RAPAPORT... US retailers recorded their first year-on-year sales growth since the beginning of the year in June, as more businesses began to reopen following coronavirus-related lockdowns, according to government data.Revenue for the month grew 1.1% over the same period last year, and rose 8% over May's figure, data from the US Census Bureau showed."The retail sales numbers from last month were ve...Read More
(IDEX Online) - A New York businessman who allegedly promised investors huge returns from wholesale jewelry deals has been charged with running a $200m Ponzi scheme.Gregory Altieri, 53, lured them with returns of up to 70 per cent within five months on cash used to buy jewelry at closeout prices during the two-year scheme, according to district court papers for the for the Eastern District of New...Read More
(IDEX Online) - Lucara is to sell all its larger rough diamonds through the Antwerp-based HB Group in what it describes as a "groundbreaking partnership".The Canadian miner has a reputation for high-value type IIa diamonds at its Karowe Mine, in Botswana, and was proud to announce its discovery of the 1,758-carat Sewelo (pictured), the world's second largest diamond, last April.It has been st...Read More
(IDEX Online) - Alrosa and De Beers have both reported disastrous Q2 sales - down over 90 per cent - because of COVID-19.The two miners, who account for more than half of all diamonds produced globally, said they'd been by an unprecedented slump in demand.Alrosa's rough sales were down 91 per cent year on year to $74.1m and De Beers' fell 96 per cent to $56m.Both companies hav...Read More
RAPAPORT... The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn.As an important mid-tier diamond miner, the company has annual production of around 3.5 million to 3.8 million carats, but is burdened by high debt from its efforts to extend the life of its operations and maintain...Read More
RAPAPORT... Twelve jewelry designers have received the Manufacturing Jewelers & Suppliers of America (MJSA) Vision Award, which this year includes a new category for colored-stone distinction.The prizes honor outstanding creativity, craftsmanship and technological prowess, as well as originality and functionality. MJSA awards them to both professionals and students, the trade organization...Read More
As per the company's request, a shutdown order was issued. The refinery was last shutdown completely in 2018.Read full newsRead More
ASABA - Urhobo Youth Leaders Association (UYLA) has tasked the Federal Government on the need to address the over 50 years of social-economic neglect of the Urhobo nation, threatening to shut down all oil and gas installations and production in UrhoRead full newsRead More
CALGARY - Despite negative impacts of the COVID-19 pandemic on production and costs, rising prices for gold are expected to buoy results as Canada's precious metals miners begin rolling out second-quarter financial results next week. In the three months ended June 30, the average gold price was US$1,713 per ounce, up eight per cent over the first quarter, said RBC Capital Markets in a report t...Read More
ABUJA, Nigeria President Muhammadu Buhari said Thursday that the government is set to reform gold mining that will produce a revenue of $500 millionRead full newsRead More
Barrick Gold Corp said on Thursday it expected a 15% decline in second-quarter gold production due to coronavirus-induced disruptions at an Argentinian mine and a dispute in Papua New Guinea.Read full newsRead More
The S&P/TSX Composite Index started this week on a mixed note after posting gains for the previous three weeks in a row. This morning, the Canadian stock market benchmark was trading with a minor 0.1% gains. As investors continue to remain focused on updates related to the COVID-19 vaccines, the broader market is expected to trade with heightened volatility.The ongoing pandemic is continuing t...Read More
The C.D. Howe Business Cycle Council reported on May 1, 2020 that Canada has officially entered a recession in the first quarter of 2020. While there are signs of recovery, the Council has said, “The decision to declare a recession with a February peak is based on preliminary data available as of April 30, 2020. Members of the Council pointed out that further GDP revisions will occur, which...Read More
Not many stocks have everything an investor needs all in one place. However, Lundin Mining (TSX:LUN) offers TSX investors some instant diversification, while also paying a small dividends. This names satisfies a long-term capital appreciation thesis, too. And all of this is rolled into a single defensive stock.Why is this stock defensive?Lundin is a solid all-rounder when it comes to metals exposu...Read More
Image by Helmut Eppel from Pixabay. Silver prices are latching onto gold's rally, reaching their highest levels since 2016 on Monday, as concerns about the global economy and market dynamics continue to shift investor attention towards safe haven metals.Spot silver advanced 4.3% to $19.90 an ounce by 4:00 p.m. EDT, while silver futures on the Comex exchange surpassed the $20 an ounce mark for the...Read More
Reliance property, British Columbia. Image by Endurance gold. Endurance Gold (TSXV:EDG) announced on Monday a 67% increase in the size of Reliance property in southern British Columbia, from the initial 673 hectares up to 1,122 hectares.The property is located 4 kilometres east of the village of Gold Bridge, and 10 kilometres north of the historic Bralorne-Pioneer gold mining camp which produced...Read More
Gold is so hot right now. Image: Newmont Goldcorp. The rally in the gold price regained momentum on Monday as investors continue to pile into hard assets amid a flood of easy money on financial markets in the developed world and expectations of a prolonged period of ultra-low interest rates and currency debasement.Gold for delivery in August, the most active contract on the Comex market in New Yo...Read More
Discovery Metals' Cordero silver project in Chihuahua state, Mexico. Image from Discovery Metals. Discovery Metals has released results from eight holes completed at its Cordero project in Chihuahua state in Mexico, including 1.4 metres grading 1,907 g/t silver-equivalent (700 g/t silver, 0.74 g/t gold, 16.1% lead and 14% zinc) in its first hole testing the 1.2-km-long Todos Santos vein trend at...Read More
Miners in the historic O'Brien mine in the 1950s, where Radisson Mining Resources is exploring for gold. Image from Radisson Mining Resources. Drill results from Radisson Mining's wholly owned O'Brien project in Quebec include high-grade intercepts from areas below current resource boundaries and from zones around the existing deposit.The past-producing O'Brien project is within the Bousquet-Ca...Read More