Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Africa-focused miner Ivanplats (TSX:IVP) announced Monday it had filed a mining right application with South Africa’s Mineral Resources Department (DMR) for its Platreef project, located in the country’s Bushveld Igneous Complex platinum producing region.
The company said Platreef, located at the heart of the world’s premier platinum producing region — the Bushveld Complex— is expected to produce copper, gold, nickel and platinum-group elements.
The Vancouver-based firm also revealed that, in conjunction with the mining right application, and in compliance with South African ownership requirements under the Mining Charter, the Platreef ownership structure had been modified to include a broad-based black economic empowerment (BBBEE) partner that would represent local communities, women, children and employees.
Under the Southern African nation’s BEE (Black Economic Empowerment) policy all mines have to be 26% black-owned.
The BBBEE partner would acquire an interest in the Platreef project through a private company incorporated in South Africa, namely BBBEE SPV, representing the interests of the Platreef Communities Umbrella Trust, the Platreef Women’s and Children’s Trust and the Platreef Equity Participation Trust. Host communities directly affected by the Platreef project would be the initial beneficiaries of the Platreef Communities Umbrella Trust.
