HOMESTAKE CEO: CENTRAL BANK GOLD LENDING MAY BE NEARING END
New York--Jun 16--Gold lending by central banks has been a key reason
bullion prices have been taking a beating, but this may soon be coming to an end
as banks are running out of gold to lend, Homestake Mining Co. CEO Jack Thompson
said in an interview with Bridge News. Thompson said gold is close
tobottomingout not only for this reason, but because demand is very robust.
(Story .20470)
CANADA TVX CHIEF BATISTA SAYS ASIA KEY TO GOLD PRICE RECOVERY
Eike Batista, the president, chairman and CEO of Canada's TVX Gold Inc.
today said he is unable to predict when gold prices will improve, but added
that the turnaround could be closely tied to the recovery of Asian economies.
While Asian countries sold 50 tonnes of gold in 1998, as opposed to buying
900tonnes in 1997, "that region will buy gold again," sa
id Batista. (Story .21592)
SWISS LOWER HOUSE PASSES CONSTITUTIONAL GOLD AMENDMENT
Bern--Jun 17--The Lower House of the Swiss parliament today agreed that an
amendment to the constitution designed to regulate how the earnings from the
planned sale of 1,300 tonnes of excess gold reserves by the Swiss National Bank
are to be used, be added only via transitional provisions to the constitution.
(Story .14166)
RUSSIA TO USE CBR RESERVES TO PAY FOREIGN DEBT, IF NO IMF AID
Moscow--Jun 17--The Central Bank of Russia Chairman Viktor Gerashchenko
said today the CBR would use its foreign exchange reserves to pay the country's
foreign debts in 1999, if the International Monetary Fund Board of Directors
decided against disbursing IMF aid to Russia. Gerashchenko also said the
CBRforeign exchange/gold reserves were now at $12.3 billion.
JAPAN NIPPON MINING/METALS TO EXPLORE GOLD DEPOSIT IN PNG
Tokyo--Jun 17--Japan's Nippon Mining and Metals Co. today announced it has
agreed with Papua New Guinea's Highlands Pacific Ltd. to jointly explore a gold
deposit in the Kainantu area in Papua New Guinea's east Highlands. The company
plans to spend a total of US $3.5 million for the next 5 years in order to
acquire 50% of the mining rights, a company spokesman said. (Story .13933)
HOMESTAKE CEO EXPECTS TO AVERT SHUTDOWN OF FLAGSHIP GOLD MINE
New York--Jun 16--Homestake Mining Corp. does not expect to have to shut
its flagship Homestake mine in South Dakota, despite cash costs that are near or
a little above the current price for gold, Homestake CEO Jack Thompson said
today. Thompson said the only other Homestake mine that could possibly face
aclosurethis year is the Mt. Charlotte mine in Australia. (Story .21867)
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Morning Richard. Is Armstrong a little less bearish now.? |
