PALM BEACH, Fla., Aug. 14, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - A research article from J.P.Morgan said that Gold prices continue to hit all-time highs, driven by a multitude of factors including heightened geopolitical risks, expectations the Fed will begin lowering rates and central bank buying. The article continued: “Gold prices have continued to hit fresh highs in 2024 due to a wide range of factors — from escalating geopolitical risks and the interest rate outlook to budget deficit concerns, inflation hedging and central bank buying. Gold’s blistering rally this year was partly fueled by expectations the Federal Reserve (Fed) would cut interest rates as many as three times in 2024, as stubborn inflation started to ease. But current projections suggest only one rate cut is penciled in for the remainder of 2024. Gold’s resurgence has come earlier than expected, as it further decouples from real yields. We have been structurally bullish gold since the fourth quarter of 2022 and with gold prices surging past $2,400 in April, the rally has come earlier and has been much sharper than expected. It has been especially surprising given that it has coincided with Fed rate cuts being priced out and U.S. real yields moving higher due to stronger labor and inflation data in the U.S,” said Gregory Shearer, Head of Base and Precious Metals Strategy at J.P. Morgan. Active Mining Companies in the markets today include Asia Broadband Inc. (OTCPK: AABB), Gold Fields Limited (NYSE: GFI), Kinross Gold Corporation (NYSE: KGC), Barrick Gold Corporation (NYSE: GOLD), IAMGOLD Corporation (NYSE: IAG).
The J.P.Morgan article added: “Across all metals, we have the highest conviction on a bullish medium-term forecast for both gold and silver over the course of 2024 and into the first half of 2025, though timing an entry will continue to be critical,” Shearer said. Any retracement in the coming months could provide investors with an opportunity to begin positioning for further strengthening, ahead of the Fed’s planned cutting cycle.” It continued asking: “Will gold prices hit another all-time high? With the strong structural bull case for gold remaining intact, J.P. Morgan has upgraded its gold price targets for this year and 2025. Gold prices are expected to climb to $2,500/oz by the end of 2024, according to J.P. Morgan Research estimates. This prediction assumes a Fed cutting cycle commencing in November 2024, pushing gold prices to new nominal highs.” It concluded: “The direction of travel is still higher over the coming quarters, forecasting an average price of $2,500/oz in the fourth quarter of 2024 and $2,600/oz in 2025, with risk still skewed toward an earlier overshoot,” Shearer said.
Asia Broadband Inc. (OTCPK: AABB) Bonanza Gold Mine Project Expanded Resource Technical Report Confirmed For September Release - Asia Broadband Inc. (“AABB” or the “Company) is pleased to announce that the Company is expecting to receive an expanded certified geological technical report by the first week of September on its 100% owned registered concession at the Bonanza Gold Mine Project located in Acaponeta, Nayarit, Mexico. The Company will continue broadening its ongoing exploration and development activities at Bonanza directed by the new guidances and recommendations contained in the upcoming second technical report. The outstanding indications revealed during the compilation process of the new report signify the potential for a substantial increase in development scope and production planning for the Bonanza property.
The preliminary mineral resource estimates of gold and silver values contained in the initial technical report exceed $10 million at the current spot precious metal prices, prior to the Company’s ongoing work programs. The AABB geological and mining operations team has been utilizing the report to maximize its exploration, development and resource expansion program, as well as facilitate production, efficiencies and processing equipment installations. The Bonanza gold project is another prospective high yield mining asset in the Company’s strategic initiative to increase gold production and AABB’s physical gold holdings.
Located in the prolific mining region of Acaponeta in Nayarit, Mexico, the Bonanza property has shown high-grade gold assay results from samples and drilling activities with the most significant gold values of more than 10 grams per ton (g/t). Company management is excited by the Bonanza project for its potential for rapid expansion, high production, low operating costs and strong contribution to gross profits.
To download the initial Bonanza Project Certified Geological Technical Report, go to: https://asiabroadbandinc.com/acaponeta-bonanza-report/
“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: https://www.financialnewsmedia.com/news-aabb/
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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