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Silver News

Silver finds calmer tone after posting biggest drop since August

By: Bloomberg     3rd February 2021 Silver climbed after posting the biggest loss since August, with markets calming following the buying frenzy that sent prices to an eight-year high earlier this week. Futures for March delivery rose 2% to $26.93/oz on the Comex at 7:50 a.m. in Singapore. Prices tumbled 10% on Tuesday after CME... 

Canadian silver miner's Reddit-fuelled surge sets up stock-sale bonanza

By: Bloomberg     2nd February 2021 A small Canadian silver miner is finding itself on the bright side of Reddit-induced market chaos just as it seeks to sell stock. Avino Silver & Gold Mines rose as much as 129% in New York as trading volumes surged after the 53-year-old company was lifted in the whirlwind of the so-called Reddit... 

Canadian silver miner's Reddit-fuelled surge sets up stock-sale bonanza

Lassonde ups stake in Prime Mining

By: Creamer Media Reporter      2nd February 2021 Investor Pierre Lassonde has increased his stake in Vancouver-headquartered Prime Mining, which is advancing the past-producing Los Reyes gold and silver project in Mexico. Lassonde recently bought two-million shares of Prime through the facilities of the TSX-V, which increased his direct holding... 

Mexican tax authorities to seek over $500m from First Majestic

By: Reuters     2nd February 2021 Mexico’s government plans to seek more than $500-million from Canadian miner First Majestic Silver in what it says are owed taxes for artificially keeping its silver prices low over the past decade, two sources told Reuters. Audits dating back to 2010 show that the company owes about 11-billion... 

Mexican tax authorities to seek over $500m from First Majestic

Hedge funds bet rally in Canadian silver-mining stocks to run out of steam

By: Reuters     2nd February 2021 Hedge funds have raised their bets against Canadian silver-mining stocks, January short-selling data from a market regulator showed, while the miners' shares and silver itself rose sharply due to buying by retail investors. A social media-driven buying spree lifted silver to an eight-year high... 

Hedge funds bet rally in Canadian silver-mining stocks to run out of steam

Silver dealers scramble to find supplies for retail buyers

By: Reuters     2nd February 2021 A retail investment frenzy in silver driven by social media has left dealers from the United States to Singapore scrambling for bars and coins to meet demand. Silver prices extended their rally on Monday to an eight-year high as small investors answered calls on social media last week to buy the... 

Silver dealers scramble to find supplies for retail buyers

‘We need exploration to grow our industry’ – Minerals Council  

By: Martin Creamer     1st February 2021 “We need exploration to grow our industry,” Minerals Council South Africa president Mxolisi Mgojo said on Monday during a virtual State of the Mining Nation media briefing in which he described exploration as one of the low-hanging fruits that could change South Africa’s economic trajectory in... 

Minerals Council South Africa president Mxolisi Mgojo
Minerals Council South Africa media brief reporting by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Canada Silver Cobalt hits more high grades

By: Creamer Media Reporter      1st February 2021 TSX-V-listed Canada Silver Cobalt on Friday announced the discovery of high-grade silver at its flagship Castle property, near the town of Cobalt, in Ontario. Canada Silver said it received assays from hole CS-20-39 at 9 853 g/t silver, or 2 621 ounces a ton, over 0.3 m from 557.46 m to 55.76... 

Silver spikes as retail investors swarm their biggest target yet

By: Bloomberg     1st February 2021 Silver took center stage in the retail investor frenzy sweeping through markets, sending the precious metal to a five-month high and fueling a debate over the power of Reddit-inspired speculators to take on ever-bigger targets. The most-active silver futures on the Comex jumped as much as 8.7%... 

Silver spikes as retail investors swarm their biggest target yet

Silver seizes the spotlight following Reddit day-trader frenzy

By: Bloomberg     29th January 2021 A silver frenzy calmed on Friday as investors weigh whether a push by Reddit posters to create a short squeeze has legs. The entire market -- from miners’ shares to exchange-traded funds and even the physical metal -- has emerged as one of the latest targets of the r/wallstreetbets board now... 

Silver seizes the spotlight following Reddit day-trader frenzy

Botswana copper development on track

By: Darren Parker     29th January 2021 Despite some Covid-19 setbacks, the development of the 3.65-million-tonnes-a-year Khoemacau copper/silver project, in north-west Botswana, is progressing well, Khoemacau Copper Mining CEO Johan Ferreira tells Mining Weekly. In the first quarter of 2020, fourteen months after the launch of the... 

JOHAN FERREIRA
The impact of Covid-19 will lead to a modest delay in the completion of the refurbishment and upgrade of the Boseto processing plant
JOHAN FERREIRA The impact of Covid-19 will lead to a modest delay in the completion of the refurbishment and upgrade of the Boseto processing plant

First Majestic gets break in opening round of Mexico tax case

By: Bloomberg     28th January 2021 First Majestic Silver won a reprieve on criminal tax fraud charges in initial Mexican court hearings for a case that will test the strength of the country’s crackdown on tax evasion, according to people familiar with the matter. A judge in Mexico City declined to charge the Canadian mining... 

First Majestic gets break in opening round of Mexico tax case

Yamana hoped for slightly higher production in 2020

By: Mariaan Webb     26th January 2021 Canadian gold miner Yamana produced 901 155 gold-equivalent ounces (GEOs) in 2020, which, although exceeding the group’s original guidance of 890 000 GEOs, was below the set point of the revised guidance of 915 000 GEOs. The slightly lower-than-hoped-for production, although still within the... 

Yamana president and CEO Daniel Racine
Yamana president and CEO Daniel Racine

Nagorno Karabakh ceasefire opens region for Anglo Asian to possibly return to projects

By: Donna Slater     21st January 2021 Aim-listed central Asia gold, copper and silver producer Anglo Asian Mining welcomes the agreement between Armenia, Azerbaijan and Russia which has ended the military conflict over the enclave of Nagorno Karabakh, subsequently opening up the region for the miner to restore its three contract... 

First Majestic lifts fourth-quarter silver output, exceeds 2020 guidance

By: Donna Slater     21st January 2021 First Majestic Silver, with three producing projects in Mexico, produced 5.5-million silver-equivalent ounces (SEO) in the fourth quarter of 2020, representing a 5% increase over the prior quarter. Silver production reached 3.5-million ounces, representing a 9% increase over the prior quarter... 

Aggreko to implement hybrid power solution for Gold Field’s Salares Norte in Chile

By: Tasneem Bulbulia     20th January 2021 Mobile and modular power solutions provider Aggreko has signed a ten-year contract with global miner Gold Fields to provide a 25.9 MW hybrid solar and thermal power solution for the Salares Norte openpit gold/silver mine, in Chile. This solution has been designed to provide power for the entire... 

Relief Canyon to reach full production by May 2021

By: Simone Liedtke     20th January 2021 TSX-listed Americas Gold and Silver Corporation’s Relief Canyon mine, in the US, will ramp up to full production in the second quarter of this year, after having achieved commercial production earlier this month. Based on a July 2018 feasibility study, the company anticipates production of about... 

A photo of the stacker at Relief Canyon.
A photo of the stacker at Relief Canyon.

Nevada's Cove project has 102 000 oz/y potential, says Premier

By: Mariaan Webb     19th January 2021 The Cove project, at the McCoy-Cove property in Nevada, US, will produce an average of 102 000 oz/y over its eight-year mine life, Ontario-based Premier Gold Mines said on Monday. The project will be one of the cornerstone assets of the soon-to-be-spun-out i-80 Gold, which will focus on gold... 

Nevada's Cove project has 102 000 oz/y potential, says Premier

Want a fuel cell, you need platinum – analysts 

By: Martin Creamer     18th January 2021 If you want a fuel cell, you need platinum, is one of the multiplicity of points Bernstein investment company makes in a major work just released, which shows growing and ongoing demand for platinum group metals (PGMs) and provides ample reason why metals and mining matter more than ever. In the... 

Predicted future PGM tons heading high.
Photo by Bernstein
Predicted future PGM tons heading high.

Nornickel fund launches first Blockchain-tracked precious metal ETCs

By: Reuters     18th January 2021 A fund of Russia's Norilsk Nickel has launched Blockchain-tracked securities known as Exchange Traded Commodities (ETCs) which offer investors exposure to the spot prices of palladium, platinum, gold and silver without owning them. Nornickel, the world's largest producer of palladium, hopes to... 

Trevali to restart New Brunswick zinc mine

By: Donna Slater     18th January 2021 Having been on care and maintenance since March 2020, TSX-listed base metals miner Trevali Mining has announced the planned restart of operations at its Caribou mine near Bathurst, New Brunswick. The investment to restart the operation for the period January to February is estimated to be about... 

Trevali to restart New Brunswick zinc mine

Pembridge makes Minto Explorations management changes

By: Donna Slater     14th January 2021 LSE-listed copper, gold and silver miner Pembridge Resources has appointed a new president, Christopher Stewart, and interim CFO, Jack Cartmel, for its exploration division, Minto Explorations. The decision was made to bring in-house all the senior management positions in line with the... 

Hecla achieves its second highest silver production ever

By: Simone Liedtke     14th January 2021 NYSE-listed Hecla Mining produced 13.5-million ounces of silver in 2020 – an increase of 7% and the second highest production in the company’s history, with the highest production being in 2016. Gold production fell by 23% to 208 962 oz from the 2019 record, owing to lower output at the Nevada... 

Automotive sector to drive major silver demand

By: Donna Slater     13th January 2021 Silver lobby non-profit organisation the Silver Institute reports that a growing reliance on silver for technological advances by automotive manufacturers is resulting in “powerful demand” for the precious metal. The organisation projects that the nearly 90-million ounces a year of silver will... 

Automotive sector to drive major silver demand

UK base metals project has potential to be a serious development – Anglesey CEO

By: Mariaan Webb     11th January 2021 The Parys Mountain base metals project, in north Wales, has the potential to be a “major” mining operation, able to produce copper, zinc, lead and gold concentrates at a cost that will allow it to withstand industry cycles, Anglesey Mining CEO Bill Hooley said on Monday. Announcing the results of... 

UK base metals project has potential to be a serious development – Anglesey CEO

Fortuna Silver signs option agreement to earn stake in Mexico project

By: Creamer Media Reporter      10th January 2021 Precious metals mining company Fortuna Silver Mines and its subsidiary Compania Minera Cuzcatlan (CMC) have entered into an option agreement to earn up to an 80% interest in the Taviche silver project, in Oaxaca, Mexico, from TSX-listed Gold79 Mines. Under the terms of the agreement, CMC will act... 

Endeavour Silver reports strongest operational performance in two years

By: Simone Liedtke     8th January 2021 TSX-listed Endeavour Silver had its strongest operational performance in two years during 2020 owing to measures initiated in 2019 to return the Guanacevi and Bolañitos mines, in Mexico, to profitability. The company’s full-year production met its original guidance, notwithstanding the... 

LBMA reports record 9 452 t of gold holdings in November

By: Marleny Arnoldi     7th January 2021 The London Bullion Market Association (LBMA) reports that, at the end of November last year, there was a record 9 452 t of gold, valued at $535-billion, held in stocks. This marked the seventh consecutive month of increases in stocks. 

LBMA reports record 9 452 t of gold holdings in November

Power Metal accelerates payment for JV with Kavango

By: Tasneem Bulbulia     6th January 2021 London-listed Power Metal Resources has elected to immediately pay its initial $150 000 cash contribution towards exploration into the strategic joint venture (SJV) with fellow listed  Kavango Resources.  The SJV covers precious, base and strategic metal opportunities in Botswana. 

Goliath expands Golddigger claim

By: Donna Slater     6th January 2021 TSX-listed precious metals explorer Goliath Resources reports extensive expansion of its claim holdings by 28%, based on significant results that cover additional key geologic terrane around the Surebet high-grade polymetallic gold/silver discovery on its 100%-controlled Golddigger property in... 

SilverCrest enters into credit agreement for Las Chispas construction funding

By: Donna Slater     5th January 2021 Canadian precious metals exploration company SilverCrest Metals' Canadian subsidiary has entered into a credit agreement with an affiliate of mining financier RK Mine Finance to provide a secured project financing facility to the value of $120-million to fund the construction of its Las Chispas... 

McEwen’s Black Fox fourth-quarter mine production exceeds expectations

By: Donna Slater     5th January 2021 NYSE- and TSX-listed gold and silver producer McEwen Mining has reported consolidated gold production for the 2020 full year of 92 100 oz and 2.02-million oz of silver, or 115 600 gold-equivalent ounces at a gold:silver ratio of 86:1. Consolidated production for the fourth quarter of 2020 was 24... 

Shares jump in Mexican mining companies Penoles and Grupo Mexico

By: Reuters     5th January 2021 Shares in two of Mexico's top mining companies jumped on Monday amid higher metal prices, with Industrias Penoles surging more than 11% to a four-month high and Grupo Mexico climbing more than 5% to reach a record level. Their strong performance on Mexico's benchmark stock index coincided with a... 

Gold roars out of blocks in 2021 as real yields, dollar decline

By: Bloomberg     4th January 2021 Gold surged above $1 900/OZ as lower US real yields and a weaker dollar helped the precious metal build on its biggest annual advance in a decade. Bullion climbed to the highest level in almost two months after renewed declines in real yields boosted gold’s allure. Real yields -- the difference... 

Gold roars out of blocks in 2021 as real yields, dollar decline

Great Western pours first gold, silver at Nevada project

By: Donna Slater     4th January 2021 Gold, silver and copper project developer Great Western Mining Corporation has poured the first gold and silver and produced a doré bar as a pilot exercise using material from test spoil heaps on its Mineral Jackpot property in Mineral County, Nevada, in the US. The success of the trial proves... 

After golden year for precious metals, silver set to shine in 2021 

By: Reuters     4th January 2021 After a spectacular year, precious metals are set for further gains in 2021, with silver tipped to outperform, but analysts are growing more cautious about the prospects for gold as the global economy recovers from the impact of the coronavirus. The pandemic triggered stockpiling by investors... 

After golden year for precious metals, silver set to shine in 2021

Northern Dynasty to pursue Pebble appeal with vigour - CEO

By: Creamer Media Reporter      17th December 2020 Northern Dynasty, the Canadian company that owns the contentious Pebble project, in Alaska’s Bristol Bay, will in January submit its request for an appeal of the US Army Corps of Engineers’ (USACE’s) negative record of decision (RoD). The company said on Thursday it would argue that the USACE’s... 

Northern Dynasty to pursue Pebble appeal with vigour - CEO

Sierra Metals proposes doubling Cusi capacity

By: Mariaan Webb     14th December 2020 Canadian mining company Sierra Metals is considering expanding its Cusi mine, in Mexico, with a preliminary economic assessment (PEA) delivering encouraging results. The PEA is proposing an expansion of the production rate from 1 200 t/d to 2 400 t/d. 

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