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Gold News

Gold prices keep Sandfire solid

By: Esmarie Iannucci     Updated 33 minutes ago Copper/gold miner Sandfire Resources has reported a solid end to the six months ending December, despite weaker US dollar copper prices. Sandfire on Thursday reported that sales revenue for the interim period reached A$313.1-million, up from the A$272.3-million, with copper sales up from 32 715... 

South Africa could use mining royalties to set up sovereign fund – Minister

By: Reuters     Updated 38 minutes ago South Africa could use mining royalties to set up a proposed sovereign wealth fund, Mineral Resources and Energy Minister Gwede Mantashe said on Wednesday. President Cyril Ramaphosa said in an annual address to parliament last week the government had decided to establish a sovereign fund, but he... 

Resources Watch 

Updated 48 minutes ago Harmony Gold decries attacks on gold plants; DRDGold pleased with ‘wonderful’ gold performance; and, 'Green’ is king as ESG sweeps through mining world 

Resources Watch
Resources Watch

Very Proudly South African Sibanye-Stillwater set to take on world – Froneman 

By: Martin Creamer     19th February 2020 An upbeat Neal Froneman said on Wednesday that world would see his “very Proudly South African’ precious metals mining company Sibanya-Stillwater take on global companies across the world. Speaking after the relisting of the platinum group metals (PGM) and gold mining company at the Johannesburg... 

Very Proudly South African Sibanye-Stillwater set to take on world – Froneman
Photo by Creamer Media's Donna Slater
JSE CEO Dr Leila Fourie (left) and Sibanye-Stillwater CEO Neal Froneman.

Moody’s expanded gold price range allows for flexibility in credit assessments

By: Marleny Arnoldi     19th February 2020 Ratings agency Moody’s has expanded its price sensitivity range for gold, based on supportive factors such as lower-for-longer interest rates and geopolitical uncertainties. Moody’s has increased the higher end of the sensitivity range by $100/oz to $1 400/oz, while the lower end of the range... 

First gold pour at Americas' Relief Canyon

By: Mariaan Webb     19th February 2020 The Relief Canyon gold mine, in Nevada, has successfully poured its first gold and has now completed initial construction within its budget of $28-million to $30-million, TSX- and NYSE American-listed Americas Gold and Silver reported on Tuesday. The first gold pour was achieved in nine months... 

Gold tops $1 600 as virus fuels growth fears

By: Bloomberg     19th February 2020 Gold traded near the highest level since 2013 on concerns over the spread of the new coronavirus and how it’s impacting global growth. Palladium topped $2 700/oz as it continued its record-breaking rally. Bullion steadied after surging 1.3% Tuesday’s as Apple’s warning that the virus and efforts... 

Zimbabwe threatens to withdraw mining licences over unpaid fees

By: Reuters     19th February 2020 Zimbabwe has given holders of mining concessions up to the end of April to pay $11-million in outstanding annual fees or risk losing their licences, the mines minister said on Tuesday. Mining is the biggest earner of foreign exchange in the southern African nation, which hopes the sector will... 

Hudbay to start mining at Pampacancha in late 2020

By: Mariaan Webb     19th February 2020 The community of Chilloroya has formally approved a surface rights agreement with TSX- and NYSE-listed miner Hudbay for the Pampacancha satellite deposit, located near the Constancia mine, in Peru, paving the way for mining to commence from the deposit in late 2020. Announcing the agreement,... 

Hudbay to start mining at Pampacancha in late 2020
Hudbay president and CEO Peter Kukielski

Centerra reports fatality at Kumtor

By: Creamer Media Reporter      18th February 2020 The Kumtor mine, in Kyrgyzstan, has suffered a fatality, owner Centerra Gold reported on Tuesday. At the weekend, a Kumtor employee succumbed to a fatal injury while operating an excavator, which tipped and then slipped down into a water-filled basin near the edge of Petrov lake, which is... 

Marikana, US assets boost Sibanye's PGM resources, reserves

By: Creamer Media Reporter      18th February 2020 JSE- and NYSE-listed Sibanye-Stillwater's platinum-group metal (PGM) mineral resources have increased by 90% to 389-million ounces, while its PGM mineral reserves have increased by about 20% to 55.10-million ounces. The precious metals miner on Tuesday attributed the increase in its PGM mineral... 

Billionaire Sawiris hopes to join Egypt gold rush as rules eased

By: Bloomberg     18th February 2020 One of Egypt’s richest men has long coveted a role in his nation’s gold-mining industry. Now, a shakeup in regulations and a potential auction of new licenses could give Naguib Sawiris a shining opportunity. The Egyptian government “already started talks with us as well as other companies to... 

Pan African’s strategy yields strong interim results

By: Tasneem Bulbulia     18th February 2020 Dual-listed Pan African Resources achieved improved operational, financial and safety results for the six months ended December 31, owing to its business strategy of delivering safe, sustainable and high-margin gold production, CEO Cobus Loots said on Tuesday. For the period, the company recorded... 

Pan African’s strategy yields strong interim results
Photo by Creamer Media
Pan African Resources CEO Cobus Loots

Petropavlovsk confirms potential Moscow listing

By: Mariaan Webb     18th February 2020 London-listed gold mining company Petropavlovsk on Monday confirmed that it was considering a dual-listing on the Moscow Stock Exchange. The company’s statement was in response to media reports that it was considering a dual listing to raise money from Russian investors to pay down its... 

Red River sets sights on Liontown

By: Esmarie Iannucci     18th February 2020 Junior base and precious metals producer Red River Resources has announced plans to develop the Liontown deposit as its next mining operation at the Thalanga gold project, in Queensland. An updated mineral resource for the Liontown project is due in March this year, with the miner telling... 

Royal Mint launches gold-backed securities tradable on London Stock Exchange

By: Reuters     17th February 2020 Britain's 1 100-year-old Royal Mint said on Monday it will launch an exchange-traded product this week backed by physical gold held in its vault in Wales, which will trade on the London Stock Exchange. Gold exchange-traded products, which issue securities backed by metal they buy and store on... 

Egypt eyes gold rush with fresh exploration tender by March

By: Bloomberg     17th February 2020 Egypt will invite international gold-mining companies to take part in a new exploration tender after the North African country eased the rules to woo investors, according to a person familiar with the matter. The tender will be announced by early March, said the person, who asked not to be... 

Rick Menell appointed Sibanye lead independent director

By: Tasneem Bulbulia     17th February 2020 JSE- and NYSE-listed Sibanye-Stillwater has appointed Richard (Rick) Menell lead independent director of the board, effective February 14. Menell joined the Sibanye board as nonexecutive director in January 2013. 

Regis posts record profit on higher gold price

By: Esmarie Iannucci     17th February 2020 ASX-listed gold miner Regis Resources has reported a record net profit after tax of A$93.4-million for the half-year ended December, on the back of increased gold prices. During the interim period, Regis sold 183 807 oz of gold, down slightly from the 186 276 oz sold during the previous... 

Super Pit leaves Saracen with higher profits

By: Esmarie Iannucci     17th February 2020 Gold miner Saracen Mineral Holdings has reported an 84% increase in underlying net profit after tax for the six months ended December, as production from the company’s newly acquired 50% stake in the Super Pit mine, in Kalgoorlie, started to pay dividends. Gold production for the interim period... 

Resolute adds to US hedgebook

By: Esmarie Iannucci     17th February 2020 Dual listed gold miner Resolute Mining has forward sold a further 30 000 oz of gold, at a price of $1 590/oz for scheduled monthly deliveries of 5 000 oz a month between January and June next year. “Incremental expansion of our US dollar hedging position at levels which are significantly above... 

US-Canada critical metals focus could aid Nico

By: Tracy Hancock     17th February 2020 The Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories, is among several advanced critical minerals projects in the country that could be fast-tracked to production stage with some government assistance, says developer Fortune Minerals. 

US-Canada critical metals focus could aid Nico
PROJECT OVERVIEW Fortune Minerals is working on increasing grade and gold contribution from its Nico deposit and reducing the capital costs of production facilities

Newmont gold reserve swells to 100Moz

By: Creamer Media Reporter      17th February 2020 US-based gold major Newmont has reported gold mineral reserves of 100.2-million attributable ounces for 2019, which compares with 65.4 -million ounces at the end of 2018. This 53% increase follows the successful completion of two transactions and ongoing exploration success. 

AngloGold’s Mponeng sale credit positive – Moody’s

By: Tasneem Bulbulia     14th February 2020 Ratings agency Moody’s Investors Service has rated miner AngloGold Ashanti’s decision to sell its remaining South Africa operating assets to Harmony Gold Mining Company as credit positive. This is because it reduces the company’s average all-in sustaining cost (AISC) by about 2.4% and allows it... 

Sibanye's JSE-listed shares rise on upbeat trading update 

By: Creamer Media Reporter      14th February 2020 Precious metals miner Sibanye-Stillwater's share price on the JSE rose by more than 7% on Friday afternoon as the group announced a recovery in its operational and financial performance for the second half of 2019.   

Katoro hopes to sell subsidiary soon, continues to explore Tanzanian deposit

By: Marleny Arnoldi     14th February 2020 Aim-listed gold and nickel project developer Katoro Gold has been pursuing various project opportunities to benefit the company and advance what it says is a transformational phase for the company. Subject to funding being secured, the company’s tailings exploitation joint venture with South... 

Robbery attempt prompts security step-up at South Deep – Gold Fields  

By: Martin Creamer     14th February 2020 Security is being stepped up at South Deep gold mine in Gauteng to present an even more resistant barrier to armed criminals, said Gold Fields executive vice-president Martin Preece said on Thursday. This action follows last year’s gold robbery attempt at the mine by machine-gun wielding gangsters. 

Robbery attempt prompts security step-up at South Deep – Gold Fields
Gold Fields EVP Martin Preece talks to Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

Senegal approves Teranga and Barrick's Massawa transaction

By: Creamer Media Reporter      14th February 2020 Senegal has approved TSX-listed Teranga Gold’s $430-million acquisition of the Massawa mine from gold major Barrick Gold. The Senegal approvals also include a formal consent to Teranga’s plans to integrate Massawa into its existing Sabodala gold mine, as well as a formal waiver by the government... 

New Gold updates mine plans for New Afton, Rainy River

By: Mariaan Webb     14th February 2020 TSX- and NYSE American-listed New Gold on Thursday released the results of updated life-of-mine (LoM) plans for the Rainy River gold/silver mine, in Ontario, and the New Afton gold/copper mine, in British Columbia. CEO Renaud Adams said that the rejigged plans for New Gold set out a “clear and... 

Yamana posts profit, declares maiden quarterly dividend

By: Mariaan Webb     14th February 2020 Canada-based precious metals miner Yamana Gold has rewarded shareholders with a maiden quarterly dividend of $0.0125 a share, in line with its previously announced 25% increase to the company’s yearly dividend. The gold miner has now increased its yearly dividend cumulatively by 150% to $0.05 a... 

Yamana posts profit, declares maiden quarterly dividend

Agnico Eagle trims 2020 guidance on slower Nunavut ramp-up

By: Mariaan Webb     14th February 2020 Gold producer Agnico Eagle CEO Sean Boyd said on Thursday that he remained confident in the business, despite trimming its 2020 guidance to reflect a slower ramp-up at its new mines in Nunavut, Canada. The miner, which also owns operations in Finland and Mexico, is forecasting 2020 production to... 

Agnico Eagle trims 2020 guidance on slower Nunavut ramp-up
Agnico Eagle CEO Sean Boyd

New focus implies decarbonisation assent

By: Mamaili Mamaila     14th February 2020 In its seventh year, the 2019 Energy and Mines World Congress marked a “historic shift in conversations about energy in mining”, says Energy and Mines director Adrienne Baker. 

New focus implies decarbonisation assent
NICK HOLLAND The Gold Fields CEO and congress keynote speaker committed to reducing emissions by 800 000 t from 2017 to 2020

New boss for Mexico’s largest openpit mine

By: Tracy Hancock     14th February 2020 Colorado-based gold mining company Newmont will transfer its Boddington gold and copper mine GM, Jim Cooper, from Australia to Mexico in the first quarter of this year to optimise its civil action-plagued Peñasquito openpit mine to improve productivity, lower costs and extend mine life. Newmont... 

New boss for Mexico’s largest openpit mine
PRODUCTIVITY PICK UP One of the key focus areas for Peñasquito includes improving throughput at the front end of the mill

US-Canada critical metals focus could aid Nico

By: Tracy Hancock     14th February 2020 The Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories, is among several advanced critical minerals projects in the country that could be fast-tracked to production stage with some government assistance, says developer Fortune Minerals. 

US-Canada critical metals focus could aid Nico
PROJECT OVERVIEW Fortune Minerals is working on increasing grade and gold contribution from its Nico deposit and reducing the capital costs of production facilities

Low carbon future to dictate PDAC 2020 talks

By: Tracy Hancock     14th February 2020 Mineral exploration and mining’s role in the global shift towards a low carbon future could dominate discussions at this year’s Prospectors & Developers Association of Canada (PDAC) Convention, PDAC executive director Lisa McDonald tells Mining Weekly. “To meet demand for electric vehicle... 

Low carbon future to dictate PDAC 2020 talks
CRITICAL GATHERING Popular topics that should continue to attract high attendance at the PDAC Convention are diversity and inclusion, sustainability, capital markets and Indigenous affairs

Integrated approach can ease load-shedding risks

By: Natasha Odendaal     14th February 2020 As South Africa’s industry bears the brunt of devastating power cuts, Zest WEG, the South African subsidiary of Brazilian motor and controls manufacturer WEG, is encouraging mining companies to start adopting integrated, holistic solutions that will reduce energy consumption while diversifying... 

Govt-mining industry cooperation at regional level very good – Gold Fields  

By: Martin Creamer     13th February 2020 The cooperation between the government and mines at regional level is very good, but where it falls down is at national level, Gold Fields CEO Nick Holland said on Thursday. Responding to Mining Weekly during a media roundtable at the JSE, Holland said that at the national level, there was... 

Govt-mining industry cooperation at regional level very good – Gold Fields
Gold Fields CEO Nick Holland questioned by Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

Egypt approves first gold mining licence in more than a decade

By: Reuters     13th February 2020 Egypt has approved a mining licence for Aton Resources Inc, the Canada-based gold miner said on Thursday, the first such award since the country's main gold producer Centamin secured a licence more than a decade ago. Centamin received its mining licence in 2005, according to its website. 

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