VIDEO — George Salamis: Major Gold Miners Making Money, but Volatility Curbing Big Decisions

"People have become very allergic to capital, (to) big capital outlays on projects. And mining's a very capital-intensive business as we all know," said George Salamis of Integra Resources.
George Salamis: Major Gold Miners Making Money, but Volatility Curbing Big Decisionsyoutu.be
Turmoil continues to rock the broader markets, and while the gold price has also suffered declines, George Salamis believes it's holding up well compared to other assets.
"Gold has hung in there pretty well relative to other investments — other commodities, currencies. I think it's held its own," he said at the Prospectors & Developers Association of Canada (PDAC) convention.
Salamis, who is the president and CEO of Integra Resources (TSXV:ITR,NYSEAMERICAN:ITRG), explained that he also sees gold miners doing well, but thinks volatility is stopping them from making moves.
"I specifically look at the margins that the major mining companies are making right now — they're making a lot of money and they're building up these big war chests," he told the Investing News Network.
"Why they're not deploying that capital into M&A, for example, is a bit of a head-scratcher, but I think the market's generally speaking quite volatile right now, so it's impeding a lot of big decisions."
Integra released a prefeasibility study for its Idaho-based DeLamar project earlier this year and faced challenging reactions due to the impact that inflation had on costs.
"People have become very allergic to capital, (to) big capital outlays on projects. And mining's a very capital-intensive business, as we all know," Salamis said. "There's this hyperfocus on who's going to blow up a budget next on a new mine build or on a study, and I think that was something we suffered having come out with the first study of the year right at what hopefully was peak inflation with respect to mine building."
In his opinion, it's important to keep moving, even in today's tough financing environment.
With that in mind, Integra has two main focal points for the rest of 2022: working on its plan of operations, which is a step on the way to permitting, and continuing to drill. "We've got some really good targets that we think will lead to resource expansion and make our great project even better," Salamis noted.
Watch the interview above for more from Salamis on the gold sector and Integra. You can also click here for our recap of PDAC, and here for our full PDAC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
- Should You Invest in Gold Stocks or Gold Bullion? | INN ›
- 5 Gold Stocks to Watch in 2022 ›
- Top 5 Gold Stocks on the TSXV in 2022 ›
- Top 5 Gold Stocks on the TSX in 2022 ›
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1755.37 | -2.98 | |
Silver | 19.46 | -0.05 | |
Copper | 3.65 | +0.01 | |
Palladium | 2148.00 | +6.00 | |
Platinum | 911.50 | +0.50 | |
Oil | 90.81 | +0.31 | |
Heating Oil | 3.61 | +0.01 | |
Natural Gas | 9.19 | 0.00 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured Gold Investing Stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.