Canadian Gold Mining Set for Growth in 2019

APMEX

6/20/2018 1:19:56 PM

Daily Gold & Silver Market Report – 06/20/2018

Following five years of declining profits, some analysts predict the Canadian Gold Mining industry will grow next year. Top mining companies in Canada have increased 2018 spending for exploration and process development, aided by increased cash flows. This influx of funds is a result of recent increases in Gold investments. As the price of Gold begins to gain momentum from a bottom of $1,050 per ounce in 2015, Gold investments are appealing to those looking to diversify their portfolios. While the gains in market value have yet to make their way to increases in mining stocks, the landscape seems promising for significant growth in the coming months. (Financial Post)

South African Platinum Miner Expands Presence in Zimbabwe

With the purchase of a 26.8 percent stake in Zimbabwe Platinum reserves, mining company Tharisa increased its presence in the country. Tharisa, a significant player in the South African mining industry, is interested in the vast reserves of Platinum and Palladium in the Great Dyke region of Zimbabwe, which houses an estimated 96 million ounces of Platinum Group Metals. The company purchased a 90 percent stake in Zimbabwean Chrome earlier this year. This $4.2 billion deal includes the development of a mine and refinery in Zimbabwe, although the timeline has not been made public. A report from Reuters suggests this lack of transparency may be due to political unrest in the region, with upcoming elections expected to impact significant details of the plan. Tharisa described the new venture as a Tier 1 investment, indicating the mining operations are expected to be active for several decades. (VOA Zimbabwe)

At 1:58 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,273.10 Down $5.70
• Silver, $16.38 Down $0.02
• Platinum, $875.60 Up $7.70
• Palladium, $967.40 Down $0.90

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