Archive

September 2024

Browsing

Shanghai was brought to a standstill on Monday morning by what authorities say was the strongest typhoon to directly hit the Chinese financial hub in more than seven decades, with flights, trains and highways suspended during a national holiday.

Typhoon Bebinca made landfall in an industrial suburb southeast of the metropolis of 25 million people around 7:30 a.m. local time. The Joint Typhoon Warning Center (JTWC) said it packed top wind speeds of 130 kilometers per hour (80 mph), the equivalent of a Category 1 Atlantic hurricane.

The storm is the strongest to make landfall in Shanghai since 1949, according to Chinese state media.

The China Meteorological Administration on Monday issued a red typhoon warning, its most severe alert, warning of gale force winds and heavy rainfall in large swathes of eastern China.

The powerful storm has disrupted travel plans for holidaymakers during the Mid-Autumn festival, or Moon Festival, a three-day national holiday that started on Sunday.

All flights at Shanghai’s two international airports have been canceled since 8 p.m. Sunday. Most train and ferry services were suspended, while some highways and bridges in the city were closed.

Many tourist destinations in the city, including Shanghai Disney Resort, were also shut on Monday.

This post appeared first on cnn.com

Germany has begun new controls at all of its land borders as part of a crackdown on migration, placing restrictions on a wide area of free movement known as the Schengen Zone and stirring anger among its European neighbors.

From Monday, as well as existing border controls with Austria, Switzerland, the Czech Republic and Poland, Germany will now also have internal border controls with France, Luxembourg, the Netherlands, Belgium and Denmark.

Berlin will have the power to reject people at all land borders, a statement from the Interior Ministry said. The new rules will last for six months initially.

The move marks how far Germany has shifted in recent years on the flashpoint issue of migration.

The German government under Angela Merkel welcomed more than one million new arrivals during the migrant crisis of 2015-2016 but is now following other European countries in toughening up rules as it faces a surging far-right opposition.

It comes after Germany on Friday struck a controlled migration deal with Kenya, which will see Berlin open its doors to skilled and semi-skilled Kenyan workers.

Announcing the changes, Interior Minister Nancy Faeser said that Germany was “strengthening internal security through concrete action” and continuing its “tough stance against irregular migration.”

She signaled the move was aimed at protecting German citizens from the dangers posed by Islamist terrorism as well as serious cross-border crime.

The move has put the unity of the European bloc to the test and attracted criticism from Germany’s neighbors.

Germany is part of the Schengen border-free area. Under European Union rules, member states have the ability to temporarily reintroduce border control at internal borders in the event of a serious threat to public policy or internal security. However, this must be applied as a last resort.

Poland’s Prime Minister Donald Tusk said that the introduction of tighter controls at land borders was unacceptable for Poland, adding that Warsaw would request urgent talks with all countries affected. Both Greece and Austria have warned that they would not accept migrants rejected by Germany.

Closer to home, Germany’s Council for Migration warned that the plan risks violating EU law.

“The current policy goal of turning back (migrants) seeking protection at Germany’s borders represents a dangerous form of populism in the migration policy debate,” a statement said, which called for an “evidence-based debate on migration policy in Europe.”

Germany’s government, led by Chancellor Olaf Scholz, has been spurred into action to tackle uncontrolled immigration after receiving criticism for not doing enough to tackle the issue.

The country’s approach to migration has toughened in recent years, in light of a surge in arrivals – particularly from the Middle East and Ukraine – as well as terror attacks motivated by Islamic terror.

The coalition government seeking to counter the country’s burgeoning far-right Alternative for Germany (AfD), which is known for its explicitly anti-immigrant and anti-Islam agenda.

The new security package came in the wake of a fatal attack in the western city of Solingen, in which three people were stabbed to death on August 23.

The suspect was identified as a 26-year-old Syrian man with alleged links to ISIS, who had previously been due for deportation.

This post appeared first on cnn.com

A pastor who the United States says was wrongfully detained in a Chinese prison for nearly two decades has been released, according to the State Department, ending a case that the Biden administration said was a top priority in efforts to stabilize relations with Beijing.

David Lin, 68, was detained in China in 2006 after helping to construct an unapproved church building. He was later sentenced to life in prison for contract fraud, a charge he denied.

Lin was one of three Americans deemed by the US State Department to have been wrongfully detained in China. Businessmen Kai Li and Mark Swidan are still held behind bars, on espionage and drug-related charges respectively.

“We welcome David Lin’s release from prison in the People’s Republic of China,” a spokesperson for the US State Department said in a statement Sunday.

“He has returned to the United States and now gets to see his family for the first time in nearly 20 years,” the statement added.

The Biden administration has in recent years stepped up diplomatic efforts to secure the release of the three men.

American officials, including Secretary of State Antony Blinken and National Security Advisor Jake Sullivan, have repeatedly raised the issue during their visits to China, citing it as a “top priority” to resolve their cases.

President Joe Biden also addressed the issue with Chinese leader Xi Jinping when they met in person in San Fransisco in November and spoke by phone earlier this year, according to readouts from the White House.

Lin visited China frequently in the 1990s and started to preach the Gospel there in 1999, according to ChinaAid, a US-based non-profit Christian human rights organization.

He was detained in 2006 for helping an underground “house church” build a place of worship and barred from leaving the country, according to ChinaAid.

Lin regarded his incarceration as an opportunity to share his faith with fellow prisoners and established a prayer meeting group, according to ChinaAid.

In China, many Christians used to worship in house churches, or informal gatherings independent of state-approved churches. But the Chinese government has cracked down hard on the movement in recent decades as the ruling Communist Party tightens its grip on religion, especially under Xi.

In 2009, Lin was jailed for life for contract fraud, a crime frequently used against house church leaders who raise funds to support their work, according to the Dui Hua Foundation, a San Francisco-based human-rights group which advocates on behalf of detainees in China.

While in prison, Lin received several sentence reductions and was scheduled to be released in 2029, according to the Dui Hua Foundation.

Lin’s release was welcomed by some US politicians, who also called for the release of other Americans detained abroad.

“I am extremely glad to hear David Lin was freed,” Rep. Michael McCaul said Sunday in a statement on social media. “However, Kai Li and Texan Mark Swidan still remain CCP prisoners — and must be freed now.”

This post appeared first on cnn.com

S&P 500 and Nasdaq close to erasing last week’s losses

  • This week is quite bullish after watching the S&P 500 pull back last week
  • This morning, a strong bullish consolidation is pushing the Nasdaq to a weekly high of 19467.1

S&P 500 chart analysis

This week is quite bullish after watching the S&P 500 pull back last week. On Wednesday, we had a short-term pullback to the 5400.0 level. Soon after, we got support down there and initiated a recovery above the EMA 200 and 5500.0. We did not stop there but continued on the bullish side. During this morning’s Asian trading session, the index held above 5590.0. The S&P 500 continued to rise to 5610.0, forming a new weekly high there.

All indicators suggest that the index could continue its bullish growth. Potential higher targets are 5625.0 and 5650.0 levels. The index could drop below the daily open price of 5590.0 if momentum weakens. With that step, it moves to the negative side, where it will be under greater bearish pressure. Potential lower targets are 5575.0 and 5550.0 levels. The EMA 200 moving average is waiting for us in the 5550.0 zone.

 

Nasdaq chart analysis

This morning, a strong bullish consolidation is pushing the Nasdaq to a weekly high of 19467.1. From Monday to today, the index rose over 6.0%. On Wednesday, it received support from the EMA 50 and EMA 200 moving averages, which only reinforced the bullish scenario. During the Asian trading session, the Nasdaq moved in the 19400.0-19460.0 range. There were no changes in the EU session either, and only in the US session do we expect greater index volatility.

We need momentum above this level to climb to a new weekly high. Potential higher targets are 19500.0 and 19600.0 levels. If, by any chance, we see a drop below the daily open price, it would signal the beginning of a bearish consolidation. After that, the bearish momentum grows, and the Nasdaq index retreats further. Potential lower targets are 19300.0 and 19200.0 levels.

 

The post S&P 500 and Nasdaq close to erasing last week’s losses appeared first on FinanceBrokerage.

The dollar index is close to testing the September low

  • At this morning’s market opening, the dollar index made a bearish gap from 101.10 to 101.00

Dollar index chart analysis

At this morning’s market opening, the dollar index made a bearish gap from 101.10 to 101.00. During the Asian trading session, the index continued to retreat, falling below the 100.90 Friday low. In the EU session, the trend continued until the new low at 100.66. The bearish trend looks very strong, and everything indicates that we will see a further pullback and the formation of a new weekly low.

The next low that the dollar index could pay attention to is 100.58 from September 6, while the annual low is a step lower at 100.51. For a bullish option, we need to see a pullback stop and a bottom forming. If we succeed in this, the chances of starting a bullish consolidation increase. The return of the dollar index to the 101.00 level would be a good start to continue on the bullish side. We expect to see the gap closing with the market opening this morning.

 

The index is about to return to a new September low if it continues with the current trend

With that move, we move above 101.10 and will get support from the EMA 50 moving average to continue to the bullish side. Potential higher targets are 101.20 and 101.30 levels. Additional resistance could be found in the EMA200 moving average in the 101.30 zone.

We have no important economic news today. On Tuesday, we have August’s US Core Retail Sales and Retail Sales. Wednesday brings us many important news: British CPI and Eurozone CPI in the EU session. In the afternoon, during the US session, the Fed will announce the future interest rate. Forecasts are that the interest rate could drop from 5.50% to 5.25%. The interest rate cut should have a negative effect on the dollar by weakening it. Half an hour after that announcement, we will have a press conference of representatives of the FOMC.

 

The post The dollar index is close to testing the September low appeared first on FinanceBrokerage.

Tech stocks rallied this week on the back of interest rate cut expectations in the US.

Meanwhile, OpenAI released a new artificial intelligence (AI) model that’s rumored to be capable of advanced reasoning skills, and Apple’s (NASDAQ:AAPL) unveiling of its latest products failed to drum up investor enthusiasm.

Elsewhere Bitcoin passed US$60,000, and Google (NASDAQ:GOOGL) is heading back to court, this time to defend itself from accusations that it used its power to dominate the ad tech space.

1. Wall Street ends week on a high note

Wall Street was quiet on Monday (September 9) after Friday’s (September 13) employment report left investors wondering if the US Federal Reserve will issue aggressive rate cuts when it meets from September 17 to 18.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) opened a modest 0.88 percent ahead of Friday’s close. The S&P 500 (INDEXSP:.INX) also opened higher, 0.62 percent ahead of Friday’s close.

The indexes saw gains of 0.29 and 0.53 by the day’s end, respectively.

Markets were equally subdued on Tuesday (September 10) as traders awaited the midweek release of US inflation data for August, as well as the debate between presidential candidates Donald Trump and Kamala Harris. All indexes dipped in midday trading, with the Nasdaq Composite falling the most, 1.32 percent below its opening price; it closed flat.

Wednesday’s US consumer price index (CPI) report shows the index for all items excluding food and energy increased 0.3 percent in August compared to 0.2 percent in July, an indication that inflation is increasing.

However, for the 12 months ended in August, the all-items index rose by 2.5 percent, its smallest increase since February 2021, suggesting that prices are rising at a slower pace. The mixed message led to a brief dip across the board, but a rally in tech stocks, led by a 7 percent rally in NVIDIA’s (NASDAQ:NVDA) share price.

NVIDIA performance, September 9 to 13, 2024.

Chart via Google Finance.

Thursday’s (September 12) release of the August producer price index (PPI) shows wholesale prices rose 0.2 percent for the month, in line with Dow Jones estimates. The core rate — the producing price of everything other than food and energy — followed the CPI core rate, rising 0.3 percent, slightly more than the 0.2 percent forecast.

Initial unemployment claims were also ahead of estimates at 230,000 for the week ended on September 7.

With the final inflation report before the Fed’s meeting next week in the books, all major indexes experienced notable gains. The Nasdaq Composite advanced by 1 percent, while the S&P 500 saw growth of 0.75 percent. The Russell 2000 was the winner of the day, advancing by 1.22 percent at the closing bell.

The market surged further on Friday after reports from the Financial Times and Wall Street Journal fueled optimism that the Fed may implement a rate cut of 50 basis points after it meets next week.

Leading the charge was the Russell 2000, which ended the day 2.49 percent higher.

2. Bitcoin price ends week above US$60,000

Bitcoin was stable over the weekend, holding steady in the US$54,000 to US$55,000 range.

As the trading week commenced, the cryptocurrency was pushed higher by events like the CPI reading and the presidential debate. It peaked on Monday at US$57,635 at around 6:00 p.m. EDT.

Broker Bernstein said in a Monday market report that a Trump victory could result in Bitcoin’s price reaching a US$90,000 valuation, compared to a price range of between US$30,000 and US$40,000 if Harris wins.

Ahead of Tuesday’s debate, Bitcoin advanced 1.59 percent during market hours, only to see a retreat to US$56,247 overnight after neither candidate mentioned cryptocurrencies. Blockchain betting site Polymarket had assigned a 19 percent chance that Trump would talk about Bitcoin, compared to a 9 percent chance that Harris would.

A poll conducted by CNN shows 63 percent of viewers believe that Harris outperformed Trump — a shift from when Trump faced off against President Joe Biden. With a Trump victory looking less solid and the future regulatory environment still uncertain, Bitcoin’s price retreated further to US$55,901 on Wednesday (September 11) morning.

Since Wednesday’s PPI data release, Bitcoin has experienced volatility, but maintained an upward trajectory, breaking above US$58,200 for the first time since September 1 in the hours before midnight on Thursday. It went on to trade between US$57,600 and US$58,300 during market hours and held steady overnight.

Bitcoin rallied alongside the stock market on Friday, breaking above US$60,000 for the first time since August 29. At the time of this writing, it was trading for US$60,557.20, marking a 4.3 percent increase from its price 24 hours ago and a 13.7 percent rise over the past seven days.

3. OpenAI launches rumored ‘Strawberry’ model

It was a busy week for OpenAI, the world’s most valuable startup. On Tuesday, the Information reported that sources working with the company’s newest AI model, nicknamed Strawberry, said it would be released in two weeks.

Reuters first reported on the model, which was designed to deliver advanced reasoning capabilities, in July.

Two days later, OpenAI announced a preview of OpenAI o1, the first in a series of AI models that will “spend more time thinking before they respond.” These models will be able to solve more complex problems in math, science and coding.

In a press release, the company compared OpenAI o1 to its most recently released AI model, GPT-4o.

“In a qualifying exam for the International Mathematics Olympiad, GPT-4o correctly solved only 13 percent of problems, while the reasoning model (OpenAI o1) scored 83 percent,’ OpenAI said.

While testing its coding abilities, the company also claimed that the software reached the 89th percentile in the Codeforces competition. Detailed reports of trials are posted on OpenAI’s website.

While OpenAI o1 demonstrates AI reasoning capabilities, the software’s inability to browse the web for information limits its utility for consumers compared to ChatGPT. “But for complex reasoning tasks this is a significant advancement and represents a new level of AI capability,” the company explained.

Also this week, Bloomberg reported that OpenAI is looking to raise US$6.5 billion via a new fundraising endeavor that would increase its value to US$150 billion if successful.

4. Google faces off against DOJ in antitrust trial

Google’s second antitrust trial in the US this year kicked off in Virginia on Monday.

This trial relates to charges filed by the US Department of Justice (DOJ) accusing the company of “anticompetitive and exclusionary conduct” to control advertising tech tools in January 2023.

Prosecutors said Google used its influence to control competitors and customers, and dominate the online advertising ecosystem. “Google’s isn’t here because they are big,” DOJ lawyer Julia Tarver Wood said in opening statements Monday, according to the Wall Street Journal. “They are here because they use that size to crush competition.”

Google is arguing that the DOJ’s case is based on a narrow view of advertising on the internet, and says it has contended with competition for ad tech space from companies such as Comcast (NASDAQ:CMCSA), Microsoft (NASDAQ:MSFT), Walmart (NYSE:WMT), Meta Platforms (NASDAQ:META) and Disney (NYSE:DIS).

Shares of Google were down 2.86 percent before noon on Monday.

The case will likely not be resolved for several months, but if the presiding judge sides with the DOJ, the company may be forced to sell off Google Ad Manager. Google advertising earned the company US$64.62 million in Q2.

5. Apple fans underwhelmed by iPhone 16

Apple’s “It’s Glowtime” event was held on Monday at the company’s headquarters in Cupertino, California.

The firm unveiled its newest lineup of iPhones: the iPhone 16, 16 Plus, 16 Pro and 16 Pro Max, all powered by an Apple A18 chip, which was developed with Softbank Group (TSE:9984) subsidiary Arm’s V9 chip design.

The company also introduced its newest Apple Watch Series 10, along with updates to the Apple Watch Ultra 2 and a new lineup of AirPods. In addition, it added features to its AirPods Pro 2 series, including hearing protection and hearing aid software, the first over-the-counter hearing aid to be authorized by the US Food and Drug Administration.

The product launch itself was largely thought to be “underwhelming,” with few changes made to the iPhone’s hardware apart from a new Camera Control button that enables users to control more features in the camera app. Critics also complained about the limited access to Apple Intelligence, which will only become available in beta to US iPhone 15 Pro, 15 Pro Max or 16 users — as well as select iPad and Mac models — in October.

Hours after the ‘It’s Glowtime’ event, Apple was forced to contend with the release of Huawei Technologies’ newest phone, the Mate XT tri-foldable, which comes with an AI assistant, hours after Apple’s event. Strict data privacy restrictions in China prevent Apple from rolling out Apple Intelligence in Mainland China.

Apple was dealt another blow on Tuesday, when the European Court of Justice ruled that it must pay 13 billion euros in back taxes to Ireland, concluding a 10 year court battle that began when the European Commission accused Ireland of giving Apple illegal tax benefits and ordered to country to collect.

Despite the ups and downs, Apple shares ended the week up 0.71 percent at US$222.50.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investor Insight

Dynasty Gold stands apart from its peers, offering a compelling investment value proposition, given its portfolio of brownfield, high-grade gold assets with millions of dollars in exploration expenditures, driven by an expert management and technical team.

Overview

Dynasty Gold (TSX-V:DYG) is a Canadian mineral exploration and development company with a compelling, high-grade gold project located in Northwest Ontario, Canada. The 100 percent owned Thundercloud project is a highly prospective property with significant exploration upside backed by extensive, historical exploration data. The property was acquired from Teck Resources in 2021, with $10 million in previous exploration expenditure and an NI 43-101 resource estimate completed in December 2021.

A brownfield project, Thundercloud represents a lower-risk investment opportunity potentially delivering huge value as exploration continues and the resource is expanded and upgraded. Previous drilling at the property has returned high-grade gold assays, including 73.5 m of 8.4 g/t, 34 m of 6.5 g/t, 12m of 11.0 g/t, and 14.8m of 7.14 g/t.

Since taking over the project, Dynasty has completed 7,000 meters of drilling at Thundercloud, which has resulted in considerable resource increase from 187,000 ounces inferred to 232,000 ounces measured and indicated at a high grade of 8.04 g/t gold at 3.03 g/t cut-off (internal estimate, not NI 43-101 compliant). The project also suggests a potential for open-pit mining, as more than 90 percent of the drill holes to date are less than 250 meters and it opens at depth. Despite the impressive drill results to date, about 90 percent of the property still has seen very limited drilling, presenting a tremendous opportunity for further discoveries.

Dynasty’s secondary exploration project, Golden Repeat, is located within the Midas Gold Camp in Elko County, Nevada. The project is drill-ready with permits in place.

Established in 2000 and Dynasty Gold is led by a highly experienced management and technical team setting the company on a strategic path for success. Max Baker, the former chief geologist for Newcrest Mining with over 35 years of experience in greenfield and brownfield exploration, is the lead geologist. A tightly held share capital structure with approximately 61 million issued shares, more than 40 percent of the company is owned by insiders and long-term shareholders, including Rob McEwen, Dynasty’s largest shareholder.

Company Highlights

Dynasty Gold has two highly prospective, high-grade gold projects in North America – Thundercloud and Golden Repeat.The flagship Thundercloud project, acquired from Teck Resources in 2021 with 12,000 meters of drilling and more than $10 million in previous exploration expenditures, is the current focus of Dynasty’s exploration and drilling program. To date, more than 90 percent of the drill holes are less than 250 meters in length with 90 percent of the property seeing only spaced drilling. Thundercloud is a brownfield project with extensive historical data, making it a lower-risk investment compared to other greenfield exploration projects. The project is led by a highly accomplished technical team and directors with a track record in discoveries.

Key Projects

Thundercloud Project

The Thundercloud gold project is Dynasty Gold’s flagship asset, located in the Archean Manitou-Stormy Lakes Greenstone Belt in Ontario, Canada. The property spans 2,250 hectares and is part of the Wabigoon Subprovince, which hosts several significant gold deposits. The gold mineralization at Thundercloud is primarily associated with shear zones and quartz-carbonate veins, typical of orogenic gold deposits. These types of deposits are known for their size and high-grade gold potential. The property is 47 km from Dryden, Ontario, and within a 4-hour drive from Winnipeg or Thunder Bay airport.

*Internal resource estimate, not NI 43-101 compliant

Previously owned by Teck Resources, the project has been de-risked with about $10 million dollars spent on drilling and exploration in the 2000s. Dynasty has benefited from this vast historical dataset and has been able to expedite its exploration and advance it to the current resource stage in a span of two years.

Historical drilling and exploration at Thundercloud – consisting of 87 drill holes for approximately 16,793 meters of drilling – have identified several zones of gold mineralization, with high-grade intercepts suggesting the presence of an extensive gold system. Drill holes have intercepted mineralization at depths of up to 350 m below surface. Gold mineralisation has been defined along a strike length of 1.5 km east-west trend in the Pelham Zone. The West Contact Zone is untested.

During the 2022 and 2023 drilling seasons the company successfully increased its non-compliant internal resource estimate to approximately 232,000 oz gold at 8.04 g/t. At 2.14 g/t, the project hosts 439,000 oz gold (this is an internally generated new resource model, not NI 43-101 compliant). Nearly 2,200 meters of the 4,000 meter 2024 drill program have been completed. Assays are pending as further drilling continues on the property. The company aims to have an updated NI 43-101 Resource Estimate by the end of 2024.

Thundercloud’s high-grade mineralization sets it apart from neighbouring gold projects with relatively lower grade gold intercepts, including NexGold’s Goliath and Goldlund gold projects which has a resource of 1.5 Moz of gold at 1.5 g/t, and 2.3 Moz gold at 1.5 g/t, respectively. NexGold’s similar market valuation, highlights the market’s underappreciation of Dynasty Gold’s advanced-stage, higher-grade asset.

Thundercloud comprises two main zones – Pelham and West Contact – with planned follow-up drilling in these zones expected to take place in September-October 2024.

Pelham Zone

The Pelham Zone is the most advanced exploration target within the Thundercloud project. It is 47 m south-east of Dryden in Northwest Ontario. It has been the focus of much of the drilling and exploration efforts due to its substantial high-grade, open-pit gold potential. During the 2022 exploration season, the discovery hole DP22-03 returned 8.42 g/t over 73.5 m including 6.5 m of 72.2 g/t. The zone is characterized by a series of east-west trending shear zones containing quartz-carbonate veins with visible gold. These shear zones are hosted within mafic metavolcanic rocks, which have undergone significant hydrothermal alteration.

West Contact Zone

The West Contact Zone is located 1 km to the southeast of the Pelham Zone. Limited drilling in the West Contact Zone has encountered gold mineralization associated with quartz veins and brecciated zones, with grades comparable to those found in the Pelham Zone. Further exploration is planned to expand on these initial findings. A rock chip sampling program was completed in the West Contact zone, an area immediately to the south of where Teck’s trenching data returned 8.02 g/t gold over 39 meters. The assay results from the company’s trenching program extended the mineralization by 30 meters. Total surface mineralization is 69 meters averaging 5.85 g/t gold.

Management Team

Ivy Chong – President, CEO and Director

Ivy Chong has held senior executive positions in the mining and oil and gas industries since 1996. She was credited for closing several option and joint venture agreements with Teck, AngloGold Ashanti, Azimut, Avocet Mining, and others. Chong has assisted multiple companies with their IPOs and raised capital for resource companies in Asia, Europe and North America. Prior to entering the resource industry, she worked for the Hong Kong Stock Exchange and Deloitte and Touche, LLP.

Roman Shklanka – Director

Roman Shklanka is an explorationist with over 45 years of international experience in the mining industry. His past positions include, chairman of Canico Resources, which was acquired by CVRD (Vale) in 2005; chairman of Sutton Resources, acquired by Barrick Gold Corporation; and vice-president of exploration for Placer Dome. He was responsible for the acquisition and exploration of numerous major mines, among them the Australian Granny Smith gold mine, Osbourne copper mine and the Kidston gold mine. He has received a number of achievement awards and was inducted into the Canadian Mining Hall of Fame in 2009.

Larry Kornze – Director

Larry Kornze brings more than 30 years of international gold exploration experience. Kornze was credited with the discovery of Barrick’s 40 million ounce gold deposit at the Betze Mine on the Carlin Trend in Nevada, in the late 80s. He was part of Barrick’s team responsible for the discovery of the Miekle, Deepstar, Screamer and Rodeo deposits in Nevada. Kornze has held positions with Newmont and Getty Mining in North America, prior to joining Barrick Gold.

Richard Redfern – Director

Richard Redfern is a certified professional geologist and “qualified person” under NI 43-101 and a consultant with 35 years of exploration and mining industry experience worldwide. He held positions as senior exploration geologist with Barrick Gold in Mexico, VP Exploration for Goldstake Explorations in South Dakota and Australia, and has worked for Homestake Mining in the western United States. Redfern has extensive exploration experience in gold and porphyry-type prospects in the southwestern US, Mexico and British Columbia. He was instrumental in the recent discovery of the Moly Dome molybdenum-rhenium-gold-silver porphyry deposit in northern Nevada.

This post appeared first on investingnews.com

India’s second nuclear-capable ballistic missile submarine joined its naval fleet late last month, a move the government says strengthens its nuclear deterrent as New Delhi casts a wary eye at both China and Pakistan.

But India is still playing catch-up, at least compared with China, as the People’s Liberation Army grows its fleet – as well as its land and air capabilities – amid simmering tensions along their shared border.

The nuclear-powered sub, INS Arighaat – “Destroyer of the Enemy” in Sanskrit – will “help in establishing strategic balance” in the region, Indian Defense Minister Rajnath Singh said at an August 29 commissioning ceremony at Visakhapatnam naval base, the headquarters of India’s Eastern Naval Command on the Bay of Bengal coast.

That balance currently tilts in favor of China, with the world’s largest navy by numbers, including six operational Jin-class nuclear-powered ballistic submarines that outclass India’s two – Arighaat and its predecessor in the same class, INS Arihant – in firepower.

The Chinese subs can carry a dozen ballistic missiles with ranges of at least 8,000 kilometers (4,970 miles) and have the ability to carry multiple nuclear warheads, according to the Missile Defense Advocacy Alliance, a non-profit organization promoting the development and deployment of missile defense for the United States and its allies.

Both 366 feet long with a 6,000-ton displacement, according to an analysis by the open-source intelligence agency Janes, Arighaat and Arihant carry K-15 Sagarika ballistic missiles that can be launched from four vertical launch tubes. But the range of the nuclear-tipped K-15 is thought to be only around 750 kilometers (466 miles), limiting the targets that can be struck from the Indian Ocean.

“The INS Arihant-class can barely reach Chinese targets along the eastern Sino-Indian border from the coastal waters of northern Bay of Bengal, which is dangerously shallow for a submarine,” said analyst Carl Schuster, a former director of operations at the US Pacific Command’s Joint Intelligence Center.

The de facto border between India and China, known as the Line of Actual Control, has been a longtime flashpoint between the two. Troops most recently clashed there in 2022 and in 2020, when hand-to-hand fighting between the two sides resulted in the deaths of at least 20 Indian and four Chinese soldiers in Aksai Chin.

India developing second-strike capabilities

The Indian government has been tight-lipped about the capabilities of the Arighaat, saying only “technological advancements undertaken indigenously on this submarine make it significantly more advanced than its predecessor,” which was commissioned eight years ago.

India has not even released pictures of Arighaat since its August 29 commissioning.

Naval analysts say India is clearly on course to develop a subsea nuclear deterrent that, while it may not be as big as China’s, will pack enough second-strike wallop to deter Beijing from taking hostile action against it.

India has newer, bigger subs with longer-range missiles in the works. Those missiles could have ranges up to 6,000 kilometers (3,728 miles), according to analysts, enabling strikes anywhere in China.

“Although India’s sea-based nuclear deterrent remains in relative infancy, the country clearly has an ambition to field a sophisticated naval nuclear force with ballistic missile submarines at its core,” said Matt Korda, associate director for the Nuclear Information Project at the Federation of American Scientists.

India’s next ballistic missile subs could be years away, however, if history is any predictor of the future. Arighaat was launched almost seven years ago, and if that timeline from launch to commissioning applies to the next Indian ballistic missile sub, it won’t join the service until 2030.

The prestige of SSBNs

Still, a second ballistic missile sub does do something for India’s naval and military psyche, said Tom Shugart, an adjunct senior fellow at the Center for a New American Security and a former US Navy submarine commander.

“It is a marker of being a great power,” Shugart said, pointing out that the five members of the United Nations Security Council – the United States, Russia, China, the United Kingdom and France – all have nuclear-capable ballistic missile submarines, or SSBNs.

The smallest of those SSBN fleets, those of Britain and France, have four boats each, a number Shugart sees as the minimum for keeping one at sea at all times.

Nuclear-powered submarines are complex machines. When things break and need repairing, or just when regular maintenance is needed, the work can take a month or more.

For instance, the US Navy’s Ohio-class SSBNs spend on average 77 days at sea followed by 35 days in port for maintenance, according to the US Navy’s Pacific Fleet.

Refits and overhauls take up to 27 months for a nuclear reactor refueling, according to US Navy documents.

“By having more than one, there’s a better chance India will be able to have one of them at sea in a survivable status,” Shugart said.

“But to keep one at sea at all times is probably going to take more boats” than the current two, he said.

A wary China

Before its commissioning, the Arighaat was drawing attention in China, with state-run newspaper Global Times quoting unnamed Chinese experts as saying India should not “use it to flex muscles.”

“Nuclear weapons should be used in safeguarding peace and stability, not muscle flexing or nuclear blackmailing,” the Global Times report said.

Other analysts have said New Delhi is just responding to increased pressure from Beijing, which now has the largest navy in the world in terms of sheer number of vessels.

“China’s extensive naval buildup and the regular deployment of fully armed nuclear deterrence patrols by Type 094 submarines (the Jin class) are perceived as a threat by other countries in the region, including India,” said Kandlikar Venkatesh, analyst at the GlobalData analytics company.

“The deployment of Arihant-class submarines will provide India some degree of parity with its Chinese counterparts,” he said, adding that more submarine investment is coming, $31.6 billion over the next decade.

Bigger subs and longer-range missiles are reportedly under development, which could eventually see India field nuclear-tipped weapons with a range of 12,000 kilometers (almost 7,500 miles), Venkatesh said.

Another regional rival

It’s not just China that India is looking at with its sub development, according to Abhijit Singh, a senior fellow at the Observer Research Foundation in Mumbai.

“The real impetus for India’s expansion of its second-strike capability is, in fact, the significant growth of the Pakistani and Chinese navies in the Indian Ocean,” Singh wrote in an op-ed for the Hindustan Times, adding that Islamabad is in the process of acquiring eight Chinese-designed Type 039B attack submarines as it modernizes its fleet.

“Pakistan continues to narrow the sea-power differential with India,” Singh wrote.

India and Pakistan have long been at odds in the disputed and heavily militarized region of Kashmir, which both countries claim in its entirety. A de facto border called the Line of Control divides it between New Delhi and Islamabad. The dispute has led to three wars between the two nations.

China remains one of Pakistan’s most important international backers and a major investor in the country.

Proliferation fears

Korda, the Federation of American Scientists expert, says it’s not the subs themselves that give him cause for worry, but the multiple-warhead missiles they carry.

That technology – known as Multiple Independently targetable Reentry Vehicles (MIRV) – also applies to land-based missiles and can be destabilizing, Korda argues.

“India, Pakistan, and China are all developing missiles that can carry multiple warheads,” he says.

India announced to great fanfare in April that it had joined the MIRV club, which includes the US, UK, France, Russia and China, with a successful test of the domestically developed Agni-V intercontinental ballistic missile.

Pakistan has also claimed to have MIRV technology, but experts say the claim is unverified.

Adversaries need to assume such claims are true, lest they be caught unprepared in the event of actual conflict.

“These systems are ideal first-strike weapons, but they are also the first weapons that would likely be targeted in an opposing first strike,” Korda says.

“As a result, their deployment across the region will likely kick the collective arms race into a higher gear, as countries seek to build missile defenses and conventional strike options that can counter them.”

This post appeared first on cnn.com

At least 74 people have died and scores more are still missing in Myanmar following heavy flooding and landslides caused by Typhoon Yagi, state media reported on Sunday.

The flooding across the civil war-torn country has impacted more than 450 villages and wards, according to Myanmar News Agency (MNA).

It added that search and rescue operations were underway to locate 89 people still missing. Around 65,000 homes have also been destroyed, according to MNA.

Images from news agency AFP showed submerged homes and vehicles in the city of Taungoo, an hour south of the capital Naypyidaw. Other images show residents evacuating on boats and bamboo rafts, their belongings wrapped in plastic bags.

Typhoon Yagi, Asia’s most powerful storm this year, left a trail of destruction across Southeast Asia and southern China after sweeping the region with heavy rains and strong winds.

In Vietnam, the death toll has risen to at least 226 as a result of the storm and the landslides and flash floods it triggered, the government’s disaster agency said Thursday, according to Reuters.

And in Thailand, nine people died last week from poor weather brought by the typhoon, Reuters reported, citing the Thai government – out of a total 33 deaths nationwide since August from rain-related incidents including landslides.

Storms are being made more intense and deadlier by the warming ocean, scientists have long warned. While developed nations bear a greater historical responsibility for the human-induced climate crisis, developing nations and small-island states are suffering the worst impacts.

This post appeared first on cnn.com

A missile was launched from Yemen into central Israel on Sunday morning, according to the Israeli military, in a rare instance of a missile penetrating so far into the country’s territory since its war in Gaza began.

The projectile crossed into Israeli territory and fell in an open area in central Israel, with no injuries reported, according to the Israel Defense Forces. Explosion sounds heard in the area originated from Israeli military interceptions, the IDF said, adding that it is still checking “the results of the interception.”

Videos and images shared by the Israel Fire and Rescue Authority on Telegram show large plumes of smoke billowing into the air over an open field, and shattered glass inside a train station in Modi’in, a city between Tel Aviv and Jerusalem.

Israeli police said they were working with the police bomb squad in the Shfela area, also known as the Judaean Foothills, where an interceptor fragment had fallen. Authorities are now isolating the impact site and scanning for additional interceptor remains, police said.

Also on Sunday morning, approximately 40 projectiles crossed from Lebanon into Israel’s northern region, some of them intercepted and others falling in open areas, the IDF said. No injuries were reported, and authorities are putting out fires caused by the fallen projectiles.

The military added that an explosive drone had crossed from Lebanon into the northern town of Metula, though no damage was caused.

Tensions between Israel, Yemen and Lebanon have been escalating for months as Israel has waged its war on Hamas in Gaza after the militant group’s October 7 attacks. World leaders have warned of the potential for a wider Middle East conflict.

Since the war began, the Iran-backed Houthi group, which controls Yemen’s most populous regions, has regularly targeted Israel with drones and missiles. Most of these have been intercepted by Israel’s defenses or those of its allies.

It has also targeted shipping in the Red Sea, as a rejection of Israel’s military campaign in Gaza.

Most notably in July, the group claimed responsibility for a deadly drone attack in Tel Aviv, Israel’s commercial center – the first time the city has been struck by a Houthi drone.

Israel struck back the next day with deadly airstrikes on a Yemeni port – the first such strike on Yemen, according to Israeli officials.

The Iran-backed militant group Hezbollah in Lebanon has also carried out attacks on northern Israel, sending rockets and drones on Saturday targeting Israeli military sites.

These direct attacks on each other’s soil have raised alarm that there could be a new front in the ongoing conflict, which is already threatening to spill over across the region.

Israel launched its war in Gaza after the militant group Hamas’ cross-border October 7 attacks, in which more than 1,200 Israelis were killed and 250 taken hostage, according to Israeli authorities.

Since then, more than 40,000 Palestinians have been killed in Israel’s military operations in Gaza, according to the health ministry in the enclave. The health ministry does not distinguish between combatants and civilians in its figures, but says most of the dead are women and children.

This post appeared first on cnn.com