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winston gold corp. | high grade, low cost, near-term gold production

winston gold corp. | high grade, low cost, near-term gold production

Winston Gold Closes $1,222,500 Private Placement WINNIPEG, MB / July 5, 2021 /Winston Gold Corp.(Winston Gold or the Corporation)(CSE:WGC)(OTCQB:WGMCF) is pleased to announce the closing of a non-brokered private placement (the Private Placement) consisting of 16,300,000 units (the Units) at a purchase price of $0.075 per Unit to raise gross proceeds of $1,222,500. Each Unit Read More

russian gold mining giant polyus reports q1 2021 production decline | kitco news

russian gold mining giant polyus reports q1 2021 production decline | kitco news

(Kitco News) - Polyus, the largest gold producer in Russia and a top 5 gold producer globally, announced Monday that its total gold output amounted to 592 thousand ounces in Q1 2021, compared to 710 thousand ounces in Q4 2020 and 595 thousand ounces in Q1 2020.

The company said that the decline in production compared to Q4 2020 was driven by a seasonal slowdown in production at Alluvials and lower refined gold volumes at Olimpiada, Blagodatnoye and Natalka.

According to Polyus, a decrease in refined gold volumes at Blagodatnoye and Natalka mainly reflects changes in gold in inventory at the refinery. Volumes of ore mined amounted to 16,639 thousand tonnes, down 4% on the previous quarter, reflecting lower ore volumes mined at Olimpiada and Natalka.

Estimated gold sales amounted to $1,017 million, down 32% compared to the previous quarter, with an estimated weighted-average gold selling price of $1,788/oz (down 4% on the fourth quarter of 2020).

Polyus is the largest gold producer in Russia and a top 5 gold producer globally with one of the lowest cost profiles. The company also holds the worlds third largest gold reserves with 61 million ounces of proven and probable gold reserves underpinning its strong growth profile.

global gold production to grow 2.5% by 2029 report

global gold production to grow 2.5% by 2029 report

In the market analysts view, Russian gold production will lead the rise with gold output jumping from 11.3moz in 2020 to 15.5moz in 2029. This figure represents an average annual growth of 3.7% during 2020-2029 and would see Russia overtake China as the largest gold miner, accounting for 11.6% of global output by 2029, compared with 10.6% in 2020.

Russias growth is being driven by ongoing and expanding US sanctions because the rising risk of state banks being frozen out of dealing in US dollar-denominated assets as bilateral relations remain strained is pushing the Russian central bank to increase its holdings of gold.

However, Fitch says that in the longer term, Russian gold production will be underpinned by at least 21 new mining projects due to come online. At the forefront of this trend is Polyus Gold, whose Natalka project achieved full production in 2019 and has a production capacity of 420-470koz per annum. At the same time, the company is developing the Sukhoi Log, one of the largest untapped goldfields with a potential annual output of 1.7moz.

Chinas gold production, on the other hand, is expected to remain roughly stagnant in the next 10 years, with an average annual growth rate of 0.2%, a notable slowdown compared with the average annual growth of 3.1% over the previous decade.

Fitchs review states that these results are the product of stricter environmental regulations, particularly those around solid waste from gold prospecting, which led to a wave of gold mine closures and output declines in major producing provinces, including Shandong, Jiangxi and Hunan.

On the other hand, major Chinese firms are expected to ramp up investment in foreign gold mines, as the countrys gold demand growth far outpaces that of production. As an example of this, Fitch highlights Shandong Golds purchase of a 50% stake in the Veladero mine in Argentina from Barrick Gold for $960 million.

Carrapateena was commissioned in Q4 2019, after which the project will ramp up to steady state production. The mine will be a 4.25mnt per annum copper-gold underground operation, with an estimated life of 20 years. Life of mine average annual production is expected to be 65kt of copper and 67koz of gold.

Finally, Fitchs report states that the US gold mining sector will continue to attract significant investment activity supported by the countrys history of exploration and known precious metal deposits. Nevada in particular will remain a key location for exploration and development, with both Barrick and Newmont Goldcorp committed to several large-scale projects in the state.

At the same time, the worlds second-largest gold producer together with Newmont Corporation the No. 1 is building a third shaft at the Turquoise Ridge mine near Winnemucca, which is forecast to increase annual production to more than 500koz a year by 2023.

Barrick is also working with Premier Gold Mines at South Arturo and it expects production to increase in Q419 following the completion of construction activities of Phase 1 open pit and El Nio underground mine.

gold production set for growth, says fitch solutions

gold production set for growth, says fitch solutions

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The companys Outlook for Global Gold Mining report states that, over the medium term, global mine production growth will remain strong, as high prices by historical standards encourageinvestment and output growth.

After having surged during the previous ten years, Chinas gold production will stagnate over the coming decade, says Fitch Solutions, noting that declining ore grades will limit domestic investment and encourage Chinese firms to increasingly develop overseas projects.

Fitch Solutions expects Russias gold production growth to have accelerated in 2020 and that that will continue into this year, as domestic demand for the precious metal is buoyed by the possibility of further Western sanctions on State banks, which are likely to respond by increasing their reserves of gold.

Edited by: Chanel de BruynCreamer Media Senior Deputy Editor Online EMAIL THIS ARTICLE SAVE THIS ARTICLE ARTICLE ENQUIRY To subscribe email [email protected] or click here To advertise email [email protected] or click here

gold production in world 2005-2020 | statista

gold production in world 2005-2020 | statista

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