Mining Industry Speaks Out Against Scraping of Mining FundBy Alejandro Ehrenberg | Thu, 10/08/2020 - 19:26
The Week in Mining highlights developments in Mexico’s mining industry, where Congress is debating whether to eliminate the Mining Fund and juniors are keeping the project pipeline going. Globally, gold consolidated a prime hedge against global uncertainty ahead of the US presidential elections.
The Mexican mining industry urged authorities not to scrape the Mining Fund, which benefits more than 690 mining communities located in 24 states. The potential disappearance of 109 trusts and funds is currently being discussed in the Mexican Congress.
Minera Frisco will hold a meeting on Oct. 23, in which it will put the merger with its subsidiary Minera CX for the consideration of investors. The mining company owned by businessman Carlos Slim will ask investors to approve a capital increase as a result of the operation.
Gold Resource Corporation plans to create two separate mining companies, one in Mexico and one in Nevada. The reason behind this is to allow them to focus on their own operations and strategic plans. The American miner is a gold and silver producer and explorer with operations in Oaxaca and Nevada.
Vizsla Resources provided results of sixteen new holes in the Napoleon corridor at the Panuco silver-gold project in Sinaloa. These results expand the discovery south and deep where it remains open under wide intersections.
Gold and silver prices have reached some of their highest points in years. As exploration activities become financially viable once again, miners are turning to past-producing mining properties that have been shut down. Current technology makes these properties attractive.
Shares of gold mining companies are well placed for a win-win outcome from November’s US election, MBMG Group told CNBC.