CAPITAL MARKETS

Markets, gold higher

SolGold slumps

Staff reporter

This article is 3 years old. Images might not display.

Gold, which last week plunged below $1,800 an ounce, was worth $1,818/oz at the time of writing.

Among the market movers, dual-listed SolGold closed down 16.3% in London (LSE: SOLG) after announcing it was delaying the prefeasibility study for its Alpala project in Ecuador again.

It said the revised PFS covering the entire Cascabel concession needed more work "to sufficiently address a number of mine development and metallurgical alternatives and potential upsides".

Elsewhere, Brazil miner Vale closed up 3.8%, with its $7 billion settlement last week over the 2019 Brumadinho tailings dam failure which killed 270 people said to reduce uncertainties over its balance sheet.

Among the majors, Glencore gained 4.77% in London, Fresnillo rose 3% and Barrick Gold closed up 1.1% in Toronto.

Finally, Freeport-McMoRan shot up 6.48% on Friday following reports China's Tsingshan Holdings might cover the bulk of the cost of a $2.8 billion copper smelter, which the Indonesian government had last year asked the miner to build.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

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.