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Gold News

Yellen can't halt Trump gold rally that funds bet against

By: Bloomberg     20th February 2017 They should’ve had more faith. Hedge funds reduced their wagers on a bullion rally for the first time in three weeks, just before prices neared a two-month high and capped a third straight week of gains. Not even Federal Reserve Chair Janet Yellen’s outlook for higher US interest rates has been... 

Pan African shares fall on fatality-linked mining suspension at Evander

By: Martin Creamer     20th February 2017 The share price of Pan African Resources fell by more than 8% in early trade on Monday after the company issued a stock exchange news service notice announcing a fatality-linked 55-day mining suspension of the Evander shafts where studies recently identified critical infrastructure issues... 

Pan African shares fall on fatality-linked mining suspension at Evander
Photo by Duane Daws
Pan African Resources CEO Cobus Loots

Sanbrado proves positive for West African

By: Esmarie Swanepoel     20th February 2017 A feasibility study into the Sanbrado gold project, in Burkina Faso, has estimated that the project could produce about 93 000 oz/y over a nine-year mine life. ASX-listed West African Resources has revealed that, over the first three years of production, the mine is expected to produce 150 000 oz/y. 

Northern Star interim net profit rises 61% y/y

By: Esmarie Swanepoel     20th February 2017 Gold miner Northern Star Resources has reported a 61% year-on-year surge in net profit to A$104.6-million for the six months to December 31. The miner told shareholders on Monday that the increase in net profit was driven by the A$19.9-million profit from discontinued operation, which included a... 

Harmony reports fatality at Bambanani

By: Natasha Odendaal     20th February 2017 JSE-listed Harmony Gold on Monday reported a fatality at its Bambanani mine, in Welkom, in the Free State An investigation is under way after a winch driver was fatally injured in a fall-of-ground incident on Friday. 

Higher costs, lower prices impact on First Quantum's Q4 net earnings

By: Henry Lazenby     18th February 2017 Base metals producer First Quantum Minerals' net earnings from continuing operations decreased to $12-million for the three months ended December 31, compared with $111-million posted for the fourth quarter of 2015, as higher costs and lower metals prices weighed on the bottom line. For the full... 

Asa delivers mixed quarter as Trojan weighs on performance

By: Natasha Odendaal     17th February 2017 London-listed Asa Resources has delivered a mixed performance in the third quarter as commodity prices declined and some lingering operational difficulties persisted at its Trojan nickel mine, in Zimbabwe. However, the company has implemented several mitigating measures to deal with the... 

Shandong Tianye buys Hanking Australia for A$330m

By: Esmarie Swanepoel     17th February 2017 China’s Shandong Tianye Group has acquired unlisted Hanking Australia and its Southern Cross gold project, in Western Australia, for A$330-million. Hanking Australia, which is a subsidiary of Hong Kong-listed China Hanking Holdings, acquired the Southern Cross mine in 2013. The project is... 

Shandong Tianye buys Hanking Australia for A$330m

Ramelius sees 22% increase in earnings

By: Esmarie Swanepoel     17th February 2017 Gold miner Ramelius Resources has reported a 22% increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to A$49-million for the six months to December 31, compared with Ebitda of A$40.3-million in the six months to December 2015. Revenue was up 38% to A$106.3-million... 

Gascoyne raises cash for Dalgaranga build

By: Esmarie Swanepoel     17th February 2017 Junior Gascoyne Resources will raise up to A$55-million through a share placement and share purchase plan (SPP) to develop its Dalgaranga gold project, in Western Australia. The ASX-listed company on Friday announced that it had successfully completed a bookbuild to raise up to A$50-million... 

Yamana reports Q4 profit, foresees hiatus in capital spending

By: Henry Lazenby     17th February 2017 Canadian miner Yamana Gold on Thursday said it foresees a break in significant expansionary capital spending after completion of the Cerro Moro mine, in Argentina, and the Barnat extension at the Canadian Malartic mine, in Quebec, in 2018. The Toronto-headquartered company said it is targeting... 

MAC laments Canada’s declining mining competitiveness

By: Henry Lazenby     17th February 2017 Canada's mining competitiveness is declining, while exploration and mining investment dollars are flowing offshore, a new report by the Mining Association of Canada (MAC) has found. “Very simply, Canada is not as attractive as it used to be for mineral investment and competition for those dollars... 

MAC laments Canada’s declining mining competitiveness
Photo by Agnico Eagle Mines
Agnico Eagle's Meadowbank mine, Nunavut

Angola seeks to boost its mining sector

By: Keith Campbell     17th February 2017 The State-owned Empresa Nacional de Diamantes de Angola (Endiama – National Diamond Company of Angola) will not need additional investors to develop its Luaxe project, assured company President António Carlos Sumbula at the Angola Business Forum during the recent Mining Indaba in Cape Town.... 

Convention aims to bridge communication gap

By: Simone Liedtke     17th February 2017 As a continually evolving industry that operates globally, sometimes the biggest difficulty for the mining industry is getting the right people together in one place to discuss their challenges and find ways to address and, ultimately, overcome them, says Prospectors and Developers Association of... 

Convention aims to bridge communication gap
EIGHTY-FIFTH CONVENTION Prospectors and Developers Association of Canada's 2017 convention will feature more than 400 exhibitors at the investors exchange and 500 at the trade show

Critical minerals project awaits funding for construction

By: Simone Liedtke     17th February 2017 With cobalt trading above $17/lb and trending higher toward longer-term averages, project developer Fortune Minerals saw this as an opportune time to secure the project financing needed to build its Nico project, in Canada. 

Critical minerals  project awaits funding for construction
COBALT SULPHATE Cobalt-based lithium-ion battery chemistries deliver superior energy density for power and performance

Digitisation of project management imperative for project success

By: Victor Moolman     17th February 2017 Business management consultant SSG Consulting will continue to focus on project management and execution as its core business this year, with the intent of increasing its drive to further improve operational throughput of organisations and projects by 30% to 50%, despite the challenges facing the... 

Digitisation of project management imperative for project success
Photo by Duane Daws
MINE UPGRADES The adoption of big data, cloud, business intelligence, artificial intelligence, mobile technology and the digitisation of business will be the primary driver of successful organisations over the next five years

Group to split to improve customer focus

     17th February 2017 Swedish sustainable productivity solutions provider Atlas Copco will create a new company focused on mining and civil engineering, should it receive backing at its annual general meeting in April. 

Group to split to improve customer focus
STREGTHENING FOCUS Mining and Rock Excavation Technique and Construction Tools are expected to benefit from a more focused management responsibility

Localised conveyor belt supply to boost operational efficiencies

By: Simone Liedtke     17th February 2017 Over the past three to four years, metal prices have dropped precipitously and North American mining operators have been forced to implement more operational efficiencies, states conveyor belt vulcaniser product provider Shaw Almex CEO Tim Shaw. 

Localised conveyor belt supply to boost operational efficiencies
CONVEYOR BELT SOLUTION Many operators have turned to offshore conveyor belt suppliers, resulting in premature product failures and unreliable supply

New US President may benefit the resources sector

By: Henry Lazenby     17th February 2017 While US President Donald Trump is likely to lower US corporate taxes, bringing US dollars back into the country and rebuilding American infrastructure through a massive $1-trillion spending programme, Trump is coming in at the “US midnight” Euro Pacific Capital analyst Peter Schiff says. Markets... 

New US President may benefit the resources sector

Rehabilitation plan important for proper project management

By: Victor Moolman     17th February 2017 Rehabilitation should be included and budgeted for in a project’s initial mine plan to ensure proper project management over the entire mine life cycle, says nonprofit organisation Land Rehabilitation Society of South Africa (LaRSSA) president Raina Hattingh. 

Rehabilitation plan important for proper project management
Photo by Victor Moolman
OFTEN NEGLEGTED Unfortunately, the need for including rehabilitation components early on in mine plans is often neglected in South Africa

New Gold misses Q4 earnings forecast as gold, silver sales sag

By: Henry Lazenby     16th February 2017 Precious metals miner New Gold has reported a headline loss of $2.3-million for the three months ended December 31, as lower gold and silver sales volumes more than offset the benefit of higher gold and silver prices and higher copper sales volumes. The Toronto-headquartered company announced... 

Gold Fields set for ‘year of reinvestment’, announces R2.28bn South Deep growth plan 

By: Natasha Odendaal     16th February 2017 The South Deep gold mine achieved several milestones in 2016 as interventions implemented over the past two years started yielding results and dual-listed Gold Fields will now embark on a new R2.3-billion rebase plan at the mine to create a defensive asset in a spiralling industry. Equipped with... 

Gold Fields set for ‘year of reinvestment’, announces R2.28bn South Deep growth plan
Gold Fields CEO Nick Holland talks to Mining Weekly Online about South Deep's turnaround, what its future holds and why it is such a critical asset for Gold Fields. Camerawork: Nicholas Boyd. Videoediting: Lionel da Silva. Date recorded: 16.02.2017.

Avnel to halt production at Mali gold mine for 18 months

By: Reuters     16th February 2017 Canada's Avnel Gold will suspend production at its loss-making Kalana underground mine in Mali for 18 months from June to expand its operations and build a new processing plant, the West African nation's mines ministry said. Production will restart in January 2019 at a larger, open-pit mine with... 

GBM to merge with Canada's WCB

By: Esmarie Swanepoel     16th February 2017 Gold developer GBM Resources has announced a merger with Canada’s WCB Resources, creating an Australasia-focused gold development and exploration group. Under the terms of the proposed merger, WCB shareholders would receive eight GBM shares for each WCB share held. The Canadian firm’s... 

Evolution approves Cowal life extension project

By: Esmarie Swanepoel     16th February 2017 Gold miner Evolution Mining has approved developments at its Cowal mine, in New South Wales, which will increase the mine life by eight years to 2032. The expansion project earlier this month received New South Wales regulatory approvals. 

DRDGold injects R26m into environmental restoration, communities 

     16th February 2017 Having been part of the initial days of mining in Johannesburg, DRDGold is now part of the environmental restoration stage. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to discuss the gold producer’s efforts to limit the impact of ongoing operations on... 

DRDGold injects R26m into environmental restoration, communities
Camera & editing: Nicholas Boyd

Gold Fields unveils R2.28bn South Deep turnaround plan, earnings up sharply

By: Reuters     16th February 2017 South Africa's Gold Fields on Thursday announced a rise in profits and a long-awaited plan to make its South Deep mine profitable, with a production target of 500 000 oz/y. Gold Fields' last South African asset, South Deep is a mechanised mine which has presented operational challenges in an... 

Gold Fields unveils R2.28bn South Deep turnaround plan, earnings up sharply

Agnico Eagle to invest $1.2bn in Arctic gold mines

By: Reuters     16th February 2017 Agnico Eagle Mines said on Wednesday it would invest more than $1.2-billion in building a gold mine in Canada's Arctic and expanding another, making it one of the few gold companies to be constructing mines at a time when industry output is shrinking. Toronto-based Agnico said its board had... 

Kinross narrows Q4 loss as margins rise

By: Henry Lazenby     16th February 2017 Canadian miner Kinross Gold has reported a smaller headline loss for the fourth quarter ended December 31, as margins expanded on the back of higher gold sales and prices. The Toronto-based company reported an adjusted net loss of $50.9-million, or $0.04 a share, for the three-month period,... 

Goldcorp’s Q4 earnings surprise as decentralised business reaps rewards

By: Henry Lazenby     16th February 2017 Miner Goldcorp has reported a better-than-expected fourth-quarter profit, as substantially lower costs at its gold mines in the Americas and a higher gold price offset lower output, the company said on Wednesday. The Vancouver-based company reported net earnings of $101-million, or $0.12 a share,... 

Barrick lifts dividend as earnings beat forecast

By: Henry Lazenby     16th February 2017 VCanada’s Barrick Gold, the world’s largest gold producer by volume, announced on Wednesday that it has made significant progress on initiatives to repair its debt-laden balance sheet, declaring a higher dividend to shareholders and renewing its focus on exploration spending. The Toronto-based... 

Barrick lifts dividend as earnings beat forecast

San Dimas workers down tools as union negotiations fail

By: Henry Lazenby     16th February 2017 Mining and milling operations at precious metals producer Primero Mining's San Dimas mine have come to a halt as unionised workers downed tools following a breakdown in negotiations between union leaders and the company. Toronto-based Primero on Wednesday said it was looking to reduce the scale... 

DRDGold spends R26m in six months on environmental restoration  

By: Martin Creamer     15th February 2017 Johannesburg is probably one of the world’s best examples of unintended sustainable development, where almost accidentally the mining economy has been fully replaced by another larger economy. This is because mining took place for long enough to allow for the emergence of services industries such... 

DRDGold spends R26m in six months on environmental restoration
Mining Weekly Online’s Martin Creamer talks to DRDGold CEO Niël Pretorius on the company’s R26-million expenditure on environmental restoration. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

OceanaGold appeals Didipio suspension order

By: Esmarie Swanepoel     15th February 2017 Dual-listed gold miner OceanaGold has received an order from the Department of Environment and Natural Resources to suspend operations at the Didipio mine, in the Philippines. The company told shareholders that the order repeated allegations previously made by the government, citing petitions... 

Gruyere project gains final approvals

By: Esmarie Swanepoel     15th February 2017 The Western Australian Department of Mines and Petroleum has approved the project plans for the Gruyere gold project joint venture (JV) between ASX-listed Gold Road Resources and Gold Fields. Gold Road on Wednesday said the receipt of the approval ensured that the Gruyere project remains on track... 

DRDGold ups operating profit on lower output as enviro cleanup weighs

By: Martin Creamer     15th February 2017 Gold-from-dumps producer DRDGold on Wednesday announced a 4% increase in operating profit to R172.6-million on 7% lower gold output for the six months to December 31. A rise in the rand gold price helped to offset the impact of lower production in the period, when the company focused on cleaning... 

DRDGold ups operating profit on lower output as enviro cleanup weighs
Photo by Duane Daws
DRDGold CEO Niël Pretorius

MAG Silver reports strong exploration results at Mexico JV project

By: Henry Lazenby     14th February 2017 Precious metals-focused explorer MAG Silver has reported strong results from 13 exploration and infill drill holes that further extend wide, high-grade mineralisation in the deep zones of the Valdecañas vein system, on the Minera Juanicipio joint venture (JV) project, in which it holds a 44%... 

Seabridge expands Nevada footprint

By: Henry Lazenby     14th February 2017 Canadian project developer Seabridge Gold plans to acquire Paulson Gold Holdings’ Snowstorm project, located on the prospective intersection of three of the most important gold trends, the Carlin, Getchell and Northern Nevada Rift Zone trends, in Northern Nevada. The Snowstorm property comprises... 

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