Gold may hit rock bottom in first few months of 2014 |
- Gold may hit rock bottom in first few months of 2014
- Report casts fresh doubt on AngloGold's La Colosa project
- Body of UBC geology student found two years after his disappearance
- Gold-diamond soap with ‘special psychological and spiritual’ powers for only $2,800
- Deadly weekend at China’s coal mines
- Mining in Canada’s B.C. remains strong, but facing labour, indigenous issues
| Gold may hit rock bottom in first few months of 2014 Posted: 05 Jan 2014 11:22 AM PST If 2013 will go down as the year gold lost its glitter, 2014 may be remembered as the era it recovered some sparkle, yet it remained dull. This seems to be the main conclusion of some of the most followed gold forecasters, such as Goldman Sachs, J.P. Morgan and Morgan Stanley, among others. Goldman Sachs is predicting a "significant decline" of at least 15% this year. And analysts at J.P. Morgan lowered their forecasts on gold prices by 10% to $1,263 an ounce for 2014 and by 12%to $1,275 for 2015, according to their research note. Morgan Stanley did not offer an alternative view. The investment bank expects gold to extend losses this year, to average $ 1,313 an ounce. Jeff Rhodes, founder and managing consultant for Rhodes Precious Metals Consultancy DMCC in Dubai, is the only one that seems slightly optimist. He told Al Arabiya that he expected 2014 to be "a year of consolidation and modest recovery" in the gold market. TheGoldForecast analyst, Gary Wagner, partially agrees. In a recent interview with Kitco News he said gold's double bottom of $1,180 could be revisited this year, despite the metal's significant bounce back. Wagner added the wildcard for the gold market in the first months of 2014 is the Fed and Janet Yellen taking office by the end of January. Wagner acknowledges that certain market factors may boost bullion prices. "Chinese demand for physical gold imports will probably grow strongly this year, and India's import restrictions on the metal cannot go on forever. But these facts were just as obvious in 2013 and the market still went downhill on gold," he was quoted as saying. As FT.com columnist Gregory Meyer wrote a few weeks ago, the lesson seems to be that it's possible to get the context right and still get the price dead wrong.  |
| Report casts fresh doubt on AngloGold's La Colosa project Posted: 05 Jan 2014 10:00 AM PST  La Colosa, AngloGold Ashanti's flagship project in Tolima, Colombia. The use of water resources by AngloGold Ashanti's (NYSE:AU) gold project La Colosa, in Colombia's Andean region of Tolima, would pose serious threats to the environment and locals, a recent report by London-based human rights organization Colombia Solidarity Campaign claims. In La Colosa: A Death Foretold the group says the massive project would jeopardize a river basin, potentially reducing water supply for agriculture and consumption. Although AngloGold Ashanti needs permission from the Colombian Minister of Environment to start exploitation (and this hasn't been granted yet), the company already has offices and representatives in the region, which holds an estimated 12 million ounces of resources. Mine construction of La Colosa was expected between 2014 and 2016, with production scheduled to start in 2016 or 2017, but the firm is now expected to conclude exploratory studies in 2015. The report, published last month, is a result of over 100 interviews on the ground, legal document analysis, and technical assessment by Dr. Mark Muller, a highly respected international expert on mining, the human rights group said. According to local paper El Espectador (in Spanish), La Colosa has become one of the most opposed mining projects in recent years. |
| Body of UBC geology student found two years after his disappearance Posted: 05 Jan 2014 09:09 AM PST The discovery of a man's body near a Vancouver marina on New Year's Eve has brought a two-year-long search for 25-year-old Matthew Huszar, to an end. Huszar, a University of British Columbia geology graduate, was last seen in Gastown shortly before midnight after leaving an office Christmas party at a pub in December 2011. His family, who put up a $10,000 reward for information on Huszar's whereabouts, said in a brief statement published online they wanted to thank everyone for their support in the last two years. Vancouver Police said the investigation into Huszar's disappearance and death does not indicate anything suspicious and foul play is not suspected. |
| Gold-diamond soap with ‘special psychological and spiritual’ powers for only $2,800 Posted: 05 Jan 2014 07:34 AM PST
A bar of soap produced by a family-run business in Lebanon might make you think twice about showering and washing your hands too often. Infused with aromatic plants and essential oils, but also with diamonds and gold, a single unit costs US$2,800. The handmade palm-sized soap was created as a special gift for Qatar's First Lady, Jewish News One TV reports. While it looks and smells very similarly to a pure olive oil soap, it contains about seven grams of diamond powder and 14 grams of gold powder. Manufacturer Amir Hassoun says the product is meant to change a daily routine into a unique and pleasurable experience. "It's not only the most expensive soap in the world because it is made of gold and diamond. It's really something special, [as it has] special psychological and spiritual effects on the human being," he said on TV. The northern Lebanese city of Tripoli has a rich history of soap making, which goes back to 14th century. Image: Screenshot from Jewish News One TV |
| Deadly weekend at China’s coal mines Posted: 05 Jan 2014 05:45 AM PST Four people died over the weekend in two different coal mine explosions in Central and southwest China, Xinhua reports. The first accident happened Friday morning in central China's Wufeng county, Hubei Province, where three miners died in a gas explosion. The second blast, on Sunday morning, happened when eight miners were carrying out a routine safety check. As a result, one person died and other three workers remain trapped at the coal mine located in the southwest province of Sichuan. The incidents come at the same time Chinese authorities announced that safety at the country's coal mines improved significantly in 2013, resulting in less deaths than previous years. (Image from archives) |
| Mining in Canada’s B.C. remains strong, but facing labour, indigenous issues Posted: 05 Jan 2014 04:15 AM PST  The shortage of skilled workers is pushing some miners to hire foreigners. British Columbia, Canada's most western province, had a strong 2013 from the mining industry point of view, as it saw several projects expand, as well as new mines to begin construction, which drove job creation. Minister of Energy and Mines, Bill Bennett, said the positions generated were high-quality ones and that several of them were filled by First Nations to the point that the resource industry employs more natives than any other sector in B.C. One of the highlights of last year was the beginning of production at $1.5 billion Mt. Milligan copper-gold mine north of Prince George, which generated 350 permanent jobs. The province added a number of operating mines made improvements to their operations last year. Both Gibraltar mine in the Cariboo and Line Creek in the Kootenays received Mines Act permit amendments that resulted in almost $400 million in investment and the opening of 650 positions. In 2012, mining was valued at over $8.3 billion to B.C.'s economy and exploration was recorded at $680 million, a 47% increase over the previous year and the highest ever. With exploration spending remaining strong in 2013, authorities predict mining will remain one of the province's more important economic drivers in 2014. First Nations  Tahltan elder arrested for blocking access to Fortune's project, in 2005. Relationships with First Nations continued to be a challenge last year, with several incidents clouding the skies. Tensions rose in September, when the Tahltan First Nation voiced its opposition to Fortune Minerals' (TSX:FT) Arctos Anthracite coal project. As a result, the company decided to pull out of the mine site for several months. Another high-profile case was Taseko's (TSX:TKO) New Prosperity mine proposal, which was branded as "significant adverse" to the environment by the federal government in November. A report from late 2011 estimated that Prosperity would generate $9.8 billion in tax revenues for the federal and BC government over the next 20 years. Opponents of the project claim that the mine would pollute Williams Lake and endanger fish populations. Taseko says the environmental review panel that drew these conclusions was looking at the wrong tailings facility design. The Federal government is currently assessing the $1.5 billion project. However, B.C.'s government seems optimistic. "Both industry and the province continue to work closely with First Nations on resource development, setting out clear expectations for the consultation process and working toward more revenue-sharing agreements," said in a press release Friday. It added that B.C. has signed 10 economic and community development agreements with First Nations to date. In 2013, the first cheques were delivered to First Nations for agreements with New Afton, Copper Mountain and Highland Valley mines. Skilled worker shortage  The challenge of lack of skilled workers became intertwined during the past year with a controversy over the use of temporary foreign miners. The one issue B.C. authorities did not refer to, was the looming shortage of skilled workers they are facing, with some suggesting thousands of new workers will be required over the next decade. The Mining Industry Human Resources Council estimates the province will need more than 10-thousand workers by 2023, while the countrywide figure is more than 100-thousand. The dire predictions became intertwined during the past year with a controversy over the use of temporary foreign workers. Vancouver-based HD Mining was supposed to bring over 201 Chinese miners to a project in the northern part of the province last year. The news drew ire from across the political spectrum and prompted two unions to launch a legal challenge, which ultimately ended in the company's favour last May. HD Mining insisted it could not find enough trained miners, governments used the controversy to pledge renewed focus on training, unions said there were enough skilled workers in Canada, and industry groups warned such cases could become more common if more isn't done to head off the labour shortage.
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