• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 42 mins Tidal Power Closer to Commercialisation
  • 3 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 3 hours US-backed coup in Venezuela not so smooth
  • 2 hours Read: OPEC THREATENED TO KILL US SHALE
  • 1 day BATTLE ROYALE: Law of "Supply and Demand". vs. OPEC/Saudi Oil Cartel
  • 10 hours Fisker Announces 'Mass Market' Electric SUV
  • 4 hours Solar to Become World's Largest Power Source by 2050
  • 2 days Sounds Familiar: Netanyahu Tells Arab Citizens They’re Not Real Israelis
  • 2 days THE DEATH OF FOSSIL FUEL MARKETS
  • 1 day Biomass, Ethanol No Longer Green
  • 2 days Can OPEC CUT PRODUCTION FOREVER?
  • 2 days Boeing Faces Safety Questions After Second 737 Crash In Five Months
Alt Text

Expect Mine Closures In This Key Gold Mining Nation

Major gold mining nation South…

Alt Text

Tanzania Wages War Against Gold Miners

Tanzania’s national government is stepping…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Did These Mining Giants Just Confirm The Next Gold Frontier?

Breakthrough deal in the Tanzania gold sector late last week. With major miner Barrick agreeing to pay the government $300 million and surrender a 16 percent stake in operations in order to end an impasse that’s halted production.

But experiences like that aren’t going to encourage further investment in places like Tanzania. With news this week suggesting that the world’s top gold miners are looking to a new spot for growth projects.

Ecuador.

That nation’s mining minister Javier Cordova told local press over the weekend that numerous major mining players are streaming into Ecuador — after new president Lenin Moreno moved last year to remove a moratorium on new mineral licenses, and streamline processes for exploration and mining in the country. 

Minister Cordova specifically named two of the world’s largest gold miners: Barrick and Newmont. Saying these gold giants are both currently in talks with the Ecuador government to obtain exploration concessions and set up operations. 

And the Minister said those aren’t the only major miners interested in Ecuador. Noting that BHP Billiton, Fortescue Metals and Newcrest Mining have all established a presence in-country in recent months. 

Neither Barrick nor Newmont would confirm a coming move into Ecuador. But an entry here would make sense for the gold majors, with the country hosting a significant chunk of the Andes mineral belt that has proven extremely productive in neighbouring Peru. 

The gold story here is further boosted by recent discoveries like the Cascabel gold-copper porphyry — being drilled out by SolGold Plc in northern Ecuador. With that company having enjoyed a $41 million equity investment backed by Newcrest Mining this past summer. 

All of which suggests this is a key spot to watch for gold (and copper) exploration and development. Watch for specific deals being struck by Barrick, Newmont and other miners — and for results from the field as projects get up and going. 

Here’s to green fields for greenfields.

By Dave Forest




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News