CAPITAL MARKETS

Gold breaks through US$2,050/oz, Pebble blip

The gold price has continued its stellar surge, rising above US$2,050 an ounce earlier into new record territory amid reports the US economy may need more support than originally thought due to COVID-19.

Staff reporter
 A Barrick Gold gold bar

A Barrick Gold gold bar

Gold had reached $2,056.50/oz on the spot market but was around $2,040/oz at the time of writing.

Barrick Gold hit a one-year high in Toronto before closing down 0.28%, while CEO Mark Bristow told the Wall Street Journal the company was considering moving its main listing to New York.

Meanwhile Pebble proponent Northern Dynasty Minerals (TSX: NDM) fell 12.8% after the US president's eldest son voiced his opposition to the proposed mine.

"The headwaters of Bristol Bay and the surrounding fishery are too unique and fragile to take any chances with," Donald Trump Jr tweeted.

Northern Dynasty had received the final environmental impact statement for Pebble two weeks ago, which it had said was "a clear validation" the mine could be developed in an environmentally sound and socially responsible way. 

Copper producer Taseko Mines (TSX: TKO) headed higher, up 13.5%, after reporting a solid second quarter.

Copper major Freeport-McMoRan hit a one-year high before closing up 7.88% in New York.

Mining majors also gained in London yesterday, with diversified Glencore up 7.48% and precious metals producer Fresnillo rising 5.93%.

BHP was up 3.7% in morning Australian trade.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.