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Gold option volatility soars as investors race to protect against rout

By: Reuters Gold option volatility soared to its highest level since early this year on Friday, as investors scrambled to protect their positions against a prolonged rout after bullion tumbled to its lowest in four years. The 2% drop in gold December futures, its biggest one-day decline since July, fuelled... 

Eldorado Gold’s Q3 profit falls on iron-ore inventory write-down

By: Henry Lazenby TSX- and NYSE-listed Eldorado Gold this week reported a 45% decline in third-quarter net profit, as it booked an inventory write-down at the Vila Nova iron-ore mine, in northern Brazil. The Vancouver-based company, which has operations in Brazil, China, Greece, Turkey and Romania, reported for... 

TomaGold and Iamgold revise Quebec properties earn-in agreement

By: Henry Lazenby TSX-V-listed TomaGold and TSX-listed Iamgold on Friday announced that the companies had revised the terms of their agreement dated November 12, 2013, through which Iamgold would acquire a 50% interest in each of the Monster Lake, Winchester and Lac-a-l'Eau-Jaune properties, in Quebec. As a result... 

Russian, Ontario litigation could thwart Centerra’s Kyrgyz restructuring talks

By: Henry Lazenby The outcomes of two ongoing court cases in Russia and Ontario could potentially have a significant impact on the restructuring negotiations between Canadian miner Centerra Gold and the Kyrgyz Republic government over the ownership of the Kumtor gold mine. Centerra’s president and CEO Ian... 

Russian, Ontario litigation could thwart Centerra’s Kyrgyz restructuring talks

Harmony shuts Kusasalethu after illegal miners cause fire

By: Natasha Odendaal Gold miner Harmony Gold has closed its Kusasalethu mine for two weeks, as it takes a stance against the scourge of illegal miners after a fire – the third this month – threatened the safety and health of mineworkers. The fire, believed to have been started on Thursday by illegal miners, had... 

Harmony shuts Kusasalethu after illegal miners cause fire
Photo by Duane Daws
Harmony CEO Graham Briggs

Gold recoverer Goldplat turning attention to platinum opportunity

By: Martin Creamer Gold recovery company Goldplat, the South African operations of which generated an operating profit in the three months to September 30, is taking steps to diversify into platinum group metal (PGM) recovery. The London-AIM-listed company, which serves companies including AngloGold Ashanti,... 

Gold recoverer Goldplat turning attention to platinum opportunity
Goldplat COO Hansie van Vreden

Botswana mining output jumps 16.7% year-on-year in Q1

By: Reuters Botswana's mining production rose 16.7% year-on-year in the first quarter mainly due to the completion of maintenance at the Orapa diamond mine, the first set of industry figures from Statistics Botswana showed on Friday. Diamond output was the biggest contributor to growth in the first quarter,... 

India mulls fresh curbs on gold imports after spurt in shipments

By: Ajoy K Das Stung by a five-fold rise in gold imports during September, the Indian government has started considering options to tighten inward shipment of the precious metal. According to a government official, the Commerce Ministry has started consultations with various wings of the government, including... 

Burkina president rejects opposition calls to step down after violence

By: Reuters Burkina Faso's President Blaise Compaore said on Thursday he would stay in power at the head of a transitional government until after elections, rejecting opposition calls for him to step down immediately following a day of violent protests. The head of the armed forces, General Honore Traore,... 

Burkina president rejects opposition calls to step down after violence

Biswas outlines plan to fix Newcrest’s Lihir gold mine

By: Esmarie Swanepoel The CEO and MD of gold miner Newcrest Mining, Sandeep Biswas, on Friday outlined plans to bring the errant Lihir operation, in Papua New Guinea, under control. “I’ve spent a lot of time understanding the challenges of Lihir and have come to the conclusion that the first phase of improvement must... 

South American miner Troy reports lower output

By: Esmarie Swanepoel Despite reporting a slight decline in production during the three months to September, ASX- and TSX-listed gold miner Troy Resources has maintained its production expectations for the financial year to the end of June 2015. During the quarter under review, group gold production dropped to 20 624... 

Fatality does little to dampen Vantage growth

By: Esmarie Swanepoel Despite a fatality at the Barbrook mine, in South Africa, which resulted in a week’s loss of production, gold miner Vantage Goldfields on Friday reported higher September quarter production. Gold production during the quarter reached 8 466, which was well above the 6 913 oz achieved in the June... 

Teranga revises full-year output

By: Esmarie Swanepoel Senegal-focused gold miner Teranga Gold has downgraded its full-year production expectations by 8 000 oz, after deferring the mining of high-grad ounces and after failing to meet production expectations in the three months to September. The ASX- and TSX-listed miner on Friday reported that gold... 

Didipio set to exceed expectations - OceanaGold

By: Esmarie Swanepoel Dual-listed gold miner OceanaGold on Friday reported that its Didipio project, in the Philippines, was on track to beat full-year expectations, after a stellar third quarter. During the three months to September, the company produced 67 352 oz of gold and 7 978 t of copper, compared with the 60... 

Mining ops continue unfettered despite Burkina Faso civil unrest

By: Henry Lazenby Canadian gold miners with operations in Burkina Faso on Thursday said despite the declared state of emergency, their operations were continuing uninterrupted. Burkina Faso President Blaise Compaore had declared a state of emergency following violent protests in the capital that saw demonstrators... 

Mining ops continue unfettered despite Burkina Faso civil unrest

Newmont earnings fall on lower prices, beats Street

By: Henry Lazenby Gold producer Newmont Mining has reported lower earnings for the three months ended September 30, as lower sales and metals prices weighed on its balance sheet. However, the Denver, Colorado-based company’s financial results beat analyst forecasts, helped, in part, by lower costs. 

Newmont earnings fall on lower prices, beats Street

Company sells new underground mining pipes at expo

By: Pimani Baloyi Local pipes manufacturer Marley Pipe Systems sold several of its newly launched MegaTuff co-extruded flame-retardant high-density polyethylene (HDPE) and ventilation pipes for underground mining at this year’s Electra Mining Africa exhibition, where the products were introduced to the market for... 

Company sells new  underground mining  pipes at expo
MARLEY TEAM AT ELECTRA There is great potential for Marley Pipe Systems’ MegaTuff co-extruded fire retardant high-density polyethylene in the underground mining industry

Goldcorp stock falls on Q3 earnings miss

By: Henry Lazenby The NYSE-listed stock of miner Goldcorp on Thursday fell 10% after the world’s largest gold producer by market capitalisation swung to a net loss for the three months ended September 30. Vancouver-based Goldcorp had a loss for the third quarter of $44-million, or $0.05 a share, compared with net... 

Goldcorp stock falls on Q3 earnings miss

PanAust expects to hit upper-end of 2014 guidance

By: Esmarie Swanepoel Copper/gold miner PanAust on Thursday told shareholders that the company was on track to meet its full-year production guidance, after reporting a solid quarter in the three months to September. During the quarter under review, the Phu Kham mine, in Laos, produced 16 562 t of copper in... 

Accelerated underground development to save OceanaGold A$215m

By: Esmarie Swanepoel Dual-listed gold miner OceanaGold on Thursday estimated cost savings of about A$215-million between 2018 and 2020 from its Didipio project, in the Philippines, by bringing forward underground production. In September, ASX- and TSX-listed OceanaGold announced that the underground development of... 

Lower grades impact on Chatree output - Kingsgate

By: Esmarie Swanepoel Gold miner Kingsgate Consolidated has reported a slight decline in production during the three months to September, compared with the previous quarter, as its Chatree mine, in Thailand, access lower gold grades. Planned maintenance at the Chatree operation also resulted in lower plant... 

Yamana Gold posts big loss on charges for Brazil mines, tax

By: Reuters Yamana Gold reported a hefty third-quarter net loss on Wednesday as large impairment charges for three Brazilian mines and charges for newly enacted Chilean taxes more than offset higher production and lower costs. The Canadian-based gold miner recorded a $668-million impairment charge for its... 

Centerra Gold loss widens as prices, sales drop

By: Reuters Centerra Gold reported a deeper third-quarter loss on Wednesday, reflecting lower gold prices and the sale of fewer ounces of gold, the company said. The Toronto-based gold miner's net loss widened to $3.2-million, or $0.01 a share, from $1.8-million, or $0.01, in the year-ago period. 

Agnico Eagle posts Q3 loss, lifts 2015 guidance

By: Henry Lazenby Canadian miner Agnico Eagle experienced a third-quarter net loss of $15.1-million, or $0.07 a share, impacted by a non-cash foreign currency translation loss on deferred tax liabilities of $11.3-million and other special items. Excluding special items, the Toronto-based miner on Wednesday... 

Augusta acquisition adds to Hudbay’s Q3 profit

By: Henry Lazenby Canadian base metals producer Hudbay Minerals has generated a profit of $49.2-million, or $0.22 a share, for the three months ended September 30, up from $3-million for the same period in 2013, boosted by gains related to the C$555-million acquisition of Augusta Resource Corp in July. Hudbay... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

By: Henry Lazenby The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance. The Toronto-based miner, with operations in North and South America,... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

Report highlights economic impact of gold mining in Ontario

By: Henry Lazenby A recent independent report has highlighted the significant economic impact of Ontario’s mineral sector and found that all stakeholders – including miners, Aboriginal and other local communities, governments and supplier industries – benefitted from the sector’s activity. The University of... 

300 a year doing mechanised mining courses at Wits centre

By: Martin Creamer Three hundred people a year are doing courses in mechanised mining offered by the University of the Witwatersrand Centre for Mechanised Mining Systems (CMMS). CMMS director Dr Declan Vogt, who was interviewed by Mining Weekly Online at the university, sees one of the centre’s main roles as... 

300 a year doing mechanised mining courses at Wits centre
Photo by Duane Daws
CMMS director Declan Vogt

ERPM South Africa finalises funding arrangements for asset acquisition

By: Creamer Media Reporter ERPM South Africa, which is buying the underground mining and prospecting rights held by East Rand Proprietary Mines (ERPM), as well as certain other assets on relating mining areas, from DRDGold’s Ergo Mining Operations subsidiary, has finalised the required funding arrangements to proceed with... 

Evolution’s output falls, but cost focus pays off

By: Esmarie Swanepoel Gold-mining company Evolution Mining has reported lower C1 cash cost and lower gold production in the September quarter. Evolution produced 107 165 oz of gold, compared with 111 899 oz delivered in the June quarter. Cash costs for the quarter declined from the A$747/oz reported in the previous... 

Renaissance studies 93 000 oz/y Cambodia mine

By: Esmarie Swanepoel A scoping study into ASX-listed Renaissance Minerals’ Okvau gold project, in Cambodia, has estimated that the project could deliver some 93 000 oz/y over an eight-year mine life. Based on a mineral resource of 11-million tonnes grading 2.3 g/t gold, the scoping study assessed the possibility of... 

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