Tag Archives: miners

Australian gold miners are scrambling to find funds amid a booming metal market | Instant News

SYDNEY – Australian gold miners brace for 2021 prosperity as high prices for the yellow metal boost profits, prompting a search for a resource that now looks much more promising than it did a year or two ago.

Gold hit a record $ 2,067 an ounce in August. Even though prices have fallen, they remain above $ 1,800 as investors cling to safe-haven assets amid the coronavirus pandemic and the ensuing global economic downturn. A weak US dollar and low global interest rates also helped gold prices by minimizing the losses on investing in the metal.

Big gold producers and so-called junior explorers have responded by rushing into capital markets, seeking funds to restart closed mines or explore and develop new projects.

“There is increasing interest in the gold sector as well as an increased desire to fund early stage exploration, which we haven’t seen in a long time,” said Anna Nahajski-Staples, executive director at Moneghetti Minerals, who plans to drill two greenfield exploration projects in the state of Nevada. US and others in Western Australia.

Moneghetti hopes to raise $ 8 million to $ 10 million in an initial public offering on the ASX, the Australian stock exchange, in mid-2021.

Other gold juniors who have recently raised funds for exploration and development in Australia include North Stawell Minerals, Bardoc Gold and DevEx Resources.

“Interest really got down the food chain. Previously it was a market where investor interest was around short-term production or already producing mines, to reduce risk as much as possible,” Nahajski-Staples added. “Now, with such a large margin, they can see the early stages and take a higher risk.”

Even the old gold mines that had stopped producing years ago were resuming production. These include the Katanning project in Western Australia, the Horizon Gold’s Gum Creek project and the Morningstar AuStar Gold mine in Victoria.

Strong investor interest in gold has also enabled fundraising at ASX by companies focused on foreign assets, such as Megado Gold, which is drilling in Ethiopia; Mithril Resources, which is developing a gold-silver project in Mexico; and Sihayo Gold, who explored North Sumatra, Indonesia.

The gold sector accounts for the largest proportion of funds raised among all resource companies at ASX in 2020.

Gold companies raised Australian $ 761 million in the September quarter, and this was followed by another AU $ 812 million in October and November. At least a dozen junior explorers have also entered the market with initial public offerings in the past two months to tie up funding for drilling on prospective projects.

“We see the need for more capital – especially in small to midsize companies – as there are more companies exploring because it is a profitable price to do,” said Romano Sala Tenna, portfolio manager at Katana Asset Management Perth.

Indeed, gold exploration spending touched a record AU $ 1.2 billion in the 12 months to October 2020, a government review found, accounting for 42% of all mineral exploration spending in Australia.

A $ 3.9 billion gold project was “underway” during that period and 17 others reached the “eligibility” stage. If all the projects were realized over time, Australian gold production would increase by a third, he said.

Heavy gold prices and production have been booming for Australian government coffers, with official forecasts predicting that gold will replace coal to become the country’s third largest export after iron ore and gas in the financial year ending June 2021.

Australia produced 315 metric tons of gold in 2019, accounting for about 10% of world production, second only to China.

The continent has nearly 19% of the world’s gold reserves – the largest of any country. But most of them are located in remote locations with limited infrastructure. Rising prices, coupled with technological improvements, have now made it easier to raise money for developing low-class assets or those in difficult locations.

High prices have also encouraged deal-making in this sector. Northern Star Resources and Saracen Minerals, Australia’s second and fourth largest gold producers by market value, agreed to join in October, while smaller players Dacian Gold and NTM Gold agreed to join in November to form a mid-range gold producer.

“I’m pretty sure we’ll see more gold mergers and acquisitions happen over the next year,” said Sherif Andrawes, head of natural resources at accounting and consulting firm BDO.

“Gold companies, when they come together, can actually generate quite a lot of synergies. And gold M&A makes a lot of sense,” said Andrawes. “[It] is about getting bigger, getting access to indices, and getting the attention of gold ETFs. “


image source

PM Imran apathetic towards protests from Hazara community: Maryam Nawaz – Pakistan | Instant News

Published in 07 January 2021 13.14

The PM should visit and condolences the families of the miners who were killed, said Maryam Nawaz.

LAHORE (Dunya News) – Deputy President of Pakistan Muslim League-Nawaz (PML-N) Maryam Nawaz on Thursday said that the Hazara community was looking for Prime Minister Imran Khan to fulfill their demands but the prime minister was apathetic towards them.

The PML-N leader spoke with the media before leaving for Quetta to express solidarity with the families of the martyrs of the Hazara community, saying it was a national tragedy where politics cannot be done. The PM is supposed to visit and condolences to families who have taken on a sit-in in the extreme winter after losing their loved ones.

Maryam Nawaz said, “The state and prime minister play the roles of mother and father respectively, but I am disappointed that Imran Khan doesn’t care about the nation. I’m going to Quetta at the direction of PML-N supremo Nawaz Sharif. It is our duty to stand with the families of the miners who were killed after the heartbreaking Machh incident. “

On the other hand, the visit of the Chairman of the Pakistan People’s Party (PPP) Bilawal Bhutto Zardari to Quetta was delayed due to technical problems on his plane.

The PPP chairman tweeted, “Have tried contacting Quetta with CM Sindh & Former PM Gillani. We had to take off our weights because the airplane engine wouldn’t start. Try making other arrangements. The PM must accept the demands of terrorism victims who have been protesting with the dead for the past 5 days. #HazaraKoJeenayDo ”


image source

PPP demanded the PM, the interior minister to resign | Instant News

ISLAMABAD: The Pakistan People’s Party (PPP) on Monday demanded that Prime Minister Imran Khan and Home Minister Sheikh Rashid must resign over the murder of a student in Islamabad.

“The Pakistani Supreme Court (SC) should pay attention to the killing of a young student in Islamabad and the killing of 11 miners in Machh,” said PPP MPP Information Secretary of Parliament Dr Nafisa Shah, addressing a joint press conference with Palwasha Khan and Naz. Baloch is here on Monday.

He said that with Sheikh Rashid’s appointment as interior minister, a new wave of terror had arrived in Pakistan. “A young student was killed by people who were supposed to protect his life and property,” he said, adding that the unfortunate incident in Machh, in which eleven miners were killed by terrorists on sectarian grounds, has shaken the nation.

Dr Nafisa Shah said the establishment should not interfere in politics and every institution must work within its domain according to the Constitution. “Imran Khan’s elected government created chaos in the country and the PTI allies left the government because no one wanted to travel on a sunken ship,” he said. He said all PPP assembly members had submitted their resignations to the party leadership and would be used in a timely manner. “Resignation is like a nuclear weapon and will eventually be used,” he said.

Dr. Nafisa Shah said that this anti-people government raised the price of petroleum on New Year’s. “Every month, electricity and gas bills go up at the direction of the IMF,” he said.

He said Prime Minister Imran Khan was the only person in all of Pakistan, whose palace at Banigala was governed, while the homes of the poor had been razed to the ground. He said the Chairman of the National Assembly acted like a PTI worker not a custodian.

PPP Deputy Secretary of Information Palwasha Khan strongly condemned the killing of innocent students in Islamabad and said the interior minister did nothing but issue a political statement against the opposition.

He said Foreign Minister Shah Mehmood Qureshi did not know that every month, 20,000 people were sent back to Pakistan from abroad. “This government has alienated Pakistan in the global community,” he said.

He said when the youth in Islamabad died the interior minister was busy making political statements.

He said a bureaucrat had committed suicide out of fear of NAB in Islamabad. Plawasha Khan claims that to repay Saudi Arabia’s debt, a new loan of 14 percent was taken from China. PPP MNA Naz Baloch said that even white-collar professionals face economic constraints in this government.

On the one hand, he said, the government uses NAV as a means of victimization, while on the other hand, the government protects thieves of sugar, flour, medicines and fuel.


image source

The protesters want PM Imran Khan to visit Quetta | Instant News

QUETTA / ISLAMABAD: Home Minister Sheikh Rashid Ahmed asked Prime Minister Imran Khan in Islamabad today (Tuesday) to update the prime minister on his visit to Quetta.

The minister has assured the Hazara people protesting the execution of coal miners in Machh Balochistan that he will share their demands with PM Khan.

The protesters announced that they would continue their sit-in until Prime Minister Imran Khan visited Quetta himself.

They presented their demands to Rashid when he visited protesters on Monday. The interior minister said he would communicate the protesters’ demands to Prime Minister Imran Khan.

“Prime Minister Imran Khan himself should visit Quetta and investigate all these matters,” the Hazaras leader said Monday.

Terror attacks against the miners have been claimed by ISIS.

Up to 2,500 protesters staged a sit-in, gathering eight bodies in coffins and blocking a shortcut on the outskirts of Quetta, demanding justice Monday. “We will not end our protests until the arrest of all the killers,” said Balochistan Shiite Conference chairman Agha Daud.

“The latest wave of killings will spread to other cities including Quetta if decisive action is not taken at this stage,” he said.

The miner’s relatives are protesting demanding the resignation of the Balochistan government.

Sheikh Rashid meets protesters

Interior Minister Sheikh Rasheed Ahmed arrived in Quetta late Monday and joined a sit-in organized by Hazara and the family of the coal miners who died a day after the Machh massacre.

He said he was ready to accept all the demands of the Hazara people, except for the resignation of the Balochistan government.

“Today or tomorrow morning I will inform the Prime Minister about the protesters’ message,” said Rashid.

Rashid has announced compensation of Rs 2.5 million for each family of coal mine workers.

“Each martyr’s family will be given Rs. 1 million by the Prime Minister, while Rs. 1.5 million by the head minister of Balochistan,” Rashid told media.

He reportedly flew to Quetta on PM Khan’s instructions. The minister was accompanied by Deputy Chairman of the National Assembly Qasim Khan Suri and chief secretary of Balochistan.

“On Prime Minister Imran Khan’s special instructions, I arrived in Quetta with Federal Interior Minister Sheikh Rasheed to share the sadness of the families of the Machh tragedy martyrs, to assure our Hazara community of immediate justice, and to review the security situation,” Suri wrote on Twitter.

The interior ministry also requested reports on the massacre.


image source

Mozambique Miners Return to South Africa when COVID-19 Lifts the Blockade | American voice | Instant News

GENEVA, SWITZERLAND – The International Organization for Migration reports South Africa has lifted the COVID-19 blockade, which allows thousands of Mozambican miners to cross the border and return to work.

The border between South Africa and Mozambique has been closed since March. This has created economic difficulties for the families of about 28,000 Mozambican miners. They cannot cross the border to work in South Africa and send remittances to support their families.

A spokesman for the International Organization for Migration, Paul Dillon, told VOA that an agreement made between the two countries would allow migrants who were screened well for the corona virus to continue work in South Africa.

“Screening is carried out by recruitment agencies and when they are screened as virus free, they are then taken to South Africa and quarantined there by recruitment agencies for 14 days,” he said.

Dillon said the first group of 500 miners had gone through the process and received a medical examination at the IOM’s cross-border Occupational Health Center. The center was originally established to improve early diagnosis and treatment of TB, a condition that disproportionately affects miners.

A miner is measured in temperature before his shift, during the national closure due to the COVID-19 outbreak, at a Sibanye-Stillwater company mine in Carletonville, South Africa, May 19, 2020.

An IOM spokesman said another 3,000 miners would be screened at the center in the coming weeks.

South Africa is the country hardest hit by COVID-19 on the continent. The World Health Organization reports more than 337,500 people are infected with the corona virus and more than 4,800 have died. This contrasts with only 1,400 cases reported in Mozambique, including nine deaths.

Dillon said IOM has decades of experience helping its member states with various health and border management issues. He said that he hoped to use this expertise to create opportunities for Mozambican citizens with other skills to work in South Africa as well.

“South Africa’s gold and platinum mines themselves employ around 45,000 migrant workers and their skills are considered essential for the resumption of economic activity there … It is hoped that thousands of migrant workers in Mozambique, including those in the agricultural sector, with contracts in South Africa will soon become part from the same process, “he said.

Dillon said IOM staff had worked with long-distance truck drivers at the border crossings of Ressano Garcia and Machipanda since June in terms of how to protect themselves from COVID-19. He said they had provided nearly 7,500 truck drivers with prevention messages in the local language and gave them practical tips for washing their hands and keeping their physical distance.


image source