Kinross in a ‘unique time’, Harmony Gold makes PNG strike

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The spot gold price was slightly lower, closing at USD$687.80 an ounce, down USD$2.00 from Monday’s local close, the Herald Sun reports. Gold miners posted mixed results, with Newmont (ASX:NEM) up 2c to AUD$5.13, Newcrest dropping (ASX:NCM) 20c to $22.93 and Lihir Gold (ASX:LHG) falling 3c to AUD$3.07.

Kinross Gold (NYSE:KGC) has announced that its first-quarter earnings rose 670% to USD$68.5 million as revenue rose nearly 24%. Kinross claims that rising gold demand combined with tighter supply created a ‘unique time’ for the business, and forecasts its gold output will rise 60% by 2009, The Toronto Star reports.

However, the company acknowledged that capital costs at the Kupol project in Russia will be 10 to 15% higher than prior guidance.

Harmony Gold (NYSE:HMY) has announced that it could have found a new gold and copper orebody near its Wafi prospect in Papua New Guinea, South Africa’s Mining Weekly reports. In a presentation, Harmony CEO Bernard Swanepoel said that initial mapping and trenching exploration of an area near Wafi had uncovered a 15 metre strike containing 24 grams per tonne of gold.

The United States Olympic Committee and the National Jewelry Institute will join forces to create “Olympic Gold,” a US Olympic medal exhibit primarily exhibiting medals won by US Olympic and Paralympic competitors. The display will be held at Forbes Galleries from September 25 – December 31, 2007, Xinhua online reports.

The Telegraph reports that the tomb of King Herod, who ruled around the time of the birth of Christ, has been found in a hillside in the Judean desert. A team of Israeli archaeologists believe they have found the tomb, though the no trace of the gold bier and gold crown Herod was historically believed to have been buried with have been recovered.

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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