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.
A five-day general strike launched by Mali’s main workers union on Monday has not affected operations of some of the big international gold mining firms in the country, company representatives said.
The National Union of Malian Workers (UNTM), which says it represents 80% of Mali’s unionised workers, including miners, teachers and health workers, said the strike followed “the government’s inability to put an end to the disparities” in wages and working conditions.
Mali is one of Africa’s largest gold producers. Companies operating in the country include Barrick Gold Corp, B2Gold Corp and Resolute Mining.
A Resolute representative said output at the company’s Syama mine in southern Mali had continued and it did not expect any “material impact” on 2020 production.
Barrick and B2Gold did not reply to requests for comment, but Bani Sacko, an official at Barrick’s Loulo-Gounkoto mine, said the strike had not been observed by workers.
Workers also did not observe the strike at the Yanfolila project of London-listed Hummingbird Resources, an official at the mine said, speaking on condition of anonymity.
(By Tiemoko Diallo, Edward McAllister and Alessandra Prentice; Editing by Louise Heavens and Paul Simao)
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