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Gold News

AMCU strike action further undermines struggling gold, platinum sectors – Minerals Council 

By: Marleny Arnoldi     22nd February 2019 The Minerals Council South Africa on Friday expressed its concern about the consequences of Association of Mineworkers and Construction Union’s (AMCU’s) planned secondary strikes at mining companies where the union is recognised in the gold and platinum sectors. Fifteen companies have, so far,... 

Crusader MD and chair step down from board as Copulos returns

By: Mariaan Webb     22nd February 2019 ASX- and Aim-listed Crusader Resources announced on Friday that MD Marcus Engelbrecht and chairperson Andrew Vickerman would step down from the board and that former chairperson Stephen Copulos would return as director. The resignation of Engelbrecht and Vickerman, who succeeded Copulos when the... 

Barrick confirms it has studied offer for Newmont

By: Bloomberg     22nd February 2019 Barrick Gold, the world’s second-largest gold producer, confirmed it has considered a bid for Newmont Mining Corp. as the Canadian mining giant looks for ways to boost production. Barrick has reviewed the opportunity to merge with Newmont in an “all-share nil premium transaction,” but no... 

Barrick confirms it has studied offer for Newmont
Barrick Gold CEO Mark Bristow

Eldorado Gold aims for 500 000 oz next year

By: Mariaan Webb     22nd February 2019 Canada-headquartered Eldorado Gold is well positioned to grow its yearly production to more than half-a-million ounces next year, supported by the restart of mining and heap leaching at Kisladag and continuing the momentum of Lamaque. The company grew its production to 349 147 oz of gold in... 

Eldorado Gold aims for 500 000 oz next year
The Lamaque mill, in Canada.

EY says Canadian miners can be more optimistic about 2019

By: Mariaan Webb     22nd February 2019 The Canadian mining sector continued to face challenges in the final quarter of 2018, as a Chinese economic slowdown weighed on commodity prices, but advisory firm EY says there is reason to be optimistic for 2019. The EY Canadian Mining Eye index, which tracks the Canadian mining sector... 

EY says Canadian miners can be more optimistic about 2019

Bellevue raises A$20m for namesake project

By: Esmarie Iannucci     22nd February 2019 ASX-listed Bellevue Gold was hoping to raise A$20-million through a share placement to sophisticated and institutional investors. The company said it would place some 37-million shares, at a price of 55c each to raise the cash, which will be used to advance the Bellevue gold project, in Western... 

Kirkland could hit 1Moz as early as this year

By: Esmarie Iannucci     22nd February 2019 Dual-listed gold miner Kirkland Lake has revised its 2019 production guidance to between 920 000 oz and one-million ounces, as the Fosterville operation, in Victoria, continues to outperform. The new guidance compared with the previous full-year consolidated guidance of between 740 000 oz and... 

Cost benefits to boost mines' adoption of renewable hybrids

By: Nadine James     22nd February 2019 As various projects have demonstrated the value of renewables for reducing diesel, heavy fuel oil (HFO) and gas consumption, mining companies could now benefit from a significant cost reduction potential, said renewables research organisation ThEnergy MD Dr Thomas Hillig. “In the last few years,... 

Cost benefits to boost mines' adoption of renewable hybrids
Photo by THEnergy
UPWARD TRAJECTORY Mining companies are expected to leverage increased competition between independent power producers for more cost-effective hybrid solutions

Endeavour Mining appoints Mark Morcombe COO

By: Tasneem Bulbulia     21st February 2019 Gold producer Endeavour Mining has appointed Mark Morcombe COO, with effect from May 6. He will succeed Jeremy Langford, who will be leaving Endeavour on February 28. 

UG2 outperforms as Sibanye positions for new world ­  

By: Martin Creamer     21st February 2019 The soaring prices of rhodium and palladium have put new focus on the upper group two (UG2) reef, for long the poor cousin of Merensky reef in the hierarchy of platinum group metals (PGMs) mining. Merensky's predominant platinum content has made it the preferred reef for decades but UG2 is... 

UG2 outperforms as Sibanye positions for new world ­
Sibanye-Stillwater CEO Neal Froneman's results presentation reported on by Mining Weekly Online's Martin Creamer. Photograph: Creamer Media's Dylan Slater. Video: Creamer Media's Darlene Creamer.

Resources Watch  

21st February 2019 DRDGold says Eskom grid upkeep increasingly problematic; Harmony is exploring Target North and Kalgold; and, Harmony cuts energy consumption, ushering in solar, mulling biofuels 

Resources Watch
Resources Watch

Precious metals developer Orosur appoints CFO

By: Creamer Media Reporter      21st February 2019 Dual-listed Orosur Mining has appointed Victor Hugo its CFO, replacing Ryan Cohen who served as interim CFO since November. Hugo is working with Marrelli Support Services, which provides CFO, accounting, regulatory, compliance and management advisory services to numerous issuers on the TSX,... 

Newmont posts Q4 adjusted profit

By: Mariaan Webb     21st February 2019 US gold miner Newmont Mining on Thursday reported stronger fourth-quarter results, aided by lower costs and production growth, which managed to offset lower metal prices. The company, which will soon merge with Canadian miner Goldcorp to become the world’s largest gold miner, reported adjusted... 

Newmont posts Q4 adjusted profit
Newmont CEO Gary Goldberg

AMCU to extend Sibanye gold strike to other South African miners from Feb 28

By: Reuters     21st February 2019 Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum, Lonmin,... 

Broadway Gold Mining anticipates investment to return to precious, base metals

By: Marleny Arnoldi     21st February 2019 Amid a rising US dollar, precious and base metals have suffered, owing to investment focusing elsewhere; however, this will not last, says TSX Venture-listed Broadway Gold Mining CEO Thomas Smeenk, whose junior mining company explores for silver, gold and copper in south-western Montana. He... 

Broadway Gold Mining anticipates investment to return to precious, base metals
Broadway Mining president and CEO Thomas Smeenk

De Grey looks at doubling Pilbara size

By: Esmarie Iannucci     21st February 2019 ASX-listed junior De Grey Mining is looking to double the scale of its Pilbara gold project, in Western Australia, on the back of an increase in the resource estimate. The company on Thursday told shareholders that the scale of the development study would be increased to a... 

Iamgold adjusted FY earnings rise

By: Mariaan Webb     21st February 2019 Canadian gold miner Iamgold has posted an increase in adjusted net earnings of $29.8-million, or $0.06 a share, up $0.5-million from 2017, the company reported after the market closed on Wednesday. Revenue increased by $16.1-million in the year to $1.11-billion and gross profit increased to... 

Northern Dynasty shares up as Pebble inches forward

By: Mariaan Webb     21st February 2019 The contentious Pebble project inched forward on Wednesday, as the US Army Corp of Engineers posted a draft environmental impact statement (DEIS) for the Alaska gold/copper project, sending developer Northern Dynasty’s TSX-listed stock up nearly 20%. Northern Dynasty subsidiary Pebble Limited... 

Northern Dynasty shares up as Pebble inches forward

Guyana Goldfields resumes underground exploration decline construction

By: Creamer Media Reporter      20th February 2019 TSX-listed Guyana Goldfields has resumed construction and development work on an underground exploration decline at its Aurora gold mine, following environmental authorisation from the Guyanese Environmental Protection Agency (EPA). The mine, which has been in commercial operation as an openpit... 

Pan African H1 revenue up 52.8% y/y to R1.3bn  

By: Nadine James     20th February 2019 Gold miner Pan African Resources achieved a 52.8% year-on-year increase in revenue for the six months to December 31, 2018, to R1.3-billion. CEO Cobus Loots on Wednesday attributed the higher revenue to an increase in gold production, which rose by 54.2% year-on-year to 81 014 oz on the back of... 

Pan African H1 revenue up 52.8% y/y to R1.3bn
Pan African Resources CEO Cobus Loots discusses the group’s interim results. Video: Creamer Media's Darlene Creamer

AngloGold's Colombia soil study cannot be halted by mayor – provincial authority

By: Reuters     20th February 2019 Miner AngloGold Ashanti can resume a soil study halted by a municipal council ban on mining activities, the environmental authority in Colombia's Antioquia province said. The mayor of the town of Jerico had ordered a suspension of the work in January after the council voted late last year to ban... 

Detour Gold CFO resigns

By: Creamer Media Reporter      20th February 2019 Detour Gold has initiated a formal search for a new CFO, following the resignation of James Mayor, who will be leaving the company on April 15. Announcing the resignation, chairperson James Gowans said on Wednesday that Mayor’s departure was an opportunity to renew the leadership at Detour,... 

Peru raids biggest illegal mining zone to stem Amazon gold rush

By: Bloomberg     20th February 2019 Peru moved to shut down a major illegal gold mine hub deep in the Amazon after years of expansion destroyed pristine rain forest and polluted rivers with mercury. The government deployed 1 500 agents from the police and armed forces to La Pampa in the Madre de Dios region of southeast Peru on... 

Euro Sun details plan for Romania mine

By: Mariaan Webb     20th February 2019 TSX-listed Euro Sun Mining has completed a preliminary economic assessment (PEA) for the initial phase of development at the Rovina Valley gold/copper project, in Romania, detailing plans to produce 108 000 oz/y of gold and 13.3-million pounds a year of copper, or 139 000 oz/y gold equivalent.... 

Barrick outlines proposal to settle Acacia dispute with Tanzania

By: Reuters     20th February 2019 Canadian miner Barrick Gold on Wednesday outlined a plan to settle disputes between its Acacia Mining unit and Tanzania's government, which includes a $300-million payment to resolve tax claims in the East African country. London-listed Acacia and Tanzania's government have engaged in a prolonged... 

Barrick outlines proposal to settle Acacia dispute with Tanzania

Sibanye-Stillwater raises 2018 expected loss to R2.5bn

By: Reuters     20th February 2019 Sibanye-Stillwater said on Wednesday it expects its full-year attributable loss to be over $100-million larger than the guidance given in a trading statement last week, following a review of tax changes in the US. The gold and platinum miner's shares fell into negative territory on the news that... 

Wet commissioning of Endeavour's Ity CIL project gets under way

By: Creamer Media Reporter      20th February 2019 Wet commissioning has started at Endeavour Mining's Ity carbon-in-leach (CIL) project, in Côte d'Ivoire. The company on Wednesday reported that construction was progressing within budget. 

Cornerstone partners with Newcrest in Ecuador

By: Mariaan Webb     20th February 2019 Australian miner Newcrest has entered into an option and farm-in heads of agreement with Canadian junior Cornerstone Capital Resources, focusing on two early-stage projects in south-central Ecuador. In terms of the agreement, a subsidiary of Newcrest has an option to earn up to a 75% interest in... 

Iamgold adds 3.4Moz to mineral reserves

By: Creamer Media Reporter      20th February 2019 Canada-headquartered gold miner Iamgold has increased its attributable proven and probable gold reserves by 23% to 17.9-million ounces at the end of 2018, from 14.5 million ounces of gold at the end of 2017. The addition of 3.4-million ounces was primarily owing to the conversion of resources to... 

Ramelius production rises in H1

By: Esmarie Iannucci     20th February 2019 Higher gold production has driven higher revenues for miner Ramelius Resources during the six months ended December. The company has reported a gold production of 104 051 oz compared with the 91 126 oz delivered in the previous corresponding period, with revenues increasing by 26% in the same... 

Higher costs hit home for OceanaGold

By: Esmarie Iannucci     20th February 2019 Dual-listed gold miner OceanaGold has reported a mixed bag for the year ending December, with higher gold sales resulting in higher revenues, while higher costs negatively impacted net profits after tax. The ASX- and TSX-listed company this week reported revenues of $772.5-million, up 6.6% on... 

Hudbay plans C$124m mill refurbishment to double Manitoba mine's gold output

By: Mariaan Webb     20th February 2019 Base and precious metals miner Hudbay Minerals has outlined a new mine plan for the Lalor mine, in Manitoba, which extends the mine life beyond ten years and transitions the operation to a primary gold mine, which will be one of the lowest-cost in Canada. The new mine plan includes the... 

Hudbay plans C$124m mill refurbishment to double Manitoba mine's gold output
The Lalor mine in Manitoba.

Patagonia Gold shares plummet as it shuts mines

By: Creamer Media Reporter      19th February 2019 Argentinian precious metals miner Patagonia Gold has announced the closure of its Lomada de Leiva mine and the idling of the Cap Oeste operation, owing to lower-than-expected production volumes from both operations. The Aim-listed company said on Tuesday that the Lomada de Leiva, which was... 

Platreef weighted basket price reaches three-year high – Ivanhoe

By: Nadine James     19th February 2019 Ivanhoe Mines co-chairpersons Robert Friedland and Yufeng Sun, as well as Ivanplats MD Dr Patricia Makhesha, on Monday announced that the weighted basket price of the metals contained in the Platreef palladium/platinum/rhodium/nickel/copper/gold project has risen to a new, three-year high.... 

Canada clears Newmont’s Goldcorp buy

By: Creamer Media Reporter      19th February 2019 The Canadian Competition Bureau has cleared gold miner Newmont’s $10-billion stock-for-stock acquisition of NYSE- and TSX-listed Goldcorp. The US miner said on Monday that it was continuing to work with other regulatory agencies to secure the additional approvals that were required for the... 

Record production drives Saracen in H1

By: Esmarie Iannucci     19th February 2019 Gold miner Saracen Mineral Holdings has reported an increase in revenues and underlying net profits after tax for the six months to December, underpinned by record production. Gold production during the six months under review rose 13% to a record 177 774 oz, compared with the 157 795 oz produced... 

Improved margins drive growth in AngloGold's free cash flow generation 

By: Simone Liedtke     19th February 2019 Gold miner AngloGold Ashanti achieved its guidance for the sixth consecutive year, with improved margins driving significant growth in free cash flow generation, the company announced on Tuesday morning.   The gold miner further declared a dividend of 95c a share, equal to about $0.07.   During... 

Improved margins drive growth in AngloGold's free cash flow generation
Photo by Bloomberg
AngloGold CEO Kelvin Dushnisky

Tri-Star reports technical issue at Oman facility

By: Mariaan Webb     18th February 2019 Shares in London-listed Tri-Star Resources fell on Monday, as the company reported that it had been informed of a technical issue at its 40%-owned Strategic and Precious Metals Processing (SPMP) facility, in Oman. The company said it liquid metal had been produced in the reduction furnace at... 

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