Latest news with #goldmining
Yahoo
a day ago
- Yahoo
DR Congo rescuers dig with bare hands for trapped miners
People in a gold-mining area in the east of the Democratic Republic of Congo have been using their bare hands and basic tools to free miners trapped underground. Six have been pulled out alive, with one seriously injured, since shafts collapsed in Lomera in the early hours of Sunday, local journalist Ashuza Barack told the BBC. There have been conflicting reports on the death toll. One resident said that 12 bodies had been found but Barack said no bodies had been recovered. The area, in South Kivu province, has been under the control of M23 rebels since they captured swathes of DR Congo's mineral-rich east earlier this year. The M23 rejected reports that hundreds were trapped underground. Lomera has witnessed a gold rush since the end of last year when the precious ore was discovered in the hills near what was then a quiet village, according to medical charity MSF. Thousands of people arrived hoping to make money as freelance, or artisanal, miners, turning the area into a "sprawling chaos of mineshafts and makeshift shelters", MSF said in a statement on a cholera outbreak in the area last month. Reports said a series of cascading landslides buried up to 15 of these makeshift shafts without warning. Rescue efforts have slowed as debris and large stones continue to block access. Journalist Barack told the BBC that the lack of proper equipment has hampered attempts to clear the site. Survivors told him that many miners remain stuck. "We've been digging since Sunday night but have not recovered any bodies. We are exhausted," one miner said. Officials from M23 visited the site and ordered mining activities to stop in parts of the area. Dozens of mining sites across this region of DR Congo supply the global electronics industry with vital metals and minerals. Many are not properly regulated and safety standards are not observed. The region has also been hit by conflict for decades as various rebel groups and the government have been fighting over control. The M23 made significant territorial gains earlier this year, capturing Goma, the main city in eastern DR Congo. It signed a ceasefire deal with the government at the weekend in talks brokered by Qatar. You may also be interested in: Inside the Congolese mine vital to mobile phones What's the fighting in DR Congo all about? Ceasefire deal still faces many challenges The evidence that shows Rwanda is backing rebels in DR Congo Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica BBC Africa podcasts Focus on Africa This Is Africa
BBC News
a day ago
- BBC News
DR Congo mine: Rescuers dig with bare hands for trapped miners in Lomera
People in a gold-mining area in the east of the Democratic Republic of Congo have been using their bare hands and basic tools to free miners trapped have been pulled out alive, with one seriously injured, since shafts collapsed in Lomera in the early hours of Sunday, local journalist Ashuza Barack told the have been conflicting reports on the death toll. One resident said that 12 bodies had been found but Barack said no bodies had been area, in South Kivu province, has been under the control of M23 rebels since they captured swathes of DR Congo's mineral-rich east earlier this year. The M23 rejected reports that hundreds were trapped underground. Lomera has witnessed a gold rush since the end of last year when the precious ore was discovered in the hills near what was then a quiet village, according to medical charity of people arrived hoping to make money as freelance, or artisanal, miners, turning the area into a "sprawling chaos of mineshafts and makeshift shelters", MSF said in a statement on a cholera outbreak in the area last said a series of cascading landslides buried up to 15 of these makeshift shafts without efforts have slowed as debris and large stones continue to block Barack told the BBC that the lack of proper equipment has hampered attempts to clear the site. Survivors told him that many miners remain stuck."We've been digging since Sunday night but have not recovered any bodies. We are exhausted," one miner from M23 visited the site and ordered mining activities to stop in parts of the of mining sites across this region of DR Congo supply the global electronics industry with vital metals and minerals. Many are not properly regulated and safety standards are not region has also been hit by conflict for decades as various rebel groups and the government have been fighting over M23 made significant territorial gains earlier this year, capturing Goma, the main city in eastern DR Congo. It signed a ceasefire deal with the government at the weekend in talks brokered by Qatar. You may also be interested in: Inside the Congolese mine vital to mobile phonesWhat's the fighting in DR Congo all about?Ceasefire deal still faces many challengesThe evidence that shows Rwanda is backing rebels in DR Congo Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Yahoo
a day ago
- Business
- Yahoo
UPDATE – Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a "Strong Buy" Rating and US$155 Price Target
TORONTO, June 23, 2025 (GLOBE NEWSWIRE) -- Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S. Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a "Strong Buy" rating, alongside a 12-month price target of US$155, reflecting strong upside potential of approximately 25% from current market levels. 'Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,' said Felix Gelt, Managing Director of Research at Rockcliffe Capital. 'With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.' Investment Thesis Highlights: Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices. Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin. Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion. Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility. Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion. ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), US$1 billion Indigenous economic commitment, and sector-leading safety. Valuation & Target:Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of US$155, equivalent to ~US$115/share, indicating ~25% upside from current levels. Risk Factors: Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow. Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook. Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations. About Rockcliffe Capital Research Rockcliffe Capital's Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions. Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership. Please contact research@ for access to our full research suite and initiation reports. Media Contact Rockcliffe Capital Research & Markets Division research@ +1 (416)-642-1967 This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Hycroft Insider Activity Surges as Major Shareholder Bets on Growth
Hycroft Mining Holding Corporation (NASDAQ:HYMC) is one of the . Insider activity reaches its peak amid the public underwritten offering during the month of June. A close-up aerial shot of a sprawling gold-mining operation in a desert landscape. Based in Winnemucca, Nevada, Hycroft Mining Holding Corporation develops gold and silver resources at its Hycroft Mine, one of the world's largest deposits in a Tier‑1 U.S. mining jurisdiction. The company controls ~64,000 acres and is transitioning operations toward sulfide ore processing while expanding exploration across high‑grade silver zones. Its upside potential is driven by exploration-led resource growth. On June 12, 2025, the company announced a proposed public offering of units worth around $40 million. Hycroft Mining Holding Corporation (NASDAQ:HYMC) intends to use the proceeds from the offering to fund exploration, working capital, and general corporate purposes. Prior to the announcement, the company's shares, amounting to a total of 10,821 units, were sold in a transaction valued at $36,538 during the first week of June. The sale was made by President & CEO Diane R. Garrett and EVP & CFO Stanton K. Rideout. Later, on June 17, 2025, a significant shareholder, Eric Sprott, made a bold purchase of 6,350,000 shares. The transaction was valued at $22,225,000. With these transactions, Hycroft Mining Holding Corporation (NASDAQ:HYMC)'s insider ownership saw an upward change of 121.52%, reflecting a strong faith in the stock's growth potential. While we acknowledge the potential of HYMC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and 12 Best MLP Dividend Stocks to Buy According to Analysts Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mail & Guardian
12-07-2025
- Business
- Mail & Guardian
Mining's revival must also deal with its legacy
New social contract due: Mining's harms are mainly to the environment – water, air, and soil, for example – but these have consequences for mining affected communities' health and their land. Photo: Delwyn Verasamy Mining is still central to the South African economy. It employs roughly 480 000 people directly. With an estimated dependency ratio of 10 to one, the industry essentially supports close to five million people. That's a twelfth of the country's population. Demand for minerals and metals is not slowing down. But our gold mining sector will close down at some stage — even current high gold prices cannot sustain going deeper because of safety risks and the associated expense. There will come a point where marginal cost exceeds marginal benefit. Outside of gold, South Africa should be a global mining powerhouse. For the past 20 years, however, there has been very little exploration or production expansion investment. In partnership with Mining Dialogues 360°, Good Governance Africa set out to explore what it would take to revive the mining industry and ensure that it becomes the catalyst for broad-based development. It became clear that the country needs a new vision for mining that will reconcile conflicting interests that seem to perennially be at loggerheads with each other. Any new vision needs to begin with the end in mind; what do we want mining to do for the country? We can all wax lyrical about that, but there's an obstacle that must be dealt with first. Mining has an awful history in South Africa of imposing severe negative externalities onto both society and the environment. These are the divergences between private returns and social costs. In other words, companies mine and sell gold, reporting profits in the process, but they pollute rivers, create sinkholes, precipitate acid mine drainage, exploit labour and damage the social fabric of society in the process. None of these ecological and social costs are recorded in company financial statements. This speaks to a broader global problem, but it's particularly acute in mining, especially here at home. It's often mine-adjacent communities that bear the brunt of this malaise. In South Africa, migrant labour exacerbates the social costs on two fronts. First, many workers who migrate to the mines end up supporting two families; HIV proliferation has been extensive as a result. Second, many workers end up retiring to the former homelands and dying soon thereafter of silicosis or some other mining-related illness. The social costs of mining are clearly immeasurable and significant. At our most recent dialogue, civil society representatives expressed the view that the industry seems to be geared towards short-term production targets and immediate profitability at the expense of long-term (ecologically sound) thinking and optimal wealth generation for all stakeholders. Strategies to attain consensus — and then execute on — a new vision need to be informed by meaningful discussions, not mere consultation as some kind of box-ticking exercise. Moreover, free, prior and informed consent should be continually sought, underwritten by an acknowledgement that 'no' to mining is also a legitimate response from mine-affected or potentially affected communities. They are often left without solutions to the problems created by mining, and this needs to be addressed through purposeful discussions, not cursory consultations that amount to people being told what is going to happen to them. Many of the harms mining causes are environmental. Regulations exist to prevent such harm, but enforcement is inconsistent. Even when the legal framework is strong, communities often lack the knowledge and tools to hold companies accountable. This asymmetry fosters moral hazard: companies externalise harm while reporting profit. Bridging these gaps requires education, in local languages, to empower rights-based action. Beyond legal compliance, mining companies frequently bypass meaningful engagement. Social and labour plans (SLPs), meant to channel mining benefits into development, are often drawn up with minimal community involvement. The process is top-down, consultative in name only, and poorly documented. The SLPs are frequently geographically misaligned, excluding communities downstream of operations who still suffer the effects of pollution. They also rarely prepare labour for life after mining. The result is development that is poorly targeted, unaccountable and unsustainable. Some companies worsen these dynamics by co-opting local activists or working through pliant intermediaries, fuelling internal divisions. This divide-and-rule approach minimises risk for companies but leaves communities fragmented and disempowered. The SLPs then become tools of corporate image management rather than genuine vehicles for transformation. Often, they fund short-lived projects that decline and often collapse once the mine closes, unlinked to local integrated development plans (IDPs). Even where integration is attempted, weak municipal IDPs render it ineffective. Greenwashing is common. Companies promote their environmental, social and governance credentials, but scrutiny reveals minimal ecological remediation, long-term plans for restoration and socio-economic upliftment. Executives typically stay removed from community realities, unwilling to talk to residents and local authorities. This maintains a status quo in which firms pursue reputational insulation over authentic partnership. For communities, this entrenches an adversarial stance. Trust is absent where engagement is asymmetric. In the absence of viable livelihood alternatives, some residents resort to informal mining. Labelling them 'illegal' dehumanises people who are often driven by survival or coerced into impossible positions by organised crime bosses. The official response, including recent commentary after the Stilfontein disaster, has lacked empathy and insight. It's no surprise that resentment festers where people are treated as expendable. A political culture defined by patronage and corruption fails to meet the complexity of this problem. Land dispossession remains largely unresolved. Many mine-affected communities still have no title deeds, decades after democracy. That dispossession underpins the call for resource nationalism, especially among the young and disillusioned. There are strong veins of resentment here into which unscrupulous politicians can tap. While social grants may suppress open rebellion — some dialogue members mused whether welfare hadn't placated revolution — frustration simmers. Without structural change based on policy reform, the call for redress will grow louder. Efforts to build unified community responses face further obstacles. Activists expressed disillusionment with NGOs that impose external agendas. Some community gatekeepers, meanwhile, have been accused of colluding with mining firms or of blocking access to resources. Mining companies often work with whoever shouts the loudest, further muddying accountability. These dynamics prevent the emergence of a coherent response voice. Communities are not homogeneous, nor should we expect them to be, but this should not hinder the expression of a heterogeneous set of voices. The solution requires recognising that power is layered. Without coordination and organisation, communities remain vulnerable to fragmentation, as they struggle to build countervailing power. Yet unity is hard to achieve when trust is scarce and gatekeepers act in their own interest. Still, any serious vision for the sector must support such coordination as the basis for accountability and equitable negotiation. Two distinct imperatives shape mining's future. On one highway, government and industry seek investment-friendly conditions. On the other, communities seek restitution and opportunity. These paths need not be in conflict, but reconciliation demands a vision centred on shared prosperity. Capital must not be prioritised over labour and land. Community benefit must become a measure of mining's success. That shift requires credible, trackable metrics. One proposal is a national indicator for 'community well-being', with mining firms accountable for positive movement in that measure. This would reframe profitability to include social return, not just shareholder value. Others suggest revenue-sharing mechanisms such as Australia's 'royalties for regions' scheme. But concerns about corruption, especially in community trusts, remain valid. Without institutional reform, even well-designed systems can be subverted. A new social contract is overdue. Mining cannot continue to operate in enclaves of profit surrounded by poverty. It must embrace a model of co-determination with affected communities and acknowledge its historical legacy. That demands not just consultation but free, prior, informed and continued consent. It demands not just compliance, but transformation. Without these shifts, mining will remain a source of conflict instead of development. Ross Harvey is the chief research officer at Good Governance Africa (GGA)-SARO. Mining Dialogues 360° and GGA are hosting a plenary dialogue for all mining industry stakeholders on 29 July. To attend, please email
