Avoca Raises $125m for Gold Project, 24-Karat Bra on Show


The price of spot gold in Sydney closed 5c higher at USD$664.15 per fine ounce yesterday, The Australian reports. Lihir Gold (ASX:LHG) was up 1c to AUD$3.21 and Newcrest Mining (ASX:NCM) up 47c to AUD$23.80.

Gold junior Avoca Resources (ASX:AVO)  has raised AUD$125 million to fund the development of its Higginsville project in Western Australia. The capital raising includes a share placement, convertible bonds and debt, and will fund additional exploration as well as the Higginsville project.

Ahmedabad newswire reports that the Indian Diamond Institute (IDI) has been issued a ‘stop marking’ notice by the Bureau of Indian Standards (BIS) for giving out ‘incorrect’ hallmarking certificates to a city-based jeweller. BIS officials said that the institute marked 22 carat jewellery as 18 carat.

The World Gold Council reports that scientists in Japan have discovered a new material that uses gold nanoparticles to remove pollutants from the air. Researchers at the Tokyo Central R&D laboratories combined the gold with highly porous magnesium oxide in order to remove volatile organic compounds, which contribute to smog and high ozone levels, from the air.

AngloGold Ashanti (ASX:AGG) has held a competition in Beijing for Chinese jewellery designers, aiming to showcase local talent and generate gold demand in China, CCTV.com reports. Some pieces entered contained more than half a kilogram of 24-karat gold, and items exhibited included earrings, necklaces, rings, bracelets and even a bra. The company has held similar competitions in India, Brazil, the Middle East and South Africa.

The Daily Reckoning Australia

The Daily Reckoning
The Daily Reckoning offers an independent and critical perspective on the Australian and global investment markets. Slightly offbeat and far from institutional, The Daily Reckoning delivers you straight-forward, humorous, and useful investment insights from a world wide network of analysts, contrarians, and successful investors. Founded in 1999, The Daily Reckoning is published in 7 countries with a worldwide readership of almost 1 million people.

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