended a national gold mining conference, the industry ministry is drawing up a blueprint to better regulate gold miners, such as shutting mines with a daily gold processing capacity of below 100 tonnes and halting approvals for small ore processing companies.
China, the world's largest bullion producer, currently has no limits on gold production and production is determined by the gold producers.
Barrick Gold says it will fight for the right to develop a gold project in Pakistan after a provincial government rejected its lease application earlier this month.
Canadian Press reports that Tethyan Copper, a partnership between Canada-based Barrick Gold (TSE:ABX) and Chile-based Antofagasta (LON:ANTO) has filed for international arbitration after the Balochistan government turned down its application without meeting with the companies.
An angry dispute over a proposed massive gold and copper mine in B.C.'s central Interior has set off duelling requests for court injunctions against the opponents.
The Pebble Mine copper-gold-moly project in Southwestern Alaska got hit with another negative poll last week.
The Huffington Post reports that 81% of the roughly 2000 shareholders of the Bristol Bay Native Corporation — the regional Native corporation and largest private landholder in southwest Alaska — have rejected the mine on the basis that it will "unavoidably put at risk the 'fisheries and our Native way of life.'"
The project is a partnership between Anglo American (LON:AAL) and Northern Dynasty Minerals (NYSEAMEX:NAK).
Latin American blogs reported on Sunday exit roads from the regional capital remained blocked and anger was mounting over Newmont Mining's proposed $4.8 billion Conga gold mine in northern Peru as protests entered its fourth day.
Schools and business had closed and police used teargas against marchers since protests began Thursday. Residents led by the Maoist president of the Cajamarca region say Conga will destroy the environment by transforming four high Andean lakes into reservoirs for mining operations and on Saturday formed the 'Front for the Defence of the Interests of Cajamarca'. Conga would be the biggest investment ever in Peru mining and is a crucial test for newly installed president Ollanta Humala who has on many occasions publicly backed the project.
WawaTay News reports Kitchenuhmaykoosib Inninuwug (KI) First Nation – a community of 1,200, 600km north of Thunder Bay, Ontario – is preparing for what may be a confrontational winter after talks on traditional land use with the Ontario government broke down last week.
KI walked away from negotiations after Ontario said they were unable to stop God’s Lake Resources, a junior gold mining company, from exploring in the area while the panel meets. The land under dispute at Sherman Lake was the site of a gold mine active from 1938 to 1941. KI claims there are numerous burial sites in the area. KI was involved in a similar dispute with a platinum miner a few years ago.
Latin American Herald Tribune reports Venezuela's first shipment of 160 – 180 tonnes of gold held abroad was received at Maiquetia International Airport outside Caracas on Friday night.
In operation that also involved tanks and aircraft, the first of some 15,000 standard 400-ounce bars wrapped in black plastic inside a caravan of armoured vehicles escorted by 500 soldiers then made its way to the bank’s headquarters downtown. President Hugo Chavez announced in August that the South American country plans to repatriate its gold reserves held by banks in England, the US, Canada and France. The Central Bank of Venezuela already holds 154 tons of bullion domestically.
BusinessLive reports that while acid mine drainage from disused gold mines in the Johannesburg area of South Africa is well documented, according to a new study AMD from nearly 6,000 abandoned mines is acidifying rivers and streams, raising metals levels and killing fish.
The study by World Wide Fund for Nature SA and the Council for Scientific and Industrial Research showed that South Africa’s heavy dependence on coal for electricity had a “devastating” effect on the country’s water resources, particularly in light of the fact that only 12% of the country’s land area generated 50% of the country’s river flow. The most affected river was the Olifants which flows through the Kruger National Park in a region of the country where coal mining dates back to the 1890s.
Reuters reports schools and businesses were closed and Peruvian police fired tear gas on Friday to break up a protest at Newmont Mining and Buenaventura's proposed $4.8 billion Conga gold mine as the government tried to mediate a bitter environmental dispute over the project.
Residents in the northern city of Cajamarca which has more than 200,000 residents (pictured), led by the president of the region, say a new mine – adjacent to South America’s largest gold mine Yanacocha – will harm agriculture and livestock by relocating water supplies. Conga would be the biggest investment ever in Peru mining.