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Gold News

Acacia lowers AISC, maintains positive net cash position in Q3

By: Marleny Arnoldi     19th October 2018 Lower realised gold prices and lower production resulted in gold miner Acacia Mining reporting an 11% year-on-year decrease in earnings before interest, taxes, depreciation and amortisation to $44.6-million for the third quarter, ended September 30. The company reported revenue for the period... 

Harmony, Amplats report fatalities

By: Marleny Arnoldi     19th October 2018 Precious metals miners Harmony Gold and Anglo American Platinum (Amplats) both reported fatalities on Friday. A Harmony employee died after falling from a height, while working in the shaft bottom at the Kusasalethu mine, near Carletonville.  

Lionsgold apologises as shares head for cancellation

By: Mariaan Webb     19th October 2018 Gold exploration, production and retail firm Lionsgold CEO Cameron Parry on Friday offered an apology to shareholders as the company announced that trading on the Aim would be cancelled on November 12. Lionsgold, which is developing a gold currency and banking platform, was suspended from... 

China's Shandong Zhaojin seeks South American mining assets

By: Reuters     19th October 2018 Shandong Zhaojin Group, one of China's biggest gold miners, is scouring assets in South America as it looks to invest in its first overseas mining project, its general manager said on Friday. The company has set up a representative office in Machala, capital of Ecuador's El Oro province,... 

Gold merger will create industry 'superpower'

By: Rebecca Campbell     19th October 2018 The merger between Barrick Gold (domiciled in Canada and dual-listed on the New York and Toronto stock exchanges) and Randgold Resources (domiciled in Jersey and dual-listed on the London and Nasdaq stock exchanges), announced last month and still awaiting shareholder and regulatory approvals,... 

Sheffield warns of A$115m Thunderbird cost blowout

By: Esmarie Iannucci     19th October 2018 Mineral sands developer Sheffield Resources has warned of a cost blow-out at its Thunderbird project, in Western Australia, of some A$115-million. The company on Friday said that the Stage 1 capital cost for the Thunderbird project was expected to be some A$463-million, compared with the... 

Sheffield warns of A$115m Thunderbird cost blowout

Kenya to establish gold refinery in bid to boost mining revenue

By: Bloomberg     19th October 2018 Kenya is seeking consultants for a feasibility study on a planned gold refinery in the East African nation’s western town of Kakamega, in a bid to boost earnings by small-scale miners. “The aim of the project is to improve the livelihoods of the beneficiary community, regional economy and that of... 

Arc exits Indonesia JV to focus on Ontario project

By: Esmarie Iannucci     19th October 2018 ASX-listed junior Arc Exploration has inked a binding sales agreement to divest of its joint venture (JV) interest in the Trenggalek copper/gold project, in East Java, Indonesia. The company has sold its interest to JV partner PT Sumber Mineral Nusantara for A$100 000, saying on Friday that the... 

Acacia Mining threatens to invoke investment treaty in Tanzania dispute 

By: Reuters     19th October 2018 Acacia Mining said on Friday it would seek direct dialogue with Tanzania over a long-running tax dispute and threatened to invoke a bilateral investment treaty should a settlement not be reached. Acacia's parent Barrick Gold has been negotiating with the Tanzanian government on behalf of... 

Acacia Mining threatens to invoke investment treaty in Tanzania dispute

Mike Eksteen reflects on twenty-fifth anniversary of Kloof Gold accident

By: Nadine James     19th October 2018 October 13 marked the twenty-fifth anniversary of the successful rescue of 150 miners trapped 3 km underground at the Kloof Gold Mine No. 3 sub shaft, in Westonaria, west of Johannesburg. Former Kloof Gold Mine GM Mike Eksteen, who helmed one of the most successful mine rescue operations in South... 

Mike Eksteen reflects on twenty-fifth anniversary of Kloof Gold accident
Photo by Nadine James
Dirk Albrecht & Mike Eksteen

Algold assay results exceed expectations

19th October 2018 West Africa-focused junior developer Algold Resources’ preliminary assay results from drilling carried out in July and August on the high-grade Salma-Eleonore East Vein System (SVS) located at the company’s Tijirit gold project in Mauritania have exceeded expectations. The results released last... 

Algold assay results  exceed expectations
SAMPLING Exploration work is ongoing along Algold Resources' Salma project in Mauritania

Avesoro New Liberty mineral resources upgrades

19th October 2018 West African gold producer Avesoro Resources has successfully increased the measured and indicated mineral resource at its New Liberty gold mine in Liberia to more than 1.1-million ounces. “The completion of the infill drilling campaign at New Liberty has improved the confidence in the estimated... 

Avesoro New Liberty  mineral resources upgrades
FUTURE Avesoro Resources is evaluating the optimal approach for the mining of the New Liberty orebody to deliver strong positive cash flows

Tekeledougou’s assay results show extended gold

19th October 2018 West African focused gold exploration company Cora Gold last month announced the final batch of assay results from the Tekeledougou project in southern Mali which confirm that the strike length of gold mineralised structures extends to at least 1.1 km at Kouroudian prospect and 350 m at Woyoni... 

Tekeledougou’s assay results show extended gold
INCREASE Cora Gold final batch of assay results from the Tekeledougou project in southern Mali show extended gold

SRK Ghana expanding into other West African markets

By: Nadine James     19th October 2018 As the economic mood in the global mining industry turns towards the better, SRK Consulting’s Accra office, in Ghana, has been making inroads into new markets in Côte d’Ivoire and Togo, SRK Ghana country manager John Kwofie noted in a release last week. He believes that there is potential for... 

SRK Ghana expanding into other West African markets
JOHN KWOFIE The Ghana office is a springboard to other countries in the region

Motsoaledi calls on mining industry to provide healthy working environment 

By: Simone Liedtke     18th October 2018 It is estimated that more than one-million former mineworkers, who are in need of medical assessments and treatments, are without access to health services, Health Minister Dr Aaron Motsoaledi told delegates at the Mine Health and Safety Summit, held in Benoni, on Thursday. He said that, with the... 

Scotgold provides planning update, French unit be liquidated

By: Mariaan Webb     18th October 2018 Aim-listed Scotgold on Thursday expressed its hope that the Loch Lomond and the Trossachs National Park Planning Authority (NPA) would soon announce a formal decision on the Cononish gold and silver project. The company said that it had worked with the NPA to secure all the necessary agreements... 

Shanta revises FY18 production guidance lower

By: Creamer Media Reporter      18th October 2018 Aim-listed Shanta Gold has revised its production guidance for the full-year to about 80 000 oz of gold, compared with the previously targeted 82 000 oz to 88 000 oz, as a result of lower-than-expected mine grades, which have impact on production and increased the per unit cost. The gold miner,... 

August mining production down 9.1% y/y

By: Creamer Media Reporter      18th October 2018 South Africa’s mining production decreased by 9.1% year-on-year in August, Statistics South Africa reported on Thursday. The decrease was driven by lower output in the iron-ore, gold and platinum group metals (PGMs) sectors. 

Highland ups Sept quarter production

By: Mariaan Webb     18th October 2018 Aim-listed Highland Gold, which operates the Mnogovershinnoye (MNV), Novoshirokinskoye (Novo) and Belaya Gora mines in Russia, boosted its September quarter output by 4.4% year-on-year to 74 826 oz of gold and gold equivalent. Its nine-month output came to 203 747 oz and the company reported on... 

Synfuels, manganese production train and Morila mine make headlines  

18th October 2018 This week Mining Weekly editor Martin Creamer unpacks South Africa’s synfuels know-how, Transnet’s manganese production train and Morila mine’s agribusiness conversion. 

Synfuels, manganese production train and Morila mine make headlines
Synfuels, manganese production train and Morila mine make headlines

Iamgold invests in blockchain-based gold system

By: Creamer Media Reporter      18th October 2018 Gold miner Iamgold has joined fellow gold miner Yamana Gold and other partners, including Sprott and Valcambi, in investing in technology company Emergent Technology Holdings (EmTech), which uses blockchain technology to track the provenance of responsibly sourced gold. EmTech's Responsible... 

Alkane reconsiders Peak Hill

By: Esmarie Iannucci     18th October 2018 ASX-listed Alkane Resources is considering the development of an underground operation at its Peak Hill gold mine, some 15 km from its Tomingley gold project, in New South Wales. The junior company said on Thursday said that an inferred mineral resource of 1.02-million tonnes, grading 3.29 g/t... 

Zambia's finance minister says new mining taxes will not hit operations

By: Reuters     18th October 2018 Mining companies operating in Zambia will still meet their operational costs even after the government imposes higher taxes in Africa's No.2 copper producer, its finance minister said on Wednesday. Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase... 

Pacton mulling milling options

By: Esmarie Iannucci     18th October 2018 ASX-listed junior Artemis Resources has entered into a strategic processing alliance with TSX-V listed Pacton Gold, leveraging opportunities at Artemis’ Radio Hill operations, in Western Australia. Pacton told shareholders on Thursday that the Radio Hill processing facility provided the... 

Perseus on track for full-year production

By: Esmarie Iannucci     18th October 2018 Dual listed gold miner Perseus Mining is on track to achieve its full year production targets after another strong quarter in the three months to September. The ASX- and TSX-listed company produced 72 477 oz of gold in the quarter under review, compared with the 83 881 oz produced in the June... 

Xanadu achieves dual-listed status

By: Creamer Media Reporter      18th October 2018 Mongolia-focused Xanadu Mines will list on the TSX on Thursday, as part of the company’s efforts to develop a broader awareness of its porphyry copper/gold discovery in Mongolia’s south Gobi. 

Wallbridge adds Excellon's Beschefer to its growth pipeline

By: Mariaan Webb     17th October 2018 TSX-listed Wallbridge Mining has entered into an option agreement to acquire an advanced gold exploration project near its flagship Fenelon gold property. The company announced on Wednesday that it had entered into an option agreement to acquire the Beschefer property from fellow-listed Excellon... 

Endeavour moves forward Ity gold pour

By: Mariaan Webb     17th October 2018 The Ity carbon-in-leach (CIL) gold project that Endeavour Mining’s in-house team is building in Côte d'Ivoire is tracking two months ahead of schedule and will pour its first gold at the beginning of the March 2019 quarter, rather than mid-year, the Canadian firm reported on Wednesday. In a... 

Endeavour moves forward Ity gold pour
The process plant construction is more than 70% complete, tracking ahead of schedule.

Asanko tracking top end of H2 guidance

By: Mariaan Webb     17th October 2018 Mining operations at the Asanko Gold Mine (AGM) are ahead of plan, standing the Ghana joint venture (JV) operation in good stead to meet its full-year production guidance of 200 000 oz to 220 000 oz. The mine – a 50:50 JV between Asanko Gold and Gold Fields – produced a record 61 599 oz in the... 

Hochschild ups production target

By: Creamer Media Reporter      17th October 2018 London-listed Hochschild has raised its production target from 38-million ounces to 38.5-million ounces of silver equivalent, following a record nine-month performance. The miner, which operates three mines in Peru and one in Argentina, reported attributable nine-month production of 29.5-million... 

Acacia Mining says another employee arrested by Tanzania anti-corruption body

By: Reuters     17th October 2018 Acacia Mining said on Wednesday an employee and a former employee were detained by Tanzania's anticorruption authority, a week after the gold miner said another staffer had been released on bail after being charged with corruption. Tanzania's anti-corruption authority was quoted by local media as... 

Greek PM-wannabe says unblocking Skouries a priority

By: Bloomberg     17th October 2018 Kyriakos Mitsotakis says he’s a man with a mission. The leader of New Democracy, currently Greece’s main opposition party – who will become Prime Minister if his party wins general elections next year – says what the country needs more than anything else is investment. With that in mind, he says... 

Greek PM-wannabe says unblocking Skouries a priority
The Skouries project.

Explorer Central Timmins lists on TSX-V

By: Creamer Media Reporter      17th October 2018 Ontario explorer Central Timmins Exploration has listed on the TSX-V this week, after closing its initial public offering (IPO), which raised C$1.5-million. The junior, which has assets prospective for gold and base metals in the Porcupine mining district, offered 15-million common shares at... 

IDM sinks drills at Red Mountain

By: Creamer Media Reporter      17th October 2018 TSX-V-listed IDM Mining is back drilling at the Red Mountain mine, west of Stewart, British Columbia, announcing on Tuesday that two core rigs had started operating at the underground project, An estimated 7 600 m in over 30 holes are planned for the exploration programme, which will test four... 

Openpit mining starts at Wiluna

By: Esmarie Iannucci     17th October 2018 Openpit mining has started at the Wiluna gold mine, in Western Australia. ASX-listed Blackham Resources said on Wednesday that the restart of mining at Wiluna was expected to increase plant feed grade, reduce haulage costs and significantly reduce mine sequencing risks due to more mining areas. 

Vector secures $35m in additional debt

By: Esmarie Iannucci     17th October 2018 ASX-listed junior Vector Resources has secured a $35-million debt funding for its Adidi-Kanga gold project, in the Democratic Republic of Congo. Dubai-based FT General Trading will provide the funding, which will be used for payments relating to the acquisition of the Adidi-Kanga project, the... 

Brazilian assets start to deliver for Oz

By: Esmarie Iannucci     17th October 2018 Copper/gold producer Oz Minerals has reported an increase on copper production for the three months to September, following the addition o f the Antas copper project, in Brazil. Copper production in the September quarter was up to 31 919 t, up from the 27 131 t produced in the previous quarter,... 

Troy reports wall failure at Karouni’s Smart 3 pit

By: Esmarie Iannucci     17th October 2018 Gold miner Troy Resources has suspended operations in the Smarts 3 pit, at its Karouni operation, in Guyana, following a geotechnical event which resulted in a small failure of the northern wall of the pit. Troy said that while no injuries or damages were reported as a result of the wall... 

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