“We knew about the legislative reforms that were going to be introduced, but as we expected, they didn’t address our biggest concern, the 70 percent windfall profits tax,” he stated. “That’s not a tax atmosphere that makes sense to us.”
Bullion prices have been falling sharply since April and were trading below $1,300 an ounce on Thursday, raising concerns among industries around the viability of high-cost operations and project development.
“There are fundamentals to support the gold price: U.S. debt runs into the trillions (of dollars) and Europe is getting bored with austerity measures,” he asserted. “Gold prices still have good potential to rise but a medium-term catalyst is required to reverse their decline,” he explained.
But while major producers such as Barrick Gold Corp have halted all new mine developments, pressure is easing around engineering and construction services, making it easier to move ahead with projects that meet economic standards, Rollinson said.
In 2001, Barrick merged with Homestake, which marked the acquisition of the Veladero mine in San Juan province. During 2006, following the acquisition of Placer Dome, the Zaldívar copper mine, located in the Antofagasta Region of Chile, became part of Barrick’s South American assets.
The book Noir Canada. Pillage, corruption et criminalité en Afrique (Black Canada: Pillage, corruption and criminality in Africa by Alain Deneault) deals with the actions of several Canadian companies in Africa. Regarding Barrick, he claims that the company was involved in the massacre at the Bulyanhulu mine in Tanzania, where more than fifty artisanal miners (“pirquineros”) were buried alive because of the government’s haste to clear the site and fill in the shafts. In the case of Barrick, he claims that the company was involved in the massacre at the Bulyanhulu mine in Tanzania, where more than fifty artisanal miners (“pirquineros”) were buried alive because of the government’s haste to clear the site and fill the shafts.
Regarding the book’s claims about Bulyanhulu, on October 29, 2002, the World Bank’s CAO released a report summarizing its assessment of the allegations made by Lawyers for Environmental Action Movement (LEAT), about Bulyanhulu. In serious allegations, the complaints pointed to the death of artisanal miners during an eviction action in 1996, prior to Barrick’s purchase of the Bulyanhulu property from Sutton Resources Ltd. in 1999. The Report dismissed the allegations, stating that there was no convincing evidence to support LEAT’s version of events and that the repetition of unfounded allegations did a disservice to the interests of the people living near the mine.
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After reporting 1Q 2019 earningsMINING PRESS/Mining.comCanadian miner Kinross Gold (TSX: G) (NYSE: KGC) is evaluating options to return to long-term production in Chile where it already has two key assets.
The transaction followed studies that allowed Kinross to add 844,000 ounces of gold and 34 million ounces of silver in 2017 to ore reserve estimates for the Phase 7 and Purén deposits, which comprise the La Coipa Restart project.
Kinross said the full scoping study for that project, which it acquired in 2009 from Teck and certain Anglo American subsidiaries, showed “encouraging results” for a possible return to long-term production in the South American country.
“Our three largest operations, Paracatu, Tasiast and Kupol, exceeded all expectations. At Paracatu, improved grade control, mill efficiency, high recoveries and lower power costs resulted in record quarterly production and the lowest production costs since 2010. Tasiast set another production record in the quarter and costs continued to decline. Kupol continued its consistently high performance and delivered another solid quarter,” said Rollinson.