In Spite Of Volatile Markets, Gold Prices Are Expected To Climb To $2,500/Oz By The End Of 2024 - Financial News Media

(MENAFN- financial News Media) To download the initial Bonanza Project Certified Geological Technical Report, go to:

“The expanded resource scope in the new technical report is an exciting milestone for the mining team that will further reveal the high potential of Bonanza and refine our ongoing development and production operations,” stated Chris Torres, AABB President and CEO. CONTINUED... Read this full release for Asia Broadband at:

Other recent developments in the mining industry include:

Gold Fields Limited (NYSE: GFI) has recently entered into a definitive agreement with Osisko Mining to acquire all the common shares of Osisko Mining on the Toronto Stock Exchange (TSX). This transaction, if approved by Osisko Mining shareholders, will give Gold Fields full control of the Windfall Project in Québec, Canada, currently jointly and equally owned and managed by Gold Fields and Osisko Mining.

Gold Fields has agreed to acquire the Osisko Mining shares at a price of C$4.90/share in an all-cash transaction. The offer price implies a fully diluted equity value for Osisko Mining of approximately C$2.16bn (US$1.57bn) and enterprise value of C$1.48bn (US$1.08bn). The offer price is a premium of 55% to Osisko Mining's 20-day volume-weighted average trading price on the TSX for the period ending 9 August 2024.

Once completed, the transaction will consolidate Gold Fields' 50% partnership stake into full ownership and control of the Windfall Project and its entire exploration district and will eliminate our existing obligations of a C$300m deferred cash payment and C$75m exploration obligation, which were part of the May 2023 Windfall JV transaction with Osisko Mining.

Kinross Gold Corporation (NYSE: KGC) recently announced its results for the second quarter ended June 30, 2024. J. Paul Rollinson, CEO, made the following comments in relation to 2024 second-quarter results:

“Kinross had another strong quarter supporting an excellent first half of the year. Our portfolio of mines performed well, delivering high-margin production, and we remain on track to meet our annual production and cost guidance for 2024.

“Quarter-over-quarter, our margins grew by 21% to $1,313 per gold ounce sold, outpacing the rise in gold price, and attributable free cash flow more than doubled to $346 million, totaling $491 million year-to-date. We are continuing to prudently manage our business with a focus on maintaining our cost profile and capital discipline while continuing to advance projects and exploration targets to drive future value. We also continue to strengthen our investment grade balance sheet and reduce debt.”

Barrick Gold Corporation (NYSE: GOLD) recently announced the declaration of a dividend of $0.10 per share for the second quarter of 2024. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022. The Q2 2024 dividend will be paid on September 16, 2024 to shareholders of record at the close of business on August 30, 2024.

In addition to the dividend, Barrick repurchased 2.95 million shares during the second quarter under the $1 billion share buyback program that was announced in February 2024. “The continued strength of our balance sheet and our world class gold and copper asset base allow us to distribute a robust quarterly dividend while maintaining ample liquidity to invest in growing our business. Additionally, we took the opportunity to buy back stock at a compelling valuation,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

IAMGOLD Corporation (NYSE: IAG) recently announced that the Côté Gold Mine (“Côté Gold” or“Côté”) has reached commercial production. Côté Gold is located in Ontario, Canada and is operated as a joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (“Sumitomo”). Commercial production is defined as the achievement of reaching a minimum of 30 consecutive days of operations during which the mill operated at an average of 60% of nameplate throughput of 36,000 tpd.

“I would like to commend our teams at Côté Gold who have come together to achieve another great milestone as we progress and ramp up what we believe will be one of Canada's largest gold mines and a model for modern mining in Canada,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD.“Since achieving the first pour of gold on March 31, 2024, our teams have spent the last four months methodically and iteratively testing and ramping up all facets of the mine. This process has required remarkable commitment, ingenuity and teamwork to bring all the systems online together to achieve this milestone.”

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