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World's largest gold miner to trim its junior portfolio

Kitco News

While juniors are getting a lift from financings and better commodity prices, the majors are trimming their portfolios of exploration companies, said special correspondent Paul Harris.

Harris joined editor Neils Christensen; and mining audiences manager, Michael McCrae, to record a podcast on Friday. Denis Laviolette, CEO of Goldspot Discoveries, was Kitco Roundtable's special guest for the week.

Harris pointed to Newmont's decision to form a 50-50 joint venture with Agnico Eagle to explore the Anza project in Colombia. In a news release from Wednesday, Agnico Eagle said it would solely fund the joint venture until expenditures equal Newmont's previous investment in the Anza project, about $2.9 million.

Newfoundland is North America's hottest exploration region, said Laviolette, who is the founder of New Found Gold. The company is focused on the province.

"There's an absolute staking boom happening. New companies are sprouting up every day, consolidating bits and pieces here and there. Newfoundland is just absolutely so prospective," said Laviolette.

The panel also discussed Shandong Gold Mining buying Hengxing Gold Holding Co in an all-stock deal worth around $387 million that gives it control of the Gold Mountain mine in China's Xinjiang region. The bleak outlook for the nuclear industry, which can't keep cost competitive with renewables, and EY's annual risk survey, which put social license as its number one concern for miners.

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