Consumers will be hit by capital rules on gold, refiners say

Section:

By Henry Sanderson
Financial Times, London
Thursday, October 20, 2016

Gold refiners are warning that regulators' plans that forces banks to utilise longer-term funding against their holdings of the precious metal will ultimately make it more costly for consumers buying jewellery.

Banks lend gold to refiners, which typically use it to pay suppliers and customers, but under new rules proposed by the Basel Committee on Banking Supervision, the costs to banks could triple, according to the London Bullion Market Association.

"It will mean the banks will pass this cost on," said Grant Angwin, president of Asahi Refining, a Salt Lake City-based refiner with operations in five countries. ...

... For the remainder of the report:

https://www.ft.com/content/1045992c-951c-11e6-a80e-bcd69f323a8b



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K92 Mining Begins Gold Production at Kainantu Mine

Company Announcement
Wednesday, October 5, 2016

K92 Mining Inc. is pleased to announce that gold production has commenced from the Irumafimpa gold deposit.

Ian Stalker, K92 Chief Executive Officer, says: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget. The rehabilitation of the Irumafimpa gold mine, process plant, and associated infrastructure commenced in late March and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month. ..."

...For the remainder of the announcement:

http://www.k92mining.com/2016/10/6077/



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