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Article: This Month in Mining: British Columbia
- Article from:
- Engineering and Mining Journal
- Article date:
- May 1, 1998
- Author:
CopyrightCopyright Intertec Publishing May 1998. Provided by ProQuest LLC. (Hide copyright information)
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Placer Dome Inc. announced that it is not currently, and never has been previously, part of a group to buy gold bullion from central banks. It said that the bullion market is liquid, with about 1,200 mt/d trading over the London Bullion Market Assn. The association represents about 50% of annual mined production. Placer Dome indicated that about 35K mt, or about 25% of aboveground stocks, are held by central banks. Central bank sales during 1997 amounted to about 1% of their holdings. The combination of speculative selling together with producer hedging and central bank sales more than offset the 14% growth in gold demand. Royal Oak Mines Inc. (ROM) announced that it has completed a ...