The gold price was on the rise this week, briefly passing US$2,500 per ounce before ending lower.
As these events were unfolding, Will Rhind, CEO of GraniteShares, told the Investing News Network that fear, which has been missing from the market so far this year, is now starting to rear its head.
“That to me has been the big change that has put us to these new levels in gold,” he said.
Gold later fell to close the week just above the US$2,440 level.
Under the deal, BHP and Lundin will form a 50/50 joint venture that will include the Filo del Sol copper-gold-silver project, owned by Filo, and Lundin’s Josemaria copper-gold project. Both are located in Argentina near the Chilean border.
The company reported net Q2 earnings of C$36 million, adjusted net earnings of C$62 million and adjusted EBITDA of C$337 million. Meanwhile, Cameco delivered 6.2 million pounds during the quarter and 13.5 million pounds year-to-date. Cameco still plans to deliver 32 million to 34 million pounds for the full year.
Perhaps more anticipated than Cameco’s results was commentary on its operations in Kazakhstan and outlook for the sector. Output from the company’s Inkai joint venture with Kazatomprom was lower in both Q2 and H1 due to challenges obtaining sulfuric acid, with 2024 output of 8.3 million pounds said to be “tentative.”
Cameco also commented on amendments to Kazakhstan’s tax code, saying its preliminary conclusions show that it would push production costs in the country up to levels seen at its operations in Northern Saskatchewan.
Although the company’s outlook on the uranium market remains strong, investors didn’t respond favorably to this week’s release, with Cameco’s share price closing the period down close to 16 percent.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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