The location of Newcrest's mines in low-risk jurisdictions such as Canada and Australia also bolstered the appeal of a takeover. Tom Palmer, Newmont's president and chief executive, said the opportunity to produce more copper had been a key attraction of a deal to acquire Newcrest along with the size of its resource base that can sustain mining for decades.

Electric vehicles and wind farms use copper in much greater quantities than gasoline-powered cars and coal-fired power stations.

Bloomberg reports that copper is at the heart of the latest spending spree by miners, amid expectations that demand for the metal will rise as the world decarbonizes.

This involves delivering on the Tasiast 24,000 mill expansion by mid-2023, conducting a preliminary economic assessment (PEA) at Great Bear in early 2024, de-risking the mine plan at Round Mountain, progressing on the Manh Choh satellite development project and advancing the Curlew pre-feasibility study, expected to be completed in Q2 of 2024.

Scotia highlights Kinross Gold's focus for 2023, which includes further de-risking key assets.

The gold stream will reduce to 4.4% after 700,000 ounces have been delivered, and Wheaton Precious Metals will also make ongoing production payments tied to the gold spot price.

The financing commitment will be made through spaced-out cash payments, starting with a $48 million upfront deposit, which will be divided based on transaction and project milestones. In return, Wheaton Precious Metals will receive a 6.6% gold stream on the Cangrejos project. Wheaton Precious Metals announced a financing package of up to $300 million for Lumina Gold.Volumes also decreased by 32% YoY and 19% MoM, indicating broadly stable monthly prices but an 11% YoY decrease, possibly influenced by changes in product mix. The value of polished stone exports from India, which serves as a proxy for demand, declined by 39% year over year (YoY) and 17% month over month (MoM).Q1 cash flow per share (CFPS) was -$0.45, also missing the consensus estimate of $0.21. The EPS miss was primarily driven by higher operating and exploration expenses. Centerra Gold reported Q1 earnings per share (EPS) of -$0.24, significantly missing the consensus estimate of -$0.07.Robust labor market numbers and optimism on a debt ceiling deal weighed on prices most of the week. Gold strung together three days of losses before rebounding slightly on Friday. The worst-performing precious metal for the week was gold, showing a 2.08% decrease.The company reiterated its guidance, with production weighted towards the second half of the year and targeting the lower end of the range following operational issues in Q1. K92 reported Q1 financial results that exceeded consensus expectations due to lower operating costs.The total consideration for the acquisition amounts to $19.2 billion, aligning with Newmont's previous best and final offer announced on April 10. The deal offers 0.4 Newmont shares per Newcrest share, along with a special dividend of $1.10 per share paid to Newcrest shareholders. Newmont has agreed to acquire Newcrest Mining in a friendly all-share transaction.The reasons for this corporate restructuring include enhanced access to global capital markets, improved competitive positioning and a corporate domicile in a leading, low-risk jurisdiction. The new corporate structure will have a primary listing on the NYSE and secondary listings on the Johannesburg Stock Exchange, A2X Markets and the Ghana Stock Exchange.

AngloGold is changing its domicile and primary listing location.

The best-performing precious metal for the week was platinum, showing a 0.44% increase.

Gold moneycontrol