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Gold, palladium buoyed as Russia tensions spark rise in demand

Spot gold fell 0.3% to $1 853.55 an ounce as of 11:52 a.m. in Singapore after surging 1.8% on Friday, the most since October 13.

Rio Tinto names Canadian envoy to China as chairman

Top iron ore producer Rio Tinto Group has hired resigning Canadian ambassador to China Dominic Barton as its new chairman, in a bid to bolster the relationship with its top customer amid frayed diplomatic relations between Beijing and Canberra. Barton is to replace Simon Thompson, who earlier this year announced his intent to retire following a scandal around the miner’s destruction of ancient rock shelters in Australia’s Juukan Gorge. Barton, who spent more than three decades at McKinsey & Co, announced earlier this month that he would step down from his envoy role at the end of the year, just weeks after

Zombie mines are coming back to life on soaring metals prices

MONEYWEB app instead? Zombie mines are coming back to life on soaring metals prices ‘Some of these old mining assets around the world that have been discarded and dumped are an eyesore they’re a problem.’ By James Thornhill, Bloomberg 18 Jul 2021  07:41  Image: Bloomberg Creative Photos/Bloomberg A silver mine in Bosnia and Herzegovina that sat derelict through the years of civil strife that gripped the region from the early 1990s may soon be taken out of mothballs to benefit from an optimistic price outlook. Adriatic Metals Plc’s Vares project could resume production by the end of 2022 following a hiatus of more than three decades, according to Chief Executive Officer Paul Cronin. It’s part of a nascent trend toward restarting so-called “zombie” mines operations which have been shuttered for reasons varying from weak prices to owner bankruptcy or political unrest.

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