Avoca Raises $125m for Gold Project, 24-Karat Bra on Show

The price of spot gold in Sydney closed 5c higher at USD$664.15 per fine ounce yesterday, The Australian reports. Lihir Gold (ASX:LHG) was up 1c to AUD$3.21 and Newcrest Mining (ASX:NCM) up 47c to AUD$23.80.

Gold junior Avoca Resources (ASX:AVO)  has raised AUD$125 million to fund the development of its Higginsville project in Western Australia. The capital raising includes a share placement, convertible bonds and debt, and will fund additional exploration as well as the Higginsville project.

Ahmedabad newswire reports that the Indian Diamond Institute (IDI) has been issued a ‘stop marking’ notice by the Bureau of Indian Standards (BIS) for giving out ‘incorrect’ hallmarking certificates to a city-based jeweller. BIS officials said that the institute marked 22 carat jewellery as 18 carat.

The World Gold Council reports that scientists in Japan have discovered a new material that uses gold nanoparticles to remove pollutants from the air. Researchers at the Tokyo Central R&D laboratories combined the gold with highly porous magnesium oxide in order to remove volatile organic compounds, which contribute to smog and high ozone levels, from the air.

AngloGold Ashanti (ASX:AGG) has held a competition in Beijing for Chinese jewellery designers, aiming to showcase local talent and generate gold demand in China, CCTV.com reports. Some pieces entered contained more than half a kilogram of 24-karat gold, and items exhibited included earrings, necklaces, rings, bracelets and even a bra. The company has held similar competitions in India, Brazil, the Middle East and South Africa.

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