Have you ever wondered why gold is valuable? It’s more than just a pretty yellow metal. Gold is a unique asset. For starters, it offers diverse investment opportunities. It can be a hedge against inflation and a way to increase your wealth. Over time, fiat currencies tend to lose their value compared to gold, which means that the price of gold tends to go up over decades.
Did you know that Canada is home to one of the world’s largest gold reserves? That doesn’t mean that Canada has the most gold, but we have a large amount of gold left in the ground. Canada is also a top-ten producer of gold globally, with new mines opening up in British Columbia, Nunavut, and Newfoundland. More mines will be opening soon in Quebec and Ontario.
Today, we will look at one of the hotbeds for gold in Canada–Newfoundland. Here’s what you need to know:
Gold in Newfoundland
Newfoundland is home to the richest gold deposits in Canada and the world. The region houses four operating gold mines and several potential gold mines. The region alone is home to 68% of the gold in Newfoundland and Labrador.
Four big gold mines are located in the Bonavista Peninsula, including the Long Harbour mine, the first gold mine in Newfoundland and Labrador. The mine was developed as an open-pit mine, with the ore transported overland to a processing plant. It is currently operated by Vale, a global mining company that specializes in precious metals.
The second mine is the Hoidas Lake mine, in its final operational stage. This mine is also an open-pit operation. The ore is transported by barge to the mill for processing. The Manitoba company RNC Minerals is the owner and operator of the mine.
The third mine is the Duck Pond mine, located in the Goulds region of the Bonavista Peninsula. This mine is operated by the French gold mining company Monarques Gold. Production began in 2011, and the mine is expected to run until 2016.
The fourth gold mine is the Rigolet mine, located in the northernmost region of Labrador. This is a low-grade mine operated by St. John and based by Northern Star Resources.
How to Invest in Gold from Newfoundland
The Bonavista Peninsula is one of the largest gold-producing regions in the world. If you want to invest in gold from Newfoundland, you can choose to buy physical gold, like coins and bars, or you can purchase shares in a gold-producing company. If you decide to invest in a company, you could even invest in a company whose shares are listed on the Toronto Stock Exchange.
If you want to get your hands on physical gold, you can buy it from a dealer. You can also buy gold coins and gold bars from the Royal Canadian Mint. They have a series of gold coins and bars, like Maple Leaf coins and the Canadian Gold Maple Leaf coins. The Royal Canadian Mint also offers a selection of other precious metal coins like silver coins and palladium coins.
The Bottom Line
Newfoundland is rich in natural resources, including gold. The Bonavista Peninsula is home to four operating gold mines and several potential gold mines. However, Canada as a whole is rich in gold, as well. As one of the biggest gold producers globally, Canada is home to the largest gold reserve in the world.
Newfoundland Gold is an alliance of companies focused on advancing mineral exploration and mining projects in Canada’s Newfoundland. Collectively these industry leaders are committed to bringing awareness to Newfoundland. If you’re interested in learning more about the Gold Rush here, contact us today!