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Latest WGC report demonstrates how responsible gold mining distributes value

By: Henry Lazenby The World Gold Council (WGC) this week released the second edition of its ‘Responsible gold mining and value distribution’ report, covering 2013 data, highlighting the continuing contribution responsible gold mining could make in supporting economic development in host countries. The report was... 

Alamos Gold blames heavy rains for poor Q3 performance

By: Henry Lazenby - and NYSE-listed Alamos Gold this week reported disappointing third-quarter results, citing heavy rains and lower recoveries as weighing on its flagship Mulatos operation’s performance, in Mexico. The Toronto-based miner reported that despite stacking ore containing about 51 900 oz of gold o the... 

Morro Bay Resources finds more resource upside at multi-vein Mexico project

By: Henry Lazenby Mexico-focused mineral exploration firm Morro Bay Resources this week released results from a drilling campaign at the San Rafael historic mine area, at the multi-veined Peñoles project, in Durango state, indicating the presence of multiple mineralised zones. The Calgary, Alberta-based explorer... 

Morro Bay Resources finds more resource upside at multi-vein Mexico project
Photo by Morro Bay Resources
Peñoles, Mexico

DRDGold Q1 output rises as Ergo glitches resolved

By: Natalie Greve Tailings gold miner DRDGold appears to have turned a corner, lifting gold output by 8% to 37 005 oz in the first quarter of the 2015 financial year. This after the gold producer experienced several successive quarters in which it battled inefficiencies, low yields and high costs associated with... 

DRDGold Q1 output rises as Ergo glitches resolved
Photo by Duane Daws
DRDGold CEO Niel Pretorius

PanTerra investigates other gold opportunities

By: Esmarie Swanepoel Gold miner PanTerra Gold on Friday told shareholders that it was reviewing a number of acquisition or merger opportunities, and was currently contemplating five specific mine developments, as its Las Lagunas mine continued to deliver below expectations. An earlier review process had revealed... 

Bogoso Prestea

The operating Bogoso gold mine and processing operations are located in western Ghana near the town of Bogoso, about 35 km northwest from the town of Tarkwa. 

Bogoso Prestea

Massive gold nugget goes on sale for $400 000 in San Francisco

By: Reuters A huge gold nugget dug up in Northern California earlier this year that is believed to be the largest privately held piece of its kind from the state was offered for $400 000 on Thursday, said the president of the company behind the sale. The chunk of gold, which is larger than a human palm and... 

Hochschild’s Q3 output down, working to overcome construction delays at Peru project

By: Henry Lazenby Latin America-focused precious metals producer Hochschild Mining on Thursday said attributable output for the three months ended September 30 fell 24% to 4.8-million silver-equivalent ounces, mainly owing to no contribution from the depleted Ares mine, in Peru. Despite output being lower than the... 

ABG Q3 production up 16%, AISC continues decline

By: Leandi Kolver Tanzania-focused gold producer African Barrick Gold (ABG) increased its production for the three months ended September 30, by 16% year-on-year, while all-in sustaining costs (AISC) declined for the eight successive quarter. ABG CEO Brad Gordon said the company’s production amounted to 190 986 oz... 

Rise in Q2 hedging volumes not indicator of trend

By: Natasha Odendaal The significant jump in the volume of hedging activities during the second quarter of the year was not an indication of a secular shift in producer sentiment to hedge gold production, Societe Generale and Thomson Reuters GFMS said this week. The duo’s second-quarter Global Gold Hedge Book... 

With five projects in its fold, Northern Star output surges

By: Esmarie Swanepoel Gold miner Northern Star Resources has continued the trend of record quarterly production, as production surged following the incorporation of its five projects. During the three months to September, Northern Star recovered 147 884 oz of gold, compared with the 114 780 oz recovered in the... 

Newcrest advances Cadia East

By: Esmarie Swanepoel Gold miner Newcrest Mining would now shift its development focus at the Cadia East operation to the propagation of Panel Cave 2, following the safe propagation of Panel Cave 1 this week. “Newcrest has developed world-class expertise in bulk underground mining techniques gained from the... 

Beadell looks at contract mining for Tucano

By: Esmarie Swanepoel ASX-listed gold miner Beadell Resources has signed a letter of intent (LOI) with fellow listed mining contracter Maca over the management of mining operations at the Tucano gold mine, in Brazil. Beadell’s existing mobile fleet and equipment would progressively be transferred to Maca under a... 

Randgold CEO warns against tax hike in new Congo mining code

By: Reuters The Democratic Republic of Congo’s (DRC's) focus on maximising short-term tax revenues risks squandering long-term mining prospects, the chief executive of one of its largest mining investors warned on Wednesday. Speaking at a mining conference in Kinshasa, Mark Bristow, the CEO of gold miner... 

Nautilus Minerals steps closer to releasing PNG funding

By: Henry Lazenby Prospective seafloor miner Nautilus Minerals has satisfied one of the conditions precedent to releasing $113-million, which its project partner – the Papua New Guinea government – had paid into escrow in May, representing the balance of the State’s 15% share of capital required to complete the... 

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

By: Henry Lazenby TSX-V-listed Fortress Minerals has agreed to buy the stalled Fruta del Norte (FDN) gold/silver project, in Ecuador, for $240-million in cash and scrip from TSX- and NYSE-listed Kinross Gold. Kinross last year booked a $720-million charge related to the discontinued FDN. Kinross shelved the... 

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

Nordgold Q3 production up 11% y/y, company on track to achieve upper end of full-year guidance

By: Leandi Kolver LSE-listed Nordgold on Wednesday reported a 11% year-on-year, and 2% quarter-on-quarter increase in production for the three months ended September 30, to 270 600 gold equivalent ounces. The company also noted that, for the nine months ended September 30, production had reached 746 900 oz, a 13%... 

Sibanye maintains FY output guidance

By: Creamer Media Reporter Gold miner Sibanye Gold has maintained its output guidance for 2014 at 1.61-million ounces. The company, which would release an operating update for the third quarter on October 28, on Tuesday said total cash costs for the year to end December 31 would be about $850/oz, while all-in sustaining... 

Sumatra signs documents for Tembang finance

By: Esmarie Swanepoel Gold hopeful Sumatra Copper & Gold has executed the documentation for its $45-million funding facility for its Tembang gold project, in Indonesia. Earlier this month, Sumatra announced that it had secured the senior debt facility with Nomura Singapore and Indonesia Eximbank. 

OceanaGold hopeful on Blackwater economics

By: Esmarie Swanepoel A preliminary economic report on dual-listed gold miner OceanaGold’s Blackwater gold project, in New Zealand, has indicated an economically robust project. In a report released on Wednesday, the ASX- and TSX-listed miner stated that Blackwater could be mined at a rate of 120 000 t/y, to produce... 

Speculation arises around Mutiny/Doray tie-in

By: Esmarie Swanepoel The shares of gold miners Doray Minerals and Mutiny Gold went into a trading halt on Tuesday, pending announcements of a potential corporate combination. Doray’s trading halt would lift on Friday, while Mutiny was expected to resume trading on Thursday. 

Silver Lake sells Lakewood assets

By: Esmarie Swanepoel ASX-listed Silver Lake Resources has announced the sale of its Lakewood mill assets, in Western Australia, in a deal worth A$5.5-million. The company would receive a 2% gross revenue royalty on all minerals mined or recovered from two mining leases. 

Norton delivers record results and lower cash costs

By: Esmarie Swanepoel Gold miner Norton Gold Fields has reported a slight increase in gold production during the three months to September, compared with the previous quarter, as productivity and cost reduction initiatives delivered results. Production during the three quarters under review reached 46 957 oz, at a C1... 

PEA outlines significant extra cash flow for True Gold’s Karma project

By: Henry Lazenby A preliminary economic assessment (PEA) on TSX-V-listed True Gold’s North Kao deposit has outlined an extra $118-million in after-tax free cash flow for the project developer’s Karma gold project, in Burkina Faso. The report, released on Tuesday, also found that – as a result of its high gold... 

Treasury Metals files EIS for Goliath gold project, Ontario

By: Henry Lazenby TSX-listed project developer Treasury Metals on Tuesday announced that it had achieved a significant milestone in developing its flagship Goliath Gold project, in north-western Ontario, after filing an environmental-impact statement (EIS) with the Canadian Environmental Assessment Agency (CEAA).... 

Chieftain Metals reports strong project feasibility optimisation

By: Henry Lazenby The proponent of the Tulsequah Chief polymetallic project, in British Columbia, Chieftain Metals, late on Monday published the results of an optimised feasibility study, aimed at improving the financeability of the project in the current difficult market. The 2014 feasibility update, prepared by... 

Chieftain Metals reports strong project feasibility optimisation

Yaoure 2014 drilling programme confirms presence of high-grade areas

By: Leandi Kolver The 2014 drilling programme at West Africa-focused gold mining company Amara Mining’s Yaoure gold project, in Côte d'Ivoire, has confirmed the presence of high-grade areas in the Yaoure central zone and demonstrated strong continuity in the high-grade CMA zone. Amara chairperson and CEO John... 

Newcrest to wrap up Wafi-Golpu study by year-end

By: Esmarie Swanepoel Gold major Newcrest is hoping to complete an updated prefeasibility study (PFS) on its Wafi-Golpu joint venture, in Papua New Guinea, by the end of 2014, the Australian company reported on Tuesday. The project, which is being developed with South Africa’s Harmony Gold and comprises the Golpu and... 

Havilah gets go-ahead for Portia development

By: Esmarie Swanepoel Junior Havilah Resources has been granted approval by the South Australian government to start mining at its Portia gold project. ASX-listed Havilah told shareholders on Tuesday that the Department of State Development had approved the programme for environmental protection and rehabilitation... 

Andy Well delivers strong quarter for Doray

By: Esmarie Swanepoel Gold production from the Andy Well operation, in Western Australia, has remained steady during the three months to September, with the project operating to expectations, owner Doray Minerals reported on Tuesday. During the first quarter under review, gold production at Andy Well reached 18 265... 

Maintenance issues hinder St Barbara output

By: Esmarie Swanepoel A planned two-week maintenance period at the Leonora operation, in Western Australia, has resulted in ASX-listed St Barbara reporting a significant decline in gold production during the September quarter. During the three months under review, group gold production reached 68 823 oz, compared... 

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