Gold Rates Increase, New Deposits Found in South Carolina Mine

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Gold rates have increased by 0.31 percent at $1,273.90 an ounce while silver has risen by 0.68 percent to trade at $14.94 for an ounce. Silver coins in India have shown no change in prices and stood firm at Rs. 74,000 for buying and Rs. 75,000 for selling per 100 pieces.

2019 is looking even more promising due to new discoveries of gold mines and deposits. OceanaGold, an Australian mining company announced that they discovered more gold in Lancaster County, where digging began almost 24 months ago. However, the documents released by the company do not give details about the exact quantities and value of the newly discovered ore. OceanaGold Corporation currently trades at CAD 4.59 per share, to reach a market capitalization of over $2.66 billion.

OceanaGold Corp is primarily concerned with the discovery, growth and processing of precious metals and minerals, with special focus on Gold. It has several companies in countries all around the world including New Zealand, the Philippines and the United States. OceanaGold also has two underground mines and two open pit mines in New Zealand.

Their flagship mine is the ‘Didipio’, which is an open cut gold-copper mine. It is situated around 270 kilometers northeast of Manila, the capital city of the Philippines. Only two days ago, the company received a 10-year long lease on their Waihi mine, receiving consent for their new underground mine development by the Waikato Regional Council and Hauraki District Council.

Their “Project Martha” will eventually see a return to open pit mining due to slips in 2015 and 2016. The mining company’s request to grow operations is currently under review by the US Army Corps of Engineers, amid concerns that gold mining has devastating environmental impacts, affecting wetlands and spreading pollution to nearby water due to acid draining.

OceanaGold has made several requests to expand operations, including permits to construct a road for transportation and access to an old parking lot for storage purposes.

A statement from vice president Davis Thomas reads, “The OceanaGold-Hale operation team has made tremendous progress in our first two years of production. With the proposed expansion, we will continue to operate at the highest industry standards while delivering on our commitments to the Kershaw community and to the state of South Carolina.”

The discovery of more gold comes at an opportune time as equities and shares across the world are tanking amid increased interest rates by the US Federal Reserve. This has increased interest in gold as investors seek refuge in the safe-haven assets.

As Donald Trump remains adamant about his decision to shut down the government, the signs of turmoil in Washington are not helping the equities market. There are no signs of the deadlock coming to an early end in the near future. It is likely to extend well into the mid of 2019.

This will undoubtedly disrupt global economic growth, swinging the pendulum in favor of the bullion and other precious metals market.