This is what Claudio Borio of the BIS (Bank for International Settlement) commented on the $17 trillion of debt with negative interest. He went on to say: “Even at the height of the Great Financial Crisis this would have been unthinkable.”
But this is where the world is today, unthinkable debt, unthinkable markets, unthinkable risk and unthinkable leaders who have totally lost control and by their actions are increasing risk exponentially.
IS THE COMING CHAOS PART OF A PLAN? Yes, I am of course totally aware of the theory that this is all part of a plot by the globalists to take control of the world. Chaos is one way of achieving control, but the risk is that if the plot fails, we will see a total collapse of the financial system and uncontrollable chaos. In my view, this is the more likely scenario.
FIRST GOLD KINGS – MIDAS AND CROESUS King Midas and King Croesus
It was very different in the days of King Croesus of Lydia (now Turkey) who died 547 BC. It is from him we have the expression “Rich as Croesus”. One of Croesus ancestors was King Midas who was given the gift that everything he touched turned to gold. This was a wonderful gift until he realised that absolutely everything he touched turned to gold, even his food. Since this was quite an unpractical gift, he was given the chance of getting rid of his gift by washing it off in the river Pactolus. From that point on the river was full of gold. It is from this river that Croesus derived most of his gold and also from gold mines. The Lydians are said to be the first to have minted gold coins.
Sadly, Croesus soon discovered that wealth is ephemeral. Persia conquered Lydia and Croesus lost his wealth including the gold. But as long as you can hold on to it, gold is eternal wealth and nature’s currency however it is clearly critical to hold on to it and store it in a way that no one can take it away from you. This is why it is often best to store gold in a safe jurisdiction and not in the country where you reside, especially if you can’t trust the government in that country.
DON’T HOLD GOLD AT HOME, IN ETF, IN BANK incl. BANK SAFE DEPOSIT BOX Gold held for wealth preservation purposes must be held in physical form and outside the banking system. The more counterparties between yourself and your gold, the higher the risk. But there must always be one counterparty. If you hide your gold in a hole in the ground, the hole is your counterparty. Someone might steal the gold or threaten your wife or children to find out where the gold is hidden.
When you hold gold to protect against all the risks in the world, you clearly don’t want to hold it in a bank. We have seen so many examples of the bank not having the physical bars when clients intended to move the gold from the bank vault to private vaults. So even when the banks tell the client they have allocated physical gold, the gold is sometimes not there. Until now, the bank has rectified the situation by buying new bars. But one day when the system is under pressure, there might be no gold available or the bank is under financial distress and is not in a position to buy new gold.
Gold in personal bank safe deposit boxes is not advisable either since you might not get access to it for a very long time if the bank closes. Also, the contents of a safe deposit box is not insured and the bank does not take responsibility, if the contents is stolen. There are also multiple examples of safe deposit boxes being drilled open by the authorities for various reasons.
Many gold investors buy gold ETFs. This is a very big market with 2,800 tonnes held in total by gold ETFs. This represents a value of $135 billion.
Both institutions and wealthy individuals use gold ETFs to invest in gold. But since gold is the ultimate wealth preservation assets it should not be held in paper form.
Let me explain some of the drawbacks with gold ETFs:
It is paper gold. All the investor has is a piece of paper saying he owns X shares in the ETF. The investment is held within the financial system and in case of a default, the investor might not get his investment back. In theory, the ETF should have 100% gold backing, but in reality very few do. If you read the fine print, they don’t have to hold the physical gold but can have a commitment or IOU from a bullion bank. Recent trading in the physical market proves this point. In August, gold ETFs increased their holdings by 122 tonnes or $6 billion. This is an increase of 5% which is substantial for one month. The total increase for the period June to August was 312 tonnes or 12%. Yet, Swiss refiners have reported extremely low physical outflow and no buying from ETFs during that period. Gold ETFs normally never buy in the open market or from refiners. So where do they get their gold from. Well it is really just book entries. The custodian of the biggest gold ETF, called SPDR or GLD, is HSBC bank. Sub-custodians are LBMA banks like JP Morgan, Barclays or even the Bank of England. These custodians also hold Central Bank Gold. So when the ETFs need to acquire additional gold, like in August, the custodians just do a few book entries, using the gold they hold for central banks. It is very likely that some or much of this gold is double counted and belongs to more than one party. This is why there is no physical movement from refiners. Most ETFs don’t allow that clients take physical delivery. In theory, a holder of at least 100 GLD shares can take delivery. But this means a minimum of $14 million. GLD also has the right to settle in cash. GLD gold held with sub-custodians cannot be inspected. GLD gold is not insured. It is extremely difficult to understand that major investors can accept to hold a wealth preservation asset and insurance against a rotten financial system in paper form like a gold ETF. If there is a financial crisis they are unlikely to get their hands on neither the gold nor the cash that the gold represents.
Why take this risk when you can hold physical gold outside the financial system in for example the safest vault in the world in the Swiss Alps. The holder of the gold holds it directly in his name with direct access to the gold. Also, the cost is similar to GLD but it includes insurance and the investors own physical gold that he has direct access to.
CRYPTOS ARE NOT WEALTH PRESERVATION Cryptos and Bitcoin are often mentioned as the new gold. Especially the younger generation today often believe that cryptocurrencies is the safest money you can hold as well as the best way to avoid government control. A cryptocurrency can have some advantages as a method of payment. But there are so many drawbacks that make it totally unsuitable as wealth preservation.
Here are some of the problems with cryptos:
A cryptocurrency is an electronic entry on a number of computers. As such, it can be hacked or lost. Over $1 billion was stolen in 2018. In 2019 so far, $4 billion has been stolen. Some of that might be recovered. If a crypto is stolen or lost, it is gone forever. You won’t get it back and there is no insurance. Some exchanges do have insurance but it is unclear if effective. Yes, you can take your crypto offline into cold storage, but every time you put it back online for transactions, you are exposed. Cryptos are often compared to gold but we must remember that total market cap of all cryptos is $215 billion against total value of all gold in existence is $8.5 trillion. Governments are unlikely to ever allow cryptos to be an alternative to fiat (paper) money without their approval and control. Cryptos can easily be banned by closing down all exchanges and making all trading illegal. Yes if it is banned, a black market of peer to peer trading would still be possible even though illegal. Conversion to fiat would be made a criminal offence and every illegal transaction could be declared null and void. So if you bought a house with cryptos, it would be confiscated. In the end, governments are likely to ban private cryptos and issue their own to replace current paper/electronic money. This will be a wonderful way for governments to totally control all money, to tax every transaction directly and to turn off the system or certain accounts at will. This is a very likely development in the Big Brother is Watching era we are currently in. One of the biggest threats to cryptos is Google’s and other technology firms ability to decrypt it. Most cryptos, including Bitcoin, uses 256-bit encryption. Google can already break 53-bit encryption and another firm 128-bit. Google expects to break 256-bit encryption within a couple of years maximum and then 400-bit etc.
With new Quantum Processors a computing task that would have taken 10,000 years on a supercomputer now takes a mere 200 seconds with a Quantum Computer. Thus any method of encryption could be worthless within the next few years. It is obviously likely that encryption will become more advanced but so will Google’s Quantum processors ability to break these advanced systems. So Bitcoin and other cryptos might be obsolete in the next couple of years and so will all other encryption including military and government secrets. Instead, Google will be ever more powerful controlling all systems and governments. With AI (Artificial Intelligence) and robots, mankind will have an ever diminishing purpose and possibly even be extinct in the future. Quite a frightening development but certainly possible. GOLD AND SILVER TO REACH MULTIPLES OF CURRENT PRICES Let’s go back to the present and look at the short term and the areas which we normal mortals can influence.
So I have in this article explained that from a wealth preservation perspective, neither gold ETFs nor cryptos can function as a true insurance against the severe problems which the world will encounter in coming years.
Physical gold and silver, safely stored, is certainly not a panacea for all the problems which the world will encounter in the next few years. But it is the best economic and financial insurance that you can hold today in a world where most assets will crash.
As I have made clear in recent articles and interviews, gold and silver has started the next strong up-leg towards multiples of current prices. The small correction we are seeing currently will end shortly. Thereafter, we will see a fast move in the precious metals that will surprise most people.
Investors must not focus on price but instead on the importance of holding protection against a financial system which is unlikely to survive in its present form.
Egon von Greyerz
Founder and Managing Partner
Matterhorn Asset Management
Zurich, Switzerland
Phone: +41 44 213 62 45
Matterhorn Asset Management’s global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system. Matterhorn Asset Management is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 60 countries.
Well Funded Gold Junior Adding Ounces in Ontario •Dec 9, 2020
Soar Financial 1.31K subscribers Moneta Porcupines Mines (TSX.v: ME) CEO O'Connor joins us for Ep 111 to discuss a recent PEA, upcoming resource update & more with us- ??? EXPAND FOR MORE INFORMATION ???
#SFLive #Gold #Ontario Originally live streamed on December 9th, 2020 at 10 am PST. www.twitter.com/soarfinancial - make sure to follow us & click on the ??
Moneta Porcupines Mines owns six projects on the Destor Porcupine fault, just outside of the mining hub of Timmins. We caught up with CEO Gary O'Connor to discuss the PEA in detail, potential levers, and the upcoming resource update which he expects to be released imminently. Eric Sprott is a big investor alongside industry heavy weights 1832, Dundee and Sprott Funds.
Moneta Reports 2,144,200 oz Gold Indicated and 3,335,300 oz Gold Inferred Resources in NI 43-101 Golden Highway Resource Update T.ME | 6 hours ago Toronto, Ontario--(Newsfile Corp. - December 10, 2020) -
Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) ("Moneta" or the "Company") is pleased to provide an updated mineral resource estimate for the 100% owned Golden Highway Project, located 100 km east of Timmins, Ontario. The update is based on the latest drill program completed during the first half of 2020 (see Figure 1 and Table 1).
Highlights of Updated Golden Highway Mineral Resource Estimate:
217% increase in total contained gold (Au) to 2,144,200 ounces (oz) (combined underground and open pit) in the indicated category on the Golden Highway Project
141% increase in total contained Au to 3,335,300 oz (combined underground and open pit) in the inferred category at Golden Highway
A maiden inferred underground resource of 661,900 oz at a grade of 4.71 grams per tonne (g/t) Au at the new Westaway/West Block discovery at a 3.00 g/t Au cut-off
Total indicated underground resource of 632,300 oz at a grade of 4.05 g/t Au on the Golden Highway Project
Total inferred underground resource of 2,128,100 oz at a grade of 4.21 g/t Auon the Golden Highway Project
Includes a new open pit resource of 1,511,900 oz indicated at 0.93 g/t Au and 1,207,200 oz inferred at 1.10 g/t Au at Windjammer South and 55 at a 0.30 g/t Au cut-off
KL Gold sets sights on Timmins for regional office ‘We can see somewhere between 120 to 175 people working over there’
Andrew Autio, Local Journalism Initiative reporterAndrew Autio, Local Journalism Initiative reporter Published on: November 29, 2020 | Last Updated: November 30, 2020 11:05 AM EST
Tony Makuch, president and CEO of Kirkland Lake Gold, is seen here during a presentation at Northern College in Timmins in December 2019. Makuch was the keynote speaker this past week for the Timmins Chamber's State of Mining presentation. RICHA BHOSALE/The Daily Press , TD
Kirkland Lake Gold views Timmins as an integral part of the company’s future according to its president and chief executive officer Tony Makuch.
Makuch, a native of Timmins, has more than 30 years of experience as a mining engineer.
He joined KL Gold in July 2016. Before that, he was the CEO of Lake Shore Gold from 2008 until 2016, when it was acquired by Tahoe Resources.
This past week, he was the guest speaker for the latest edition of The State of Mining — a series of discussions hosted by the Timmins Chamber of Commerce over the video conferencing platform Zoom.
Makuch covered many topics throughout his presentation. He said the company is “industry leading” in terms of financial strength.
“We are the only gold company with no debt whatsoever on the balance sheet. Very clean company. Three very strong, profitable mines that we’re investing strongly in.”
KL Gold’s three operating mines are the Macassa Mine near Kirkland Lake, Detour Lake Mine near Cochrane, and the Fosterville Mine in southeastern Australia.
Makuch said there is much excitement about the company right now, and that they are continuing strong work in development and exploration.
“We’ve had a lot of success at Fosterville since 2016 to 2020; a lot of success at Macassa from 2016 to 2020. I think over the next few years, we’re really going to see how we can take Detour from something that nobody wanted to buy, nobody thought was any good and turn it into something that is really a cornerstone asset.”
Makuch referenced some “negative views” by some in the mining world on KL Gold’s acquisition of Detour Lake, which was completed in January, but stated he and his team are very confident in the future of that project.
Regarding how these projects could benefit Timmins, Makuch was asked by a Chamber member about KL Gold’s investment in the city, in particular a regional office.
“We want to take a lot of the jobs that were done in Toronto and move them closer to site,” said Makuch. “Certainly there are a lot of jobs that were happening at the site that we see we don’t always need them at site. They’d actually be better, more comfortable, management and such, at a central location. “Timmins fits for us for a number of reasons. It is the regional centre. You have a lot of services, especially air services in Timmins, so the logistics of bringing people in and out helps. We’re looking at it from that perspective.”
Makuch talked about running Detour Lake differently, and that they genuinely want to grow the local and regional economy as much as possible.
“We’re trying to recruit from Northeastern Ontario, from the region, as much as possible, as opposed to across Canada.”
Another exciting development mentioned by Makuch was the goal of building an airstrip near the Detour Lake site.
“We want to start flying people in and out to the mine site, as opposed to busing. Combined travel time to the workplace currently sits around 3½ hours. By the time people show up at the Cochrane bus terminal and get bused up to site, it’s a significant amount of time. We’re trying to improve the logistics on that. Trying to be more centralized,” he said.
“People come to work at Detour; they’re already going to be 14 days away from home. Then I’m asking you to take a half a day, or a day, to get to work, and then a half a day, or a day, to get home. I think that’s not really proper.”
Makuch made an interesting point about the overall picture for the average worker, as it relates to home and family life.
“Work is a necessary evil that we have to do, to do what we really want to do.”
He then elaborated on the plans for the regional office in Timmins.
“The concept is, there’s a lot of our G&A staff (general and administrative), payroll, human resources, benefits, management, engineering, technical services, even our exploration group, are sort of working in a variety of different areas.”
The idea is for the company to consolidate those jobs into one area, and felt Timmins would be the right fit.
“We had satellite offices in a few areas in the region, we had some people in Kirkland Lake travelling back and forth from Timmins, or flying in from Toronto, we had people up at Detour and in Cochrane,” he said.
“Our goal is to build a regional office in Timmins. We need that continuity in management.”
In the meantime, they have been renting several smaller office spaces throughout the city and region, including one on Birch Street South.
Residents shouldn’t expect to see a shiny downtown office building, however.
“We’ve purchased a piece of land we want to build on at the corner of Highway 655 and Laforest Road. It’s very central for us. Logistically, it’s not far from the airport, and it’s on direct road access through to Cochrane. That’s the goal.”
When and if that office does come to fruition, it will be a big boost for the city, he said.
“We can see somewhere between 120 to 175 people working over there,” said Makuch.
“We want to build the region, and we want to grow here and encourage people to come.”
Toronto, Ontario--(Newsfile Corp. - October 22, 2020) -
Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) ("Moneta" or the "Company") is pleased to announce the filing of the technical report covering the Preliminary Economic Assessment "PEA" study on the South West deposit located in the Golden Highway Project, 110 km east of Timmins, Ontario.
"We are pleased to have filed the Technical Report which supports the positive results from the preliminary economic assessment of the South West deposit and its robust project economics including an NPV5% of C$236 million and IRR of 30% at US$1,500 ounce gold," commented Moneta CEO, Gary O'Connor. "The PEA study assumed underground extraction at only our South West deposit and has shown the potential to produce up to 85,700 ounces per annum at a cash cost of US$590 per ounce, with low initial capital of C$144 million repaid over 3.4 years with annual after tax cash flow of C$49 million. The excellent economics are afforded by the project's location in Canada's most prolific gold mining camp, Timmins Ontario, with extensive existing infrastructure and experienced and available services and workforce. We are now focussing on expanding the adjacent deposits and discovering new zones of gold mineralization with the start of our new 20,000 m drill program designed to continue to add value to the Golden Highway Project with a growing resource base. In addition to following up the three new discoveries from earlier this year, Moneta is currently updating the Windjammer South, 55 and new Westway resource estimates, expected to be released before the end of 2020."
The Technical Report dated October 21, 2020 was prepared in accordance with National Instrument 43-101 standards for Disclosure for Mineral Projects ("NI 43-101") and has been filed on both SEDAR and the Company's website ( www.monetaporcupine.com ) and is now available for review.
The Report was prepared by Mr. B. Terrence Hennessey, P.Geo., Mr. Richard M. Gowans, P.Eng., Mr. Barnard Foo, P.Eng., Mr. Christopher Jacobs, MIMMM, Mr. David Makepeace, P.Eng., and Mr. Nigel Fung, P.Eng., of Micon International Ltd. of Toronto, Canada, who are considered "Qualified Persons" under NI 43-101. The new technical report covers and supports the technical and scientific disclosure as contained in the new PEA study reported in Moneta's press release dated September 09, 2020 entitled "Moneta announces positive results from Preliminary Economic Assessment study on South West Deposit."
Qualified Person Kevin Montgomery, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.
About Moneta The Company holds a 100% interest in 6 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The main Golden Highway Project covers 12 km of prospective ground along the DPFZ of which 2 km hosts the current 43-101 mineral resource estimate comprised of an indicated resource of 676,900 ounces gold contained within 5.11 Mt @ 4.12 g/t Au and a total of 1,386,600 ounces gold contained within 10.78 Mt @ 4.00 g/t Au in the inferred category at a 2.60 g/t Au at South West and 3.00 g/t Au cut-off for the other deposits. A PEA study completed on the South West Deposit, one of 6 deposits located on the Golden Highway project, highlighted an 11-year mine life with an after-tax NPV5% of C$236MM, IRR of 30% and a 3.4 year payback, generating C$371MM LOM after-tax free cash flow. The project envisaged underground mining producing 76,000 oz/pa at a cash cost of US$590/oz.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO 416-357-3319
Linda Armstrong, Investor Relations 647-456-9223
The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.
This news release includes certain forward-looking information and forward-looking statements, collectively "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements include, but are not limited to information with respect to the future performance of the business, its operations and financial performance and condition such as the Company's drilling program and the timing and results thereof; and the ability of the Company to finance and carry out its anticipated goals and objectives.
Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
Newsfile Corp. October 22, 2020 - 5:00 AM PDT Tags: INDUSTRIAL METALS & MINERALS 1 Moneta Porcupine commences drilling 'We think we're going to play a big role in the future of Timmins'
Andrew Autio, Local Journalism Initiative reporterAndrew Autio, Local Journalism Initiative reporter Published on: October 19, 2020 | Last Updated: October 19, 2020 8:32 PM EDT
O’Connor said they are very excited to be a new developer in the Timmins camp, alongside some major players, and they have high hopes attached to The Golden Highway project.
“We should be able to grow significantly,” he said. “We think we’re going to play a big role in the future of Timmins.”
South West Deposit PEA Returns Positive Economics on Both Stand-Alone and Toll Milling Scenarios
This morning, Moneta released a PEA (Exhibits 1-4) for the South West deposit, part of its Golden Highway project in Timmins, Ontario. A conference call will be held tomorrow at 10:30am ET; dial-in: 343.761.2596.
Highlights
• Works as Stand-Alone Mine: The base case models a 1,750tpd processing plant (94% recovery) that will ramp up (over two years) production in the UG mine to ~86Koz pa (by year 5; average 76Koz pa @ 3.9g/t diluted LOM). The initial capex on the 11 year mine is $144M (includes 15% contingency). The average long-hole stoping mining width is projected to be 8m (minimum 3m). The ore will be brought to surface via a ramp that’ll use 30t trucks. Costs are expected to be around $90/t and during the LOM the average AISC is forecasted at US$747/oz. Using a $1,500/oz Au price the PEA returned a NPV5% of $236M and ~30% IRR.
• Works as a Toll Milling Mine: The alternate scenario would be a quick, low capex operation whereby ore is trucked to an existing plant in the area. In this option the company would incur no processing plant and tailings facility costs and permitting would be a breeze. The toll milling options assumed lower recoveries at 92%, removing the cheaper gravity circuit from the plan. The production profile is similar (average 74Koz pa over the 11 year LOM) but operating costs would be higher at $119/t and US$938 AISC. However, with the lower upfront capex at $65M the IRR improves to ~44% (NPV5%: $197M).
• Growing Resource Presents Upside: The PEA used a lower cut-off at 2.6g/t (from 3.0g/t) from the previously stated South West resource. This increased the size of the total indicated and inferred South West resource by 22% to 1.8Moz (from ~1.5Moz). We note, this PEA was based on where the majority of drilling has been so far, the South West deposit and is more than enough to get started. Satellite deposits could offer additional upside in the future.
• Surrounded by Operating Mines/Mills: Toll milling could occur at any of the existing mills in the area including Holt Holloway, Black Fox, Hoyle Pond, Hollinger, Timmins West, and Bell Creek. Kirkland Lake’s (KL-T, Not Rated) and Newmont’s (NEM-N, Not Rated) recent formation of a strategic alliance on exploration in the area also bodes well for the camp and Moneta.
Valuation – Cheap on Existing Resource
Our $0.35/share price target is based on an in-situ multiple (~US$50/oz Au or ~3% of our long-term gold price) on the 1.7Moz Golden Highway resource.
Bottom Line – Build it or Toll It, Either Way Works
The resource growth, stock valuation, and gold price will make the decision in the next year or so if industry players don’t act first. With a desirable location in an existing camp with many underutilized mills the existing resource alone renders Moneta undervalued. We maintain our Buy recommendation and $0.35/share target price.
bigone yes its exciting, well I held on to Moneta for long time and I think it precious resources can help to feed Dome Mill - ex....
Close to The Old Moneta Mine's large property on the South part is Dome Gold Mine: Ex.... Goldcorp/Newmont makes headway with plan to give Dome mine a new life Cecilia Jamasmie | July 4, 2017
(Image courtesy of Goldcorp via Flickr)
Goldcorp/Newmont makes headway with plan to give Dome mine a new life Porcupine’s Dome started as an open pit and then went underground. Newmont’s Goldcorp (TSX:NGT) (NYSE:NEM), the world’s number one bullion miner in terms of output, is moving forward with its Century project, which aims to extend the life its century-old Dome mine in Ontario.
The Dome mine received a negative sentence in January 2016, when Goldcorp announced it was closing the operation in the summer due to weak bullion prices that nearly half the company’s share price over the previous year.
A few months later, however, the company literally stroke gold as it found indicated mineral resource of 4.5 million ounces and a gold inferred mineral resource of 0.9 million ounces (for a total of 5.4 million ounces) at what is now being called the Dome Century Project.
GOLDCORP MAY BE ABLE TO BEGIN DEVELOPING THE OPEN-PIT CENTURY PROJECT -
Goldcorp kicked off then a conceptual study to expand the open-pit mine, which has just completed, and the project is entering its prefeasibility stage, expected to take about 18 months.
“If we want to be economically viable and continue to contribute to Timmins, we need projects like this to make that happen (…) this is just an example of some of the ideas we have to take PGM (Porcupine Gold Mines) into a second century,” Marc Lauzier, general manager at PGM-Goldcorp told Timmins Today.
Dome is one of the oldest operating gold mines in North America and one of the other two assets — Hoyle Pond and Hollinger open pit — that are part of the Porcupine operation.
While Dome has been what Goldcorp calls a “prolific” gold producer since it began production in 1910, reserves are declining fast. That leaves Porcupine with the Hollinger open pit, set to shut down by 2019, the Hoyle Pond underground operations and the processing facility, which is fed by all three mines.
The potential large-scale open pit Century mine is expected to be close to its development stage by the time Dome approaches the end of its life, Lauzier said.
Despite having sold quite a few mines recently, Goldcorp expects to produce approximately 2.5 million ounces of gold in 2017 and has set itself some ambitious targets for the next five years.
The Vancouver-based miner expects gold production to increase 20% to approximately 3 million ounces, excluding potential production from its Canadian projects and its NuevaUnión joint venture in Chile.
Beside Moneta Gold Mine property is Hollinger Gold Mines. Lord Conrad Black has been the major owner of Hollinger Mines for many years. The large Hollinger Mines underground workings butt right up to Moneta Porcupine Mine border -
Recently Lord Conrad Black was at Gold Show in Vancouver and questioned by Kitco about what he was thinking about that the dollar again be backed by: A Gold Standard return? Here’s how Lord Conrad Black sees it - 27,421 views • Jan 21, 2020
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