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.
Greenstone Gold Mines – a 50:50 joint venture of Centerra Gold and Premier Gold Mines based in Thunder Bay, Ontario – and Aroland First Nation, Animbiigoo Zaagi’igan Anishinaabek, and Ginoogaming First Nation have signed a long term relationship agreement covering the Hardrock gold project.
The project, earlier known as Greenstone, is located in the Geraldton-Beardmore Greenstone Belt, about 275 km northeast of Thunder Bay.
The agreement formalizes the First Nations’ support for the Hardrock project. In turn, the Greenstone joint venture agrees to support the local social and cultural practices as well as providing for environmental monitoring, employment, training, business, and contracting opportunities. It increases the opportunity for mutual benefits for all parties.
Greenstone is planning to take Hardrock to production. Total measured and indicated resources at Hardrock are 147.5 million tonnes grading 1.50 g/t gold and containing 7.1 million oz. The inferred resource is 25.5 million tonnes grading 3.77 g/t gold and containing 3.1 million oz.
(This article first appeared in the Canadian Mining Journal)
