Media reported that Tether plans to increase investments in the gold mining sector.
The company reportedly held unsuccessful negotiations with Terranova Resources.
September 4 Tether additionally invested $100 million in Elemental Altus.
The company Tether, the issuer of the stablecoin USDT, plans to invest an unspecified amount in the gold mining industry. This was reported by the Financial Times citing its sources.
According to recent data, Tether has already negotiated with several counterparties. At the same time, the company plans to invest in the entire production chain — from ore extraction to trading and financing firms that buy deposits, with the aim of receiving royalties.
At the same time, as reported by the Financial Times, Tether's actions in the sector have been met with skepticism. One of the publication's sources stated that the company 'hardly has a strategy' and 'it just likes gold.'
In particular, Tether negotiated with Terranova Resources, but they were unsuccessful. At the time of writing, the company had not commented on the situation.
Earlier, Tether invested $89 million in the company Elemental Altus, which finances counterparties in the gold mining industry in exchange for royalties and favorable terms for purchasing precious metals.
On September 4, Tether signed an agreement with a firm to purchase shares for another $100 million. At the same time, Elemental Altus merged with EMX.
Moreover, the company controls a significant reserve of physical gold, which serves as collateral for the stablecoin XAUT.