Gold Is Above $4,000 and the Bottleneck Has Moved to Mill Capacity - Investing News Network

AI desk brief

Gold prices above $4,000/oz are exposing a new bottleneck: mill capacity and physical access, not deposit size. Agnico Eagle reported Q2 realised gold of $4,483/oz, record free cash flow of $1.34 billion, but also lost access to about 370,000 oz at Canadian Malartic after a rock mass movement and guided full-year output to the low end of range.

The excerpt argues that for developers without their own plant, toll milling is becoming a key route to production because building a mill takes years, heavy capex and permits. Lake Victoria Gold has started land valuation and compensation work over 111.32 acres at Tembo/Ngula 1 in Tanzania to support a planned toll-milling route with Nyati Resources’ 500 tpd plant, with completion targeted for early October 2026 and no definitive agreement yet signed.