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Gold News

Goldsource stock stumbles on revised lower guidance

By: Henry Lazenby     27th August 2016 VANCOUVER (miningweekly.com) – The TSX-V-listed stock of junior gold producer Goldsource Mines on Friday fell as much as 20% after the company revised lower its full-year guidance, citing weather related issues, a delay in the shipment of a 40-t truck to site and low grade ore. The... 

Venezuela says signs $5.5bn mining deals, companies include Barrick

By: Reuters     26th August 2016 President Nicolas Maduro said on Friday that Venezuela had signed over $5.5-billion in mining deals with companies including Canada's Barrick Gold and China's Shandong Gold. The deals are part of plan to ease the Opec nation's grave economic crisis that has caused food shortages and supermarket... 

Avocet sees H1 production, earnings rise despite challenging market

By: Megan van Wyngaardt     26th August 2016 Despite a tough operating environment, Aim-listed Avocet has achieved a positive performance in the six months to June 30, producing 41 614 oz of gold at a cash cost of $913/oz. This was a slight improvement on the 39 859 oz produced at a cash cost of $1 021/oz in the six months to June 30, 2015. 

West African Resources repays $5m loan

By: Creamer Media Reporter      26th August 2016 ASX-listed West African Resources said on Friday it had repaid a $5-million loan to Macquarie Bank ahead of its maturity date on September 30. The repayment was made following the completion of a A$21-million capital raising, announced earlier this month. 

Talga sells Pilbara gold assets to Oz subsidiary of Novo

By: Megan van Wyngaardt     26th August 2016 Junior Talga Resources has completed the sale of its Pilbara gold projects to Beatons Creek Gold, which exercised its option to purchase the Mosquito Creek, Talga Talga and Warrawoona projects. Beatons, an Australian subsidiary of the TSX-V-listed Novo Resources, previously acquired 100%... 

Saracen doubles profit, set to ramp up to 300 000 oz/y

By: Megan van Wyngaardt     26th August 2016 ASX-listed Saracen Mineral Holdings has delivered a 132% increase in net profit after tax to A$25.9-million for the financial year ended June, capping a strong operational and financial performance at its growing Western Australia gold operations. The profit, which was after allowing for an... 

Saracen doubles profit, set to ramp up to 300 000 oz/y

Moody’s upgrades St Barbara ratings, outlook stable

     26th August 2016 Ratings agency Moody’s Investors Service has upgraded Australian gold miner St Barbara’s corporate family rating and senior secured rating from B2 to B3, and assigned the company a stable outlook. Moody’s assistant VP Saranga Ranasinghe said that the upgrade of St Barbara's rating reflected the... 

Gold believers from Soros to UBS lose faith in miners’ gain

By: Bloomberg     26th August 2016 The red-hot market for gold-mining companies has made the shares too expensive for some investors, even though they remain bullish on the outlook for bullion. Earlier this year, fund managers including George Soros had gobbled up shares of producers such as Barrick Gold and Newmont Mining in a... 

Gold believers from Soros to UBS lose faith in miners’ gain
George Soros

Kinross suspends Chile mine ops, lays off 300 workers

By: Henry Lazenby     26th August 2016 Canadian miner Kinross Gold has laid off about 300 workers at its Maricunga mine, in Chile, after it was forced to suspend operations earlier than planned owing to a court ruling upholding a local regulator’s resolution to close the mine’s water pumping wells. Kinross previously stated that it... 

A$21m fundraising advances Tanlouka camp construction

     26th August 2016 Having received commitments to raise about A$21-million through a placement of 70-million shares at a price of A$0.30 a share, Perth-based gold company West African Resources can continue to rapidly progress its Tanlouka gold project. The placement proceeds will be used to start early civil... 

A$21m fundraising advances Tanlouka camp construction
ON TRACK The Tanlouka gold project feasibility study is on track to be completed in the fourth quarter

AMD technology a hot topic in South Africa

By: Robyn Wilkinson     26th August 2016 Finnish specialist in hydrometallurgical treatment technology Global EcoProcess Services Oy (EPSE) launched a treatment for acid mine drainage (AMD) in South Africa in July, which it claims is a cost-effective, one-step process that can integrate with the existing technology and equipment used by... 

AMD technology a hot topic in South Africa
Photo by Duane Daws
ENVIRONMENTAL IMPACT Acid mine drainage, which has a high sodium content, has a negative effect on agricultural land when it is discharged into rivers that are used for irrigation

Chinese banks major players in the country’s gold industry

By: Ilan Solomons     26th August 2016 In the past ten years China has become the world’s largest gold producer and consumer. It has also developed a vibrant gold banking sector, says the World Gold Council (WGC). The WGC’s latest Gold Demand Trends report, which was released earlier this month, states that China’s commercial banks... 

Chinese banks major players in the country’s gold industry
Photo by Bloomberg
GOLDEN SUPPLY More than 60% of China’s investment demand – sales of gold bars of 1 kg or smaller – is met through commercial banks’ nationwide network of easily accessible branches

More high-tech uses for gold being developed as electronic, industrial applications decline

By: Ilan Solomons     26th August 2016 Scientists in the US have developed a new super-hard alloy of gold and titanium. This new alloy is the hardest metallic substance that is compatible with living tissues and is four times tougher than titanium alone. This new material could have wide-ranging applications in medicine and dentistry,... 

More high-tech uses for gold being developed as electronic, industrial applications decline
SLIGHT DEMAND DECLINE Demand for gold in technological applications was down 3% year-on-year from 83.3 t in the second quarter of 2015 to 80.9 t in 2016

Remote mining locations continue to offer opportunity

By: Kimberley Smuts     26th August 2016 The biggest potential in the facility services industry currently lies across Africa. This is a result of the remote nature of many of the mining camps that often do not have access to towns or facilities, states Allterrain Services (ATS), a subsidiary of Tsebo Solutions, CEO Sanjay Narain. 

Remote mining locations continue to offer opportunity
SITE FACILITIES SUPPLIED ATS run labour-intensive facilities and management operations encompassing hygiene, catering and cleaning

Sadiola mine, Mali

By: Sheila Barradas     26th August 2016 A gold mine in western Mali. 

Sadiola mine, Mali

Trollope Mining Services

By: Creamer Media Reporter      26th August 2016 Trollope Mining Services (TMS) intends to diversify into other mineral sectors and grow the geographical footprint into Africa. The company currently operates in the coal, platinum, andalusite, chrome and gold sectors. 

Trollope Mining Services

Anglo Pacific reports strong interim results as royalty income rises

By: Henry Lazenby     25th August 2016 Royalty streaming firm Anglo Pacific Group has reported strong results for the first half of 2016, more than doubling free cash flow and narrowing its net loss, which was helped by a weaker pound and higher royalty income. For the interim period ended June 30, the London, UK-based firm reported a... 

Safety dominates Sibanye results presentation as 125% profit surge takes back seat 

By: Martin Creamer     25th August 2016 Top performing precious-metals mining company Sibanye Gold, dismayed by an uncharacteristic spate of mineworker fatalities, began its presentation of high-cash results for the half-year with a safety moment as a mark of its determination to up its safety performance. The 125% surge in profits in... 

Safety dominates Sibanye results presentation as 125% profit surge takes back seat
Sibanye Gold presentation attended by Mining Weekly Online’s Martin Creamer. Photographs, Video and Video Editing: Darlene Creamer

Resources Watch 

     25th August 2016 This week: Gold Fields lifts full-year production guidance as South Deep, Australian operations perform in first half; Harmony back in the black, eyes acquisitions; And, DRA enjoying rise in gold project share, eyeing more gold opportunities 

Resources Watch
Resources Watch

Middle Island sets timetable for restarting WA gold mine

By: Megan van Wyngaardt     25th August 2016 Australian gold miner Middle Island is set to restart operations at the Sandstone project, in Western Australia, by September 2017. The company acquired the 480 000 oz project from Black Oak Minerals in May for A$2.5-million. The project includes a 600 000 t/y carbon-in-pulp processing plant,... 

Newcrest, Harmony JV apply for Wafi-Golpu special mining lease

By: Megan van Wyngaardt     25th August 2016 The Wafi-Golpu joint venture (WGJV) on Thursday submitted an application for a special mining lease (SML) for its gold/copper/silver project in Papua New Guinea. The WGJV is one of three unincorporated JVs between subsidiaries of Australia’s Newcrest (50%) and South Africa’s Harmony Gold (50%),... 

DRA upbeat on gold project outlook 

     25th August 2016 Mining project company DRA has shared its excitement about new gold project opportunities opening up in South Africa, as well as Central and West Africa. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to shed light on the company’s enthusiasm. 

DRA upbeat on gold project outlook
DRA upbeat on gold project outlook

Free-falling Mongolia won’t be saved by commodity revival

By: Bloomberg     25th August 2016 The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer. Yet even though the commodity market finally has a pulse again... 

Sibanye Gold declares R785m dividend

By: Martin Creamer     25th August 2016 Johannesburg- and New York-listed precious metals mining company Sibanye Gold on Thursday reported strong financial results for the six months ended June 30, driven mainly by a higher rand gold price and underpinned by solid production from both the gold and platinum divisions. Sibanye's... 

Sibanye Gold declares R785m dividend

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Gold price could appreciate once growth in Asia recovers – investment firm

By: Samantha Herbst     24th August 2016 Asia’s seemingly imminent economic recovery could spark an increase in gold prices, according to investment management firm Allan Gray portfolio manager Sandy McGregor, who connects the gold price decline, which started in 2012, with Asia’s economic woes and its reputation as the world’s biggest... 

Gold price could appreciate once growth in Asia recovers – investment firm

Evolution to pay A$880m for stake in Glencore’s Ernest Henry

By: Mariaan Webb     24th August 2016 In line with its strategy to build a globally relevant, midtier Australian gold producer, Evolution Mining has moved to buy an economic stake in a large-scale, long-life copper/gold mine near Cloncurry, Queensland, for A$880-million. Evolution will buy a 30% economic stake in diversified miner... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry
Evolution Mining executive chairperson Jake Klein

Harmony Gold turns predator on deal hunt to fill output gap 

By: Bloomberg     24th August 2016 Harmony Gold Mining is willing to use debt and equity to buy a profitable mine that will offset falling production in South Africa and help fund a major new project in Papua New Guinea, CEO Peter Steenkamp said. With the company likely to lose about 40% of its current production over the next six... 

Harmony Gold turns predator on deal hunt to fill output gap
Harmony Gold CEO Peter Steenkamp

Timmins Gold extends San Francisco mine life to 2023

By: Henry Lazenby     24th August 2016 Mexico-focused gold miner Timmins Gold has completed a new Canadian National Instrument 43-101-compliant technical report on its San Francisco gold mine, extending the mine life out to 2023. The Vancouver-based company on Monday announced a new mine plan for the asset that is expected to generate... 

Redstar’s stock spikes as Eric Sprott takes 12.1% stake

By: Henry Lazenby     24th August 2016 The TSX-V-listed stock of North America-focused exploration firm Redstar Gold spiked by as much as 30% on Tuesday, after precious-metals heavyweight investor Eric Sprott agreed to take a 12.1% stake in the company. Sprott (71), a renowned and respected leader in the investment community, is one... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

By: Henry Lazenby     23rd August 2016 The government of the Bolivarian Republic of Venezuela has been ordered to pay a Russian-owned junior mining company nearly $2.2-billion in compensation and interest for illegally expropriating the company’s assets without compensation in 2011. Following the news, Rusoro Mining’s TSX-V-listed... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

Debt holders tender 23% of outstanding notes in Iamgold's early tender offer

By: Henry Lazenby     23rd August 2016 Iamgold on Monday announced the early tender results of its cash tender offer for up to $150-million in principal amount of the company’s outstanding 6.75% senior notes due 2020, advising that $145.7-million in principal, or about 23% of notes outstanding, had been tendered and not withdrawn by... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth 

By: Martin Creamer     23rd August 2016 Fresh from developing seven superb gold projects in Africa, mining project company DRA is excited about new gold project opportunities opening up in South Africa, where its sees much potential in gold tailings retreatment and also in underground gold deposits that are still rated in the... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth
DRA global executive process Glenn Bezuidenhout outlines gold project potential to Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd.

GBM targets gold from small heap-leach operation by next year

By: Megan van Wyngaardt     23rd August 2016 Australian miner GBM Resources expects to start gold production from a small-scale heap leach operation on the Eugenia deposit at Mt Coolan in the fourth quarter of 2017, following the completion of a scoping study. The study, carried out by Mining One, demonstrates that a 16-month operation at... 

Kin to update Leonora PFS

By: Mariaan Webb     23rd August 2016 The prefeasibility study (PFS) of the Leonora gold project, in Western Australia, is set to receive a facelift, with gold developer Kin Mining announcing on Tuesday that it would update the study completed by the project’s previous owner, Navigator Resources, in 2009. “With the PFS, Navigator did... 

Vast’s Pickstone-Peerless output picks up in June quarter

By: Natasha Odendaal     23rd August 2016 Aim-listed Vast Resources on Tuesday reported strong performance from its Pickstone-Peerless gold mine (PPGM), in Zimbabwe, during the three months to June 30. The operation delivered a 62% increase in gold production to 4 542 oz during the June quarter, with the plant consistently exceeding 20... 

New MD for gold junior ABM

By: Creamer Media Reporter      23rd August 2016 Gold junior ABM Resources has appointed Matt Briggs, an experienced geologist and mining industry executive, as its MD. Briggs, who most recently headed group strategic planning for South Africa-headquartered gold major Gold Fields, will take up his appointment on October 3. 

Old rings are treasure as gold rally revives scrap recycling

By: Bloomberg     23rd August 2016 The surprising rebound in gold prices this year has given new life to unwanted jewelry, coins and trinkets – in the melting pot. More than a third of the world’s bullion supply usually comes from recycled metal, but purchases at pawn shops and cash-for-gold companies had slowed during a... 

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