Mining World

A New York-based law firm is investigating possible misconduct related to the securities of NovaGold Resources.

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Gold, little changed below US$1,000 an ounce in London Friday, may fall as lower oil prices curb demand for the metal as a hedge against accelerating consumer prices.

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Chinese spot steel prices eased 0.8 percent in their fifth consecutive weekly fall, but the pace of their decline slowed, as mills started reducing production amid rising inventories and falling prices.

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Nickel sulphide explorer Western Areas has been granted the final consent by the Western Australian Minister for the Environment, to create an openpit mine at its Spottel Quoll nickel operation.

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Gold headed for a fifth weekly advance, the longest winning streak since November 2007, reported Bloomberg, as investors bought precious metals and other commodities on the expectation that an economic recovery will jumpstart inflation.

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Gold steadied on Friday as light buying emerged on dips toward $1 000 per ounce, after it declined $12 in the previous session from an 18-month high.

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Talking to Goldcorp CEO, Chuck Jeannes, at the Denver Gold Forum it is apparent that most of the principles set in place many years ago by former CEO, Rob McEwen, remain in place at this extremely successful Canadian-based gold miner, one of the largest in the world.

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There may be around 3,000 registered individual liquidators in South Africa, but somehow, a literal handful have a canny way of being appointed to the very biggest cases, where liquidator’s fees can run to R100m and more. Such is the recent case of Pamodzi Gold, where Enver Motala of SBT Trust, Alan Pellow of Westrust and Deon Botha of Corporate Liquidators were appointed as three of the provisional liquidators.

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Stocks of gold-mining companies have enjoyed solid gains as the metal breaches key resistance levels, but appreciation from here may be minimal.

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Nearby gold futures extended their record high above $1,000 an ounce Wednesday and the most-active contract pushed toward its own all-time peak, supported by continued U.S. dollar weakness and technical momentum.

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China’s iron-ore imports slipped 15% in August from a record in July to their lowest in six months, displaced by growing domestic output which fed record steel production.

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Gold rose above $1 000 on Friday as the precious metal continued to benefit from a weaker dollar amid growing risk appetite and inflation fears due to stronger oil prices.

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