Russian miner Nord Gold is ready to buy. The company, “which invests in emerging markets, is looking to buy new projects at low valuations from financially strapped junior miners after last year’s 28 percent drop in gold prices,” reports Reuters.
“The company, controlled by Russian billionaire Alexei Mordashov, has also started work to turn around the loss-making Lefa mine in Guinea by improving operations and cutting infrastructure and supply costs.”
“‘In difficult times you have to be responsible, but you also have to have the guts to make a move,’ Chief Executive Nikolai Zelenski told Reuters in an interview on the sidelines of a mining conference, adding he thought the gold price was nearing a bottom.”
“‘Although it is sometimes difficult emotionally to spend some money in a difficult market, it’s beneficial in the long term. These opportunities may not come back for a few years. So we are looking at junior companies with good quality resources that have been beaten down by this market.'”
“The CEO said he would look to buy a project at an early stage of development, so that Nord Gold could use its expertise to drive development of the mine. With this strategy, it could invest a relatively small amount of money to turn an early-stage project into what could be a highly remunerative mine.”
In metal price news for precious metals…
Japanese palladium bar moved up 3.1 percent on Thursday, February 6, the day’s biggest change. The price of US palladium bar rose 1.1 percent after a two-day drop. For the fifth day in a row, the price of Chinese palladium bar remained essentially flat.
The price of Japanese platinum bar increased 0.4 percent. Following a 0.4 percent rise yesterday, the price of US platinum bar closed. For the fifth consecutive day, the price of Chinese platinum bar held flat.
After falling for two days, the price of US gold bullion rose 0.3 percent. Japanese gold bullion held its value on Thursday. The price of Indian gold bullion remained steady. The price of Chinese gold bullion continues to hover for the fifth day in a row.
The price of Indian silver finished the market day up 2.1 percent per kilogram. Japanese silver prices inched up 2.1 percent. US silver saw its price rise 2.0 percent. The price of Chinese silver saw little movement.