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Gold Summary for May 31, 2023

2023-05-31 18:21 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $3.90 to $1,963.20 on Wednesday while the TSX Venture Exchange fell 1.14 points to 595.82. The TSX gold index followed bullion higher, adding 4.79 points to close at 293.25. Ero Copper Corp. (ERO) had a tough day, falling $2.23 to $22.47 on 1.76 million shares despite a three-week silence. Also silent, but northbound, was Oceanagold Corp. (OGC), which rose 12 cents to $2.95 on 3.36 million shares.

And then there were those with news. Centerra Gold Corp. (CG) jumped 73 cents to $8.18 on 4.94 million shares on word the Turkish government has approved the company's environmental impact assessment for the Oksut mine. With the approval in hand, along with approvals for a mercury abatement retrofit, Centerra cheers that it expects to restart full production at Oksut "in the coming weeks."

Centerra was trading above $12 in March of 2022 when it abruptly suspended production at Oksut after mercury was detected in the gold room of the adsorption-desorption recovery plant. Completing the mitigation -- not to mention the paperwork -- was a long process. Before the problem arose, Centerra had been predicting the mine would produce between 210,000 and 240,000 ounces of gold at an all-in sustaining cost of about $450 (U.S.) per ounce for 2022, so the long halt has taken its toll. Shareholders are hopeful, but they are also hoping not too many weeks come and go before the restart.

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