The oil price is rising due to the upcoming restrictions on the sale of Iranian oil - the second of a two-part set of sanctions imposed on the Middle Eastern power following the Trump Administration’s decision in May to withdraw from the Joint Comprehensive Plan of Action (JCPA).
Turkey Mining News
Egypt recently bought gold for the first time since 1978, India, Indonesia, Thailand and the Philippines have re-entered the gold market after years-long absences.
"It is not just China."
As U.S.-China trade tensions escalated mid-June, fast-money traders flipped to a short position in metals overall.
The Turkish central bank will allow gold for foreign exchange and location swap deals in order to provide physical gold transactions.
Wood Mackenzie predicts that, in the short term, demand for coal will fall due to its higher prices. In the longer term, the new tariffs will slow Turkish economic growth and with that, further weaken the demand for coal.
First Turkish President Recep Tayyip Erdogan argued citizens should buy gold, then he said sell.
Gold may be trading at its lowest in 18 months in dollar terms but look at the precious metal in other currencies and you can see it’s still serving its role as a safe-haven asset.
Imports of jewelry, precious metals and stone products would be under the microscope.
Turkey was looking to boost its trade with West Africa and sub-Saharan countries, where there is demand for the less capital-intensive steel products.
The Vancouver-based miner said that the expected growth would be driven by Kisladag, its flagship gold mine in Turkey.
The sentences range from 15 to 22 years in jail for high-ranked executives.
Russia has cut its holdings of U.S. foreign debt by more than half. Instead, it’s been increasing its gold shares in its international reserves.
Koza Altin is one of hundreds of companies seized by the Turkish authorities and is now managed by the Savings Deposit Insurance Fund.
The Vancouver-based miner revealed that, including pre-commercial production from the Olympias project in Greece, its gold production was of 285,919 ounces in 2017.
Gold recovery from the leach pad at the operation has lagged internal expectations.
Part of a coal mine in Turkey's southeastern province of Sirnak has collapsed, leaving eight workers trapped inside.
It now expects to produce at least 180,000-210,000 ounces of gold this year at Kışladağ, which brings Eldorado's full-year guidance down from 365,000-400,000 ounces to 315,000-365,000 ounces.
Centerra Gold, a Toronto-based Canadian company, appears in the news regarding its troubles in Kyrgyzstan and its operations at the Kumtor gold mine.
Shares fell after the miner said it would suspend dividends until further notice, due to current restrictions to funds held at its Kyrgyz Republic subsidiary, Kumtor Gold.
It appears the Turkish government is attempting to suppress criticism of a mine disaster last weekend that killed 12 miners and left four still missing.
At least five miners are dead and 11 are trapped after a landslide swept through a copper mine in southeastern Turkey.
OMAS will use the Facility to finance a substantial portion of the construction, development and operation of the Öksüt gold mine and its related infrastructure in the Kayseri region of central Turkey.
Over the weekend, Turkish riot police fired tear gas and used sticks to disperse around 2,000 protesters who gathered close to the project site.
Robert Bensh—managing director and partner at Pelicourt, a Western-owned oil and gas company discusses navigating tricky conflict zones.