Latest news with #ABCRefinery
News.com.au
6 days ago
- Business
- News.com.au
Diggers and Dealers: Gold is green? Bellevue says it's the world's first Net Zero gold miner
Bellevue Gold (ASX:BGL) claims it's beat global mining majors to a big ESG prize, turning its mine of the same name in WA into the first 'Net Zero' gold mine in the world. The miner says its high renewable penetration, blended with the purchase of carbon credits, has seen it claim Net Zero status for the first half of calendar 2025, setting it on a path to meet its 2026 schedule. While gold's rapid rise in 2025 has been powered by safe haven demand from investors in turbulent economic times and central bank buying, Bellevue is now targeting the high end jewellery market which makes up around 40% of demand. It's testing the waters with east coast gold refiner ABC Refinery and Single Mine Origin to sell gold to 'ethical buyers', potentially opening the door to a 'green premium'. The move echoes provenance assessments in supply chains for natural mined diamonds. Bellevue has installed a 90MW hybrid power station at its mine of the same name, including 24MW of wind turbines, 27MW solar and a 24MW thermal plant with 15MW/29MWh of battery storage, claiming to have run for 58 hours on 100% renewable energy in the month of June after its wind turbines were commissioned. The company has forecast annualised renewable energy penetration of between 80-90% depending in its solar and wind resources and the mine's power demand. BGL claims it's had Net Zero emissions for the first half of CY25, including Scope 1 and Scope 2 emissions under the company's control. That doesn't take into account Scope 3 emissions generated in further processing, refining and transport of the gold or its future use in the manufacture of products. Focus on future The news comes with Bellevue among the closest watched stocks at this year's Diggers and Dealers forum. Despite a record run for gold prices to US$3375/oz – including a ~30% lift in bullion prices over the first half of 2025 – the company is down 25% YTD. Speculation a cashed up competitor will move to buy the mine and/or company is rife, with loose-lipped executives around the Kalgoorlie conference openly commenting on the idea the mine is in play. Having initially set guidance of 165,000-180,000oz in FY25, that number was knocked down in January and then further clipped in April to 129,000-134,000oz at all in sustaining costs of $2425-2525/oz. But beyond that, analysts were forced to chop longer term cashflow expectations after BGL cut its post FY29 guidance from 250,000ozpa to 190,000ozpa. BGL eventually delivered 130,164oz for FY25 at AISC of $2422/oz. It's set guidance for FY26 of 130-150,000ozpa at $2600-2900/oz, ramping up to 175,000-195,000ozpa in FY27. MD Darren Stralow is presenting on Tuesday afternoon in Kalgoorlie.
The Star
10-07-2025
- Business
- The Star
Gold edges higher on softer dollar, trade war intensifies
Gold prices edged higher on Thursday, helped by a slight retreat in the dollar and bond yields, while investors kept a close tab on trade negotiations as U.S. President Donald Trump broadened his tariff war. Spot gold rose 0.3% to $3,321.68 per ounce by 0608 GMT. U.S. gold futures were up 0.3% at $3,329.90. "Gold bounced off a technical support level and also, the broader dollar declined," said Nicholas Frappell, global head of institutional markets at ABC Refinery. Trump escalated his tariff campaign on Wednesday, announcing a 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both effective on August 1. Trump also issued tariff notices for seven minor trading partners, adding to 14 others issued earlier in the week, including 25% levies on imports from South Korea and Japan, set to take effect on August 1 unless agreements are reached. "The market impact of tariffs seems to lessen with each new headline. Tariff fatigue is here, and traders need a new catalyst to awaken volatility from its lull," said Matt Simpson, a senior analyst at City Index. The U.S. dollar index edged down 0.2%, while the yield on benchmark 10-year U.S. Treasury notes retreated from a three-week high. Lower bond yields reduce the opportunity cost of holding non-yielding bullion, while a weaker dollar makes gold cheaper for holders of other currencies. Minutes of the Federal Reserve's June 17-18 meeting showed that only "a couple" of Fed officials believed interest rate cuts could happen as early as this month, with most favouring reductions later this year due to inflation concerns tied to Trump's tariff policies. The Federal Open Market Committee unanimously voted to hold rates steady at its June meeting. The next policy meeting is scheduled for July 29-30. Spot silver edged up 0.2% to $36.42 per ounce, platinum fell 0.2% to $1,345.06, and palladium gained 0.3% to $1,108.18. - Reuters
Ammon
10-07-2025
- Business
- Ammon
Gold edges higher on softer dollar, trade war intensifies
Ammon News - Gold prices edged higher on Thursday, helped by a slight retreat in the dollar and bond yields, while investors kept a close tab on trade negotiations as U.S. President Donald Trump broadened his tariff war. Spot gold rose 0.3% to $3,321.68 per ounce by 0608 GMT. U.S. gold futures were up 0.3% at $3,329.90. "Gold bounced off a technical support level and also, the broader dollar declined," said Nicholas Frappell, global head of institutional markets at ABC Refinery. Trump escalated his tariff campaign on Wednesday, announcing a 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both effective on August 1. Spot silver edged up 0.2% to $36.42 per ounce, platinum fell 0.2% to $1,345.06, and palladium gained 0.3% to $1,108.18. Reuters
Zawya
10-07-2025
- Business
- Zawya
Gold edges higher on softer dollar, trade war intensifies
Gold prices edged higher on Thursday, helped by a slight retreat in the dollar and bond yields, while investors kept a close tab on trade negotiations as U.S. President Donald Trump broadened his tariff war. Spot gold rose 0.1% to $3,316.77 per ounce by 0355 GMT. U.S. gold futures were up 0.2% at $3,325.60. "Gold bounced off a technical support level and also, the broader dollar declined," said Nicholas Frappell, global head of institutional markets at ABC Refinery. Trump escalated his tariff campaign on Wednesday, announcing a 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both effective on August 1. Trump also issued tariff notices for seven minor trading partners, adding to 14 others issued earlier in the week, including South Korea and Japan, with 25% levies set to take effect on August 1 unless agreements are reached. "The market impact of tariffs seems to lessen with each new headline. Tariff fatigue is here, and traders need a new catalyst to awaken volatility from its lull," said Matt Simpson, a senior analyst at City Index. The U.S. dollar index edged down 0.2%, while the yield on benchmark 10-year U.S. Treasury notes retreated from a three-week high. Lower bond yields reduce the opportunity cost of holding non-yielding bullion, while a weaker dollar makes gold cheaper for holders of other currencies. Minutes of the Federal Reserve's June 17-18 meeting showed that only "a couple" of Fed officials believed interest rate cuts could happen as early as this month, with most favouring reductions later this year due to inflation concerns tied to Trump's tariff policies. The Federal Open Market Committee unanimously voted to hold rates steady at its June meeting, with the next policy meeting scheduled for July 29-30. Spot silver edged up 0.3% to $36.44 per ounce, platinum fell 0.2% to $1,345.03 and palladium lost 0.2% to $1,102.69. (Reporting by Anmol Choubey in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)
Newsweek
02-07-2025
- Business
- Newsweek
Texans Allowed to Pay Using Gold and Silver
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Texans are to be allowed to pay with with gold and silver for everyday transactions after Governor Greg Abbott signed House Bill 1056 into law. The law, which was championed by Republican state representative Mark Dorazio, designates the precious metals as legal tender in the state. Texans will be able to use their gold and silver holdings, stored in the state's bullion depository, for payments through electronic systems such as mobile apps or debit cards. The provision comes after legislative debate, and takes effect on May 1, 2027, enabling transactions based on the state comptroller's valuation of the metals at the time of sale. Newsweek contacted Abbott and Dorazio for comment - via email and online inquiry form respectively - on Wednesday outside regular office hours. Why It Matters The decision by Texas lawmakers to recognize gold and silver as functional money marks a significant experiment in alternative currency in the United States. For decades, the U.S. has operated on fiat currency, and while federal law already recognizes U.S. gold and silver coins as legal tender, their actual commercial use has been rare and logistically challenging. Supporters, like Dorazio, say the move provides Texans with added protection from inflation and expands financial autonomy beyond federally backed dollars. The Republican also cited the Bible in his efforts. Chron, a Houston-based news outlet, quotes him as saying: "If you go back to the scripture in Genesis 2, it gives you a reason how God intended us to be able to effectively engage in commerce. And that reason was: 'In the land of Havilah, I place the gold.'" Critics, including industry groups and independent observers, warn of substantial costs, legal complexities, and potential consumer risks associated with managing gold- and silver-based transactions. How Will Payments Using Gold and Silver Work? The bill authorizes the Texas comptroller to establish electronic payment systems for gold and silver held in the state depository. Consumers will not spend physical gold and silver coins or bars, but rather use digital systems representing their holdings. The new legislation does not require merchants to accept gold or silver for transactions, not does it eliminate U.S. currency. Consumers may choose to continue standard payments. Stock photograph showing gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. Stock photograph showing gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. DAVID GRAY/AFP/GETTY An earlier version of the bill would have created a new gold- and silver-based digital currency, but this component was removed before it passed the Texas Legislature. According to Chron, the bill was opposed by both the Texas Bankers Association and the Independent Bankers Association due to consumer protection concerns. What People Are Saying On Sunday Governor Abbott wrote on X, formerly Twitter: "I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions. "It fulfills the promise of Article 1, Section 10 of the U.S. Constitution." I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions. It fulfills the promise of Article 1, Section 10 of the U.S. Constitution. — Greg Abbott (@GregAbbott_TX) June 29, 2025 Article 1, Section 10 of the Constitution states that no American state can "make any Thing but gold and silver Coin a Tender in Payment of Debts." Speaking to the Dallas Morning News, Dorazio said: "In short, this bill makes gold and silver functional money in Texas. It has to be functional, it has to be practical and it has to be usable." Where Else Are Gold and Silver Legal Tender? Other states such as Utah and Arizona have recognized gold and silver as legal tender. However, these measures are largely symbolic; most states do not require or provide the infrastructure for retail transactions using precious metals. The practice remains rare outside Texas. In May, Republican lawmakers in Missouri added an amendment to a broader finance bill that would make gold and silver legal tender in the state. The value of gold soared to an all time high on April 1 amid traders' concerns over President Trump's tariff policy, strengthening the precious metal's reputation as a relative safe haven. What Happens Next? House Bill 1056 is due to come into effect on May 1 2027. On the same day Abbott signed House Bill 1056, he also approved Senate Bill 21, which instructs the creation of a new Texas Strategic Bitcoin Reserve to hold the cryptocurrency among its financial portfolio.
