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Gold dips to near 6-year low, set for sixth straight weekly drop

By: Reuters Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a US interest rate rise next month. Spot gold hit $1 055.99 /oz, its lowest since February 2010, and was down 1.5% at $1 057.27 by... 

Bisha mine, Eritrea

By: Sheila Barradas A gold/copper/zinc deposit, located 150 km west of Asmara, in Eritrea. 

Bisha mine, Eritrea


Tramecon is a turnkey laboratory solutions provider, servicing mining projects worldwide from its wholly owned Randburg facility, comprising two mini factories covering 400 m2. The company has recently supplied South Africa-based product logistics monitoring for a Democratic Republic of Congo... 

Indian gold demand seen falling to 8-year low in festive quarter

By: Reuters India's gold buying in the key December quarter is likely to fall to the lowest level in eight years, hurt by poor investment demand and back-to-back droughts that have slashed earnings for the country's millions of farmers. The sluggish demand could halve imports by the world's second-biggest... 

Resources Watch

The Fed hike could knock gold price down to $1 000/oz; Banks offer up R12-billion in Transnet deal; And, Lets rebuild mining together says Rick Menell 

Resources Watch

Evolution won't up bid for Phoenix

By: Esmarie Swanepoel Gold miner Evolution Mining has warned the remaining shareholders in takeover target Phoenix Gold that it would not increase its offer for the ASX-listed company. Earlier this month, the directors of Phoenix Gold advised shareholders to accept the revised takeover offer from Evolution Mining,... 

B2Gold breaks ground at new Mali gold mine

By: Creamer Media Reporter Vancouver-based B2Gold on Wednesday broke ground at its Fekola mine site in Mali, where the company is building a 350 000-oz/y gold mine. Mines Ministry Chief of Staff Robert Diarra officiated the event, which was attended by national and regional government representatives, as well as community... 

Deflector mining to start in Feb

By: Esmarie Swanepoel Openpit mining at the Deflector gold project, in Western Australia, was slated to start in February next year, with underground mining to follow in May. Gold miner Doray Minerals said on Wednesday that the commissioning of a new purpose-built processing plant would also follow in May or June... 

British Columbia, Alaska sign pact on protecting shared waterways

By: Reuters The Canadian province of British Columbia signed a memorandum of understanding with Alaska on Wednesday to protect transboundary rivers, watersheds and fisheries and be more involved in major mining developments in each other's territory. Under the agreement, a bilateral group will be created to... 

Newmont says firms eyeing Indonesian assets yet to meet 'sales criteria'

By: Reuters Newmont Mining Corp said discussions with firms potentially interested in acquiring the US company's Indonesian assets have not met its "sales criteria". The owner of Indonesia's largest listed oil and gas company, Medco Energi Internasional, Arifin Panigoro, was seeking government approval to... 

Strong interest in making London gold market more transparent - LBMA

By: Reuters Exchanges, brokers and data vendors are interested in providing clearing or reporting services to make the gold market more liquid and transparent, the London Bullion Market Association (LBMA) said on Wednesday. Financial market transparency has been a major focus for regulators after evidence of... 

Gold Fields to build 3D model of huge South Deep mine

By: Martin Creamer A three-dimensional (3D) visualisation model of the large South Deep gold mine is poised to be the high point of a series of modernisation steps taken by the Gold Fields operation, which last week helped the share price of the Johannesburg- and New York-listed gold mining company to take its... 

Gold Fields to build 3D model of huge South Deep mine
South Deep gold mine

Gold extends gains on geopolitical tensions but US rate view drags

By: Reuters Gold added to overnight gains on Wednesday on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the rally was capped on expectations of a US rate hike next month. Turkey shot down the Russian jet near the Syrian border on Tuesday, saying the plane had violated... 

Argonaut chairperson to retire

By: Megan van Wyngaardt Canadian mining company Argonaut Gold’s chairperson Brian Kennedy will retire, effective December 31. Kennedy chaired the board since the company went public in December 2009. Prior to that, he served as Meridian Gold chairperson. 

Silver Lake sells noncore Murchison tenements

By: Esmarie Swanepoel Gold miner Silver Lake Resources entered into two transactions to extract value from its noncore tenements in the Murchison region of Western Australia, the ASX-listed company announced on Wednesday. In its first transaction, Silver Lake entered into a conditional sales and purchase agreement... 

Thunderbox remains on track - Saracen

By: Esmarie Swanepoel Mining at the Thunderbox gold mine, in Western Australia, continued to progress ahead of schedule, with owner Saracen Mineral Holdings on Wednesday confirming that the project was still slated to produce its firs gold in the June quarter of next year. First ore was mined in October, ahead of... 

Northern Star weighs electricity deal with Enerji

By: Esmarie Swanepoel ASX-listed Enerji has entered into contract negotiations with gold miner Northern Star at its Jundee gold project, in Western Australia. In July this year, Enerji was mandated to evaluate the viability of applying its advanced thermal energy node technology to the diesel- and gas-powered... 

Katanning scoping proves a hit for Ausgold

By: Esmarie Swanepoel ASX-listed junior Ausgold on Wednesday revealed that its Katanning gold project, in Western Australia, would require a capital investment of some A$70-million. Over the projected four-year mine-life, the project was expected to produce an average 47 340 oz/y, at a C1 cash cost of A$928/oz, to... 

Continental secures EIA prioritisation for Buriticá

By: Natasha Odendaal The final legal process to facilitate the filing of an updated environmental application amendment for TSX-listed Continental Gold’s flagship Buriticá project, in Colombia, has been completed. The Colombia government last week published Decree 2220, which would allow the national environment... 

Goldcorp, Teck complete combination of Chile projects

By: Creamer Media Reporter Gold major Goldcorp and diversified miner Teck Resources have completed the combination of their respective El Morro and Relincho projects, in Chile, into a 50:50 joint venture (JV), paving the way for a prefeasibility study (PFS) to start next year. Goldcorp said in a statement on Tuesday that... 

Kefi raises $4m for Tulu Kapi advancement

By: Natasha Odendaal Aim-listed Kefi Minerals has raised around $4-million through a conditional placing to advance its Tulu Kapi project, in Ethiopia. The group issued 877-million new ordinary shares of 0.1p each at a price of 0.3p apiece by way of a placing through Brandon Hill and the subscription of 54.8-million... 

Harmony declares maiden resource at Kili Teke prospect

By: Natasha Odendaal Gold miner Harmony Gold is “thrilled” with the prospect of transforming its Kili Teke resource – the first new porphyry copper-gold deposit defined in Papua New Guinea since the Golpu discovery in the early 1990s – into a major new deposit. Following the declaration of the greenfield project’s... 

Yamana to reduce Brio Gold stake to 21% through private placement

By: Henry Lazenby Canadian miner Yamana Gold will reduce its stake in subsidiary Brio Gold to about 21%, as the parent moves to further divest from the Brazil-focused spin-out. TSX- and NYSE-listed Yamana and Brio have started a private placement of Brio shares. It would comprise a primary offering by Brio and a... 

Barrick cuts FY guidance on Pueblo Viejo mechanical issues

By: Henry Lazenby Canadian gold producer Barrick Gold has cut is full-year output guidance as a mechanical issue at the Pueblo Viejo mine, in the Dominican Republic, is expected to result in lower output at the operation until mid-January 2016. TSX- and NYSE-listed Barrick now expected to produce 6-million to... 

Alecto acquires Zambian gold deposits

By: Megan van Wyngaardt Africa-focused gold and base metals developer Alecto has entered into an agreement to buy Luiri, which owns the 760 000 oz Matala and Dunrobin Gold Mines (the project), in Zambia, for £1.54-million. Alecto would issue 943-million new ordinary shares with an aggregate value of £1.13-million, pay... 

G Resources sells gold mine, to expand in financial services

By: Reuters Hong Kong-listed G-Resources has agreed to sell its main asset the Martabe gold mine in Indonesia, for $775-million, including assumed debt, to a consortium led by a private equity firm headed by its vice chairman. With gold prices having slumped by about a third since the Martabe mine started... 

Sumatra produces high-grade ore at Tembang

By: Esmarie Swanepoel ASX-listed Sumatra Copper & Gold has started underground production of high-grade ore at its Tembang gold/silver operation, in Indonesia. Construction of the Tembang project started in November last year, and first gold pour was achieved in September this year, about eight weeks ahead of schedule. 

Cadia back at full steam – Newcrest

By: Esmarie Swanepoel The Cadia operation, in New South Wales, is back to full production following repairs and a period of operational testing at the Concentrator 1 semi-autogenous grinding (SAG) mill. The mill was taken offline for an inspection on October 18, which revealed more loose windings than initially... 

Troy pours first gold at Karouni

By: Esmarie Swanepoel Dual-listed gold miner Troy Resources has produced its first gold bar from the Karouni project, in Guyana. “We are extremely excited to have poured our first gold bar at Karouni. The plant is fully functional and we are operating at a level slightly ahead of our anticipated ramp-up programme,”... 

Two B2Gold employees rescued in Mali terrorist siege

By: Henry Lazenby Canadian gold producer B2Gold on Friday advised that two of its employees were safely extracted by antiterrorist soldiers, after a terrorist group took hostages at the Radisson Blu Hotel, in Bamako, Mali. The triple-listed miner confirmed that two employees were staying at the hotel at the time... 

PTM to start WBJV Project 1 hot commissioning after closing $80m financing 

By: Henry Lazenby Project developer Platinum Group Metals (PTM) will start with hot commissioning of the Western Bushveld Joint Venture (WBJV) Project 1 plant, near Rustenburg, South Africa, after closing and drawing down $80-million in separate financing deals on Friday. "We are very pleased to complete this... 

OSC orders Sprott to enhance disclosure of hostile offer in lenghty bullion battle

By: Henry Lazenby The Ontario Securities Commission (OSC) has ordered Sprott Asset Management to issue a new "notice of change" to enhance disclosures to unitholders of Central GoldTrust (GTU) and Silver Bullion Trust (SBT) regarding amendments it made to the voting powers of attorney, sought through its hostile... 

OSC orders Sprott to enhance disclosure of hostile offer in lenghty bullion battle

ABM puts Old Pirate under the microscope

By: Esmarie Swanepoel Gold junior ABM Resources has launched a review of its Old Pirate gold mine, in the Northern Territory. The company said on Friday that the review would focus on the discrepancy being experienced between the mine’s estimated head grade and the mill reconciled grade. 

Côte d'Ivoire shuts down gold mine linked to senior army officer

By: Reuters Authorities in Côte d'Ivoire have closed a large gold mine that United Nations (UN) investigators claimed was controlled by a former rebel commander who now holds a senior position in the army, officials said on Thursday. UN officials and a Reuters investigation in May found that the mine near... 

Madagascar to pass mining, petroleum code in next months – President

By: Reuters Madagascar expects to pass its new mining and petroleum code by early next year at the latest and sees economic growth of 5% in 2016, its president said on Thursday. One of Africa's poorest countries, Madagascar hopes to accelerate economic growth by developing natural resources but it has... 

Mining industry may see M&A rush on weak share prices – McKinsey

By: African News Agency The fall in the share prices of mining companies could offer potentially valuable merger and acquisition opportunities for those in the industry who want to expand, global consulting group McKinsey & Company said on Friday, adding that recent M&A activity indicated some of those in the business... 

Atna declares bankruptcy

By: Henry Lazenby Colorado-based gold miner Atna Resources on Thursday filed for Chapter 11 bankruptcy protection, saying operational problems at its Pinson mine, in Nevada, the low gold price and a lack of investor interest had rendered it without sufficient liquidity to meet obligations. Atna had filed voluntary... 

African economies need to adjust focus as China shifts from resource-intensive growth model

By: Ilan Solomons Arguably Africa’s growth has in the past been propelled by artificially high commodity prices, driven by Chinese demand for natural resources. However, as China rebalances its economy away the resource-intensive growth model propelled by heavy infrastructure spending and manufacturing, commodity... 

African economies need to adjust focus as China shifts from resource-intensive growth model
EXCHANGING VIEWS Lesego Mosupye, Jürgen Kögel, Annabel Bishop, Andrew Lane and Peter Major
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