{"id":1129701,"date":"2019-07-30T14:34:25","date_gmt":"2019-07-30T19:34:25","guid":{"rendered":"https:\/\/www.mining.com\/?p=997973"},"modified":"2019-07-30T20:34:25","modified_gmt":"2019-07-31T01:34:25","slug":"gold-silver-investing-legend-eric-sprott-on-junior-mining-spree","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1129701","title":{"rendered":"Gold, silver investing legend Eric Sprott on junior mining spree"},"content":{"rendered":"<p>The gold price has now been camped out above $1,400 an ounce for a month, and silver has finally come alive above $16 per ounce, but legendary mining financier Eric Sprott had already kicked off a major junior investment spree when the metals were significantly cheaper than they are today. <\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Canadian billionaire investor \u2013 also a pioneer in the gold-backed ETF industry \u2013 has splashed more than C$139 million on 16 gold and silver explorers (and some nickel on the side) since May, according to junior mining finance authority <a href=\"http:\/\/www.oreninc.com\/\">Oreninc<\/a>. $127m of the total found its way to Canada-domiciled companies. <\/p>\n<p>Sprott uses a company called 2176423 Ontario to play the space and was able to flash the cash thanks in part to a divestment from Kirkland Lake Gold, (TSX:KL) (NYSE:KL)&nbsp;where he was chairman until recently. <\/p>\n<p>Sprott, has sold some 3.3 million shares of Kirkland stock for C$168 million, reducing his position from 10% to 8% according to Oreninc data. Kirkland Lake has been on a roll, doubling its share price in under a year.<\/p>\n<p>Kirkland Lake output could reach 1 million ounces for the first time this year, driven by record production at its flagship&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/ranked-top-10-lowest-cost-gold-mines-globe\/\" >Fosterville mine<\/a>&nbsp;in Australia. Fosterville is the lowest cost gold mine in the world, extracting the metal for a mere $313 an ounce all-in this year.<\/p>\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/eric-sprott-is-on-a-buying-spree-ericsprottfinancings.jpg\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/eric-sprott-is-on-a-buying-spree-ericsprottfinancings-630x1024.jpg\" alt=\"Gold price: Legend Eric Sprott is on junior mining spree\" class=\"wp-image-997977\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/eric-sprott-is-on-a-buying-spree-ericsprottfinancings-630x1024.jpg 630w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/eric-sprott-is-on-a-buying-spree-ericsprottfinancings-184x300.jpg 184w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/eric-sprott-is-on-a-buying-spree-ericsprottfinancings-768x1249.jpg 768w\" sizes=\"(max-width: 630px) 100vw, 630px\" \/><\/a><\/figure><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Follow the smart money &ndash;17 companies, C$139 million in under three months.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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