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Record gold prices could mean a banner year for Alaska mines

With gold selling at an all-time high of over $3,000 an ounce, a 35% increase since the beginning of 2024, Alaska's gold miners, including those in Nome and Ketchikan, are experiencing a potentially prosperous period.
This surge in gold prices is largely attributed to global economic uncertainty, although other factors also contribute, making previously marginal ground minable.
Alaska's gold production, dominated by major mines operated by companies like Kinross Gold Corp., produced nearly 850,000 ounces of gold worth approximately $2 billion in 2024, representing over half the state's total mineral value, while also potentially benefiting the state's roughly 150 smaller placer operations.
According to Kinross' financial statements, "the price of gold is the largest single factor in determining profitability,", while Rick Van Nieuwenhuyse of Contango Ore stated, "Anybody with an operating gold mine is in a happy spot right now," and Click Bishop said that at $3,000 per ounce, lower-grade deposits are now worth mining.
The rising gold prices have already led to a 64% increase in sales at Fort Knox between 2023 and 2024 and a nearly $40 million boost in revenue at Kensington, but despite the positive outlook, challenges such as finding labor and Bering Sea storms persist, potentially requiring the record gold prices to sustain operations, as Ken Hughes notes that "it may well take the recent record price of gold to keep operators in the field.

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Alaska Beacon

Lean Left

Record gold prices could mean a banner year for Alaska mines • Alaska Beacon

Pouring gold at Kinross' Fort Knox mine in Alaska's Interior. (Kinross photo) A year ago, Alaska’s miners were selling gold at what seemed like a great price: around $2,200 per ounce. Today, that number sounds like a steal. After a historic surge in value, gold is now selling at an all-time high: more than $3,000 an ounce, or an increase of some 35% since the beginning of 2024. That’s great news for gold miners across the state, from Nome to …

10 days ago

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Anchorage Daily News

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Center

Record gold prices could mean a banner year for Alaska mines

“Anyone with an operating gold mine is in a happy spot right now,” said one mining executive.

10 days ago·Anchorage, United States

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Mittelstand Cafe

Gold from special regions - Mittelstand Cafe

Gold, as discovered in the 19th century in Alaska or in the 16th century in the Andes, still exists there today.

7 days ago

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resource-capital.ch

Gold from special regions

In 1896, gold was discovered in a tributary of the Klondike River, which ran through Alaska and the Yukon Territory. This triggered a huge gold rush. The Klondike Gold Rush came to an end in 1899 when gold was discovered in Nome, Alaska. Today, gold mining is an important economic sector in Alaska. Gold has been and still is found throughout Alaska. According to the Fraser Institute's ranking, Alaska is one of the top mining-friendly jurisdictio…

8 days ago

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themarketonline.ca

StockTalk | Gold Report: Big-time moves near all-time-highs

Vista Gold (TSX:VGZ) is right-sizing development of its Mount Todd gold project in Australia, one of the world’s largest undeveloped gold resources housing over 9 million ounces, to better capitalize on the metal’s price hovering around all-time-highs. Click here for the full story. By the ounce At the time of writing on Tuesday, the price of gold sat at US$3,026.10, down from US$3,042.60 per ounce in our March 19 report, according to data from …

8 days ago

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Quotidiano Nazionale

Gold always at its highest, June contract at 3,057.70 dollars

Gold is always at its highest. At the start of the day, the contract with delivery in June was trading at 3,057.70 dollars an ounce (+0.11%). The spot contract is at 3,025.12 dollars an ounce (+0.17%).

8 days ago·Italy

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