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Singapore makes another bid for Asia to help set gold price
By Manolo Serapio Jr.
Monday, October 17, 2016
SINGAPORE -- Singapore will study the possibility of bringing the gold benchmark pricing in London to users in Asia in a move that would also allow market participants in the world's top consuming region to help set the price of bullion.
The importance of Asia, home to the world's biggest buyers China and India, has been on the rise as the key source of demand for gold, but bullion traders in the region are often exposed to intraday price volatility and overnight foreign exchange risks with benchmark prices currently being set out of London.
The Singapore Bullion Market Association, London Bullion Market Association, and Intercontinental Exchange Benchmark Administration will launch a joint feasibility study on the development of "LBMA pre-AM gold price at 2 p.m. Singapore time", Lim Hng Kiang, minister for trade and industry and deputy chairman of the Monetary Authority of Singapore, told an industry conference today.
The study "is an important first step toward establishing a U.S. dollar price-discovery mechanism for gold during Asian business hours," Lim said. "When in place, it will facilitate the timely tracking of Asian demand and allow participants in Asia to settle their trades within the same business day." ...
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K92 Mining Begins Gold Production at Kainantu Mine
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. ..."
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