The wildcat goldminers doomed by their toxic trade

www.reuters.com
By TIM COCKS and DAVID LEWIS
16-20 minutes

BAWDIE, Ghana – A few years after coming as a teenager to this Ghanaian town to prospect for gold, Yaw Ngoha had made enough cash to marry his sweetheart and build a house with a porch, to which he would later add a flat-screen TV and satellite dish.

So when a town elder invited a doctor to talk to miners about the hazards of wildcat mining, “nobody listened,” said the 36-year-old, sitting on a wooden bench on his porch in a lush banana grove.

“We needed money.”

Since Ngoha started prospecting in the early 2000s, more and more people like him have helped Ghana grow into Africa’s biggest gold producer. Across the continent and beyond, millions have turned to the trade. Few are deterred by the risks.

Ngoha’s friends and family members started to sicken and die, but he told himself this had nothing to do with the amount of dust they’d been breathing in or the toxins – including mercury and nitric acid – they used to extract the gold.

One morning in 2016, Ngoha started coughing up blood. It felt like his airways were collapsing. His doctor treated him for tuberculosis.

Exclusive: Fake-branded bars slip dirty gold into world markets

www.reuters.com
Peter Hobson
13-16 minutes
LONDON (Reuters) - A forgery crisis is quietly roiling the world’s gold industry.
July 5, 2019. REUTERS/Denis Balibouse

Gold bars fraudulently stamped with the logos of major refineries are being inserted into the global market to launder smuggled or illegal gold, refining and banking executives tell Reuters. The fakes are hard to detect, making them an ideal fund-runner for narcotics dealers or warlords.

In the last three years, bars worth at least $50 million stamped with Swiss refinery logos, but not actually produced by those facilities, have been identified by all four of Switzerland’s leading gold refiners and found in the vaults of JPMorgan Chase & Co., one of the major banks at the heart of the market in bullion, said senior executives at gold refineries, banks and other industry sources.

Greece: Where Literally Sitting on Goldmine Is Not Enough to Make Money

By Sotiris Nikas , Paul Tugwell , and Danielle Bochove
11 Σεπτεμβρίου 2017, 3:50 μ.μ. EEST 11 Σεπτεμβρίου 2017, 8:31 μ.μ. EEST

Bloomberg

“Irrespective of what will happen next, the damage for Greece as an investment destination is done and it is very significant,”

Eldorado Gold Corp. has put Greece on the spot.

The Canadian mining company’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, puts the Syriza government of Prime Minister Alexis Tsipras in a difficult position. Eldorado Gold is the largest foreign investor in Greece and its decision comes as the country, which is working on creating a sustainable path to exit its bailout program, tries to lure foreign investments.

Greece's War of Words With Eldorado Escalates on Shorting Charge

 Nikos Chrysoloras

 Paul Tugwell

Bloomberg

February 23, 2016 — 9:19 AM EET

Greek Energy Minister Panos Skourletis says Eldorado Gold Corp. Chief Executive Officer Paul Wright shorted the shares of his own company, comments the miner dismissed as “utter nonsense,” as tensions mount between the Canadian company and the government in Athens.
Eldorado shares fell 19 percent to C$3.53 on Jan. 12 in Toronto, the biggest one-day decline since December 2008, after Wright announced at a press conference in Athens that the company was suspending its investment plans for its Greek mines, blaming the attitude of the government.

Gold Rises to Highest Since October as U.S. Rate Outlook Weighed

By Laura Clarke and Glenys Sim  Jan 13, 2015 12:23 PM GMT+0200

Bloomberg

Gold extended gains to the highest in almost 12 weeks as investors assessed the timing of higher borrowing costs and the strength of the U.S. economy amid slumping oil prices. Silver climbed to a four-week high.

Bullion rose for a third day after U.S. data last week showed falling incomes even as hiring accelerated. Fed Bank of San Francisco President John Williams has said raising rates in June would be a close call amid “strong momentum” in the labor market and weaker wage gains.

Canada's Eldorado does not see Perama approved before elections

Thu, Jan 16 2014

(Reuters) - Eldorado Gold Corp's Perama Hill project in Greece is not likely to be approved before local elections scheduled for mid-year, the gold miner said on Thursday.

The last time the Vancouver-based company gave an estimate for the project's environmental impact assessment, their timetable was the second half of 2013.

PRECIOUS-Gold rallies from 2-1/2 wk low; eyes Fed meeting

Tue Jan 29, 2013 6:59am EST

* Federal Reserve policy meeting on Jan 29-30

* Investors alert to U.S. non-farm payrolls on Friday (Updates throughout, changes dateline from SINGAPORE)

By Clara Denina

LONDON, Jan 29 (Reuters) - Gold firmed on Tuesday, snapping a four-day losing streak, but gains were limited as investors sought further data to gauge U.S. economic strength, also looking to a Federal Reserve statement later in the week.