Bullion has gained nearly $200 after falling to a more than two-year low in late September.

The interplay between inflation and central bank intervention will be key in determining the outlook for gold’s performance in 2023, according to the World Gold Council.

Twenty two of the 40 workers were rescued after the mine collapsed.

The deal includes a silver stream on the Esperanza project in Morelos, Mexico and royalties on the Fenn Gib South, Ronda and Northshore West exploration-stage projects in Ontario.

The investment contract ratifies the Investment Protection Agreement announced in June and “significantly” de-risks Warintza.

"With inflation close to being in line with expectations, gold prices were higher on fresh speculative buying ahead of the new year on bets that the bigger funds might move to the long side of gold."

“The goal is to become a processing country, not just a production country,” Finance Minister Nicolas Kazadi said.

The net proceeds from the offering will be used by Prime for exploration and development of the Los Reyes gold-silver project in Sinaloa, Mexico.