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.
Vancouver-based Spanish Mountain Gold is going to proceed with a new preliminary economic assessment for its Spanish Mountain gold project 70 km northeast of Williams Lake. The update will examine reducing the mill throughput to 10,000 t/d, basing the open pit on higher grade resources, and an initial mine life of 10 years.
The PEA done in 2017 postulated a 20,000-t/d mill, a 24-year mine life, and an initial capex of C$607 million.
Spanish Mountain CEO Larry Yau said, “The new PEA is expected to determine whether our ambitious project objectives are attainable and the initial value that the project can potentially deliver during its first decade of operation.”
A team of independent consultants has been chosen to prepare the new PEA. The team includes Moose Mountain Technical Services for the resource estimate, mine plan and metallurgy; Discovery Consultants for geology and estimate advice; and Knight Piesold for the tailings, water balance and permitting activities.
(This article first appeared in the Canadian Mining Journal)
