Rio Tinto in Mongolia Deal, Grave Robbers Miss Gold-Filled Tomb

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The price of gold was USD$676.40 per fine ounce yesterday, up USD$3.60 on Thursday’s close, The Australian reports. Among gold stocks, Newcrest (ASX:NCM) rose 11c to AUD$24.19, and Lihir (ASX:LHG) increased 1c to AUD$3.31.GoldLink IncomePlus (ASX:GLI) plunged 33.5c to 59.5c after downgrading its earnings outlook.

Canada-based Ivanhoe Mines (NYSE:IVN) and partner Rio Tinto (ASX:RIO), have reached a preliminary agreement with the government of Mongolia for the development of a copper-gold project in the nation’s South Gobi region, Business Week reports. Financial terms of the draft investment agreement were not disclosed, and the deal remains subject to review and approval by Mongolian officials and the boards of the two companies.

Reports from CBC news state that US Gold Corp (TSX:UXG) shares soared yesterday after the junior mining company announced encouraging exploration results at the Tonkin gold project.

Rob McEwen, USG chairman and chief executive, said in statement that US Gold is consolidating a strategic land position “that rivals Barrick’s Cortez joint venture” which he said has historic, current and estimated reserves totalling 33 million ounces of gold.

The Beaufort Gazette reports that a financial advisor who was jailed in 2000 after he failed to surrender USD$15 million in assets, including more than 100 gold bars, nearly 700 gold coins and a bust of Julius Caesar, has been sentenced to five more years in prison for conspiracy to commit securities fraud. His attorney called the additional five-year sentence “reasonable”.

An executive at the World Gold Council expects that, with consumers willing to pay higher prices, the UAE’s gold jewellery demand will grow 20% this year. Resource Investor reports that Moaz Barakat, Managing Director of the World Gold Council, said while physical gold jewellery demand this year is likely to be at the same level as last year, first quarter trends suggest that in value terms it will be higher by about 20%.

The Cultural Heritage News Agency reports that archaeologists on a Greek island have discovered a large Roman-era tomb, undiscovered by grave robbers who plundered the area, which contains gold jewellery, pottery and bronze offerings. Archaeologists found gold earrings and rings and gold leaves that may have been attached to ceremonial clothing, as well as glass and clay pots, bronze artifacts decorated with masks, a bronze lock and copper coins.

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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