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Buenaventura scales back plans for Chucapaca gold project

By: Reuters     Updated 7 hours ago Peruvian miner Buenaventura has scaled back plans for its Chucapaca gold project since taking full control of the deposit from Gold Fields earlier this year, the company told Reuters on Monday. Buenaventura will now invest $700-million in the project instead of an earlier estimate of $2-billion,... 

On back of strong Q3 output growth, Klondex lifts full-year outlook

By: Henry Lazenby     Updated 7 hours ago Nevada-focused gold producer Klondex Mines on Monday reported a 73% quarter-on-quarter rise in precious metals produced during the three months ended September 30, as production benefitted from increased mill throughput and higher gold grades. The company, which this year transformed from a... 

Monument Mining obtains Malaysia federal stay order pending hearing

By: Henry Lazenby Malaysia-focused gold producer Monument Mining on Monday said that it had obtained a stay from the Federal Court against the Court of Appeal's order forcing the company to deposit $9.4-million into a joint account maintained by legal counsels of the respective parties to a lawsuit regarding a... 

Randgold asks DRC to match local investment, maintain positive legal climate

By: Henry Lazenby While Randgold Resources’ Kibali gold mine, in the Democratic Republic of Congo (DRC), continued with its scheduled ramp-up, the company on Monday appealed to the local and national governments to match the nearly $600-million investment in the local economy, and to maintain an investor-friendly... 

Randgold asks DRC to match local investment, maintain positive legal climate

Shanta delivers record gold output, hikes New Luika resource

By: Natasha Odendaal London-listed Shanta Gold on Monday reported record gold output for the third quarter of the year. The East Africa-focused gold production and exploration company delivered 22 720 oz of gold during the three months to September, up 4% from the 21 940 oz delivered during the second quarter of the... 

Gold Fields on track to reach full-year production target, cost estimates revised downwards

By: Leandi Kolver Gold miner Gold Fields on Monday announced that its attributable gold equivalent production for the three months ended September as expected to be about 559 000 oz. All-in sustaining costs (AISC) and all-in costs (AIC) for the third quarter were expected to be about $1 074/oz and $1 096/oz... 

Nordgold completes acquisition of Burkina Faso project

By: Leandi Kolver London-listed Nordgold has completed the acquisition of Canadan mineral exploration company Goldrush Resources’ Ronguen gold project, 10 km from Nordgold’s Bissa mine, in Burkina Faso. Nordgold had, in June this year, entered into a share purchase agreement with Goldrush to acquire all the shares... 

Rain falls on the Syama parade

By: Esmarie Swanepoel Heavy rains at the Syama operation, in Mali, has impacted on gold miner Resolute Mining’s output during the three months to September. Gold production during the three months under review declined to 67 078 oz, compared with the 81 877 oz delivered in the June quarter, while cash costs for the... 

Troy advances Karouni gold project

By: Esmarie Swanepoel Dual-listed gold miner Troy Resources has moved a step closer to production at its Karouni gold project, in Guyana, after signing a minerals agreement with the state government. The minerals agreement detailed the fiscal, property, import/export procedures, taxation and other conditions for the... 

Body of illegal miner found

By: Sapa The body of an illegal miner who was trapped underground in Selby, near Booysens has been retrieved, Johannesburg emergency services said on Sunday. "The body has been recovered after an extensive rescue. A trench had caved in on him, the rescue team had to remove rocks that had fallen onto the... 

Five companies in the running to reset gold fix

By: Reuters Five companies have been short-listed to replace the century-old London gold benchmark with a new electronic system, which is expected to be in place within the next few months, the London Bullion Market Association (LBMA) said. Broker Autilla Ltd (Sapient), the Chicago Mercantile Exchange... 

Gold production relatively steady for Ramelius

By: Esmarie Swanepoel Gold production for ASX-listed Ramelius Resources fell during the quarter ended September on the back of a slightly lower gold grade and a five-day planned maintenance shutdown at its Mt Magnet gold mine, in Western Australia. During the quarter under review, Ramelius produced 22 535 oz of gold,... 

Orbis board rejects Semafo bid

By: Esmarie Swanepoel The directors of takeover target Orbis Gold on Friday rejected the takeover offer by Canada’s Semafo, saying the 65c a share cash offer undervalued the company. The Orbis directors also believed that the takeover offer did not factor in the significant near-term growth prospects available to the... 

Peru rules out tax breaks or subsidies to counter slowdown

By: Reuters Peru's government has ruled out cutting taxes or introducing subsidies to encourage investment and cushion export sectors from the worst economic slowdown in five years, the minister responsible for industry said on Thursday. The government said earlier this year that it was considering... 

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have voiced their concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral as commodity prices continue to slide

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have shown concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral  as commodity prices continue to slide

Firm develops new process to recover cyanide

By: Chantelle Kotze Separation technology provider Submerged Industrial has developed a unique process to recover cyanide, a substance most commonly used as a reagent in the gold recovery process and, in some cases, it is produced as an unwanted by-product in the process industry. 

Firm develops new process to recover cyanide
RECOVERY PROCESS Submerged Industrial’s cyanide recovery process produces an instantaneous reaction in the reactor, with zero emissions, owing to its closed-circuit recovery process

Ice plants ease underground mining conditions

By: Bruce Montiea In response to the intense heat that underground mineworkers endure, refrigeration specialist KTI-Plersch offers a cooling solution comprising modular containerised Plate Ice Plants  (PLIP). Several PLIPs, with individual capacities of up to 220 t, make up a 5 MW, a 10 MW or a 20 MW ice cooling... 

Ice plants ease underground mining conditions
ICE FACTORY KTI-Plersch’s ice cooling system helps mining companies to create a safer and healthier working environment to improve working conditions for mineworkers

Reliable temperature control solutions prevent lost time

By: Bruce Montiea Temporary power and temperature-control solutions supplier Aggreko can provide mining companies with reliable solutions, enabling them to continue their operations without interference such as equipment breakdowns or maintenance downtime, says Aggreko Southern Africa GM Martin Foster. “Our... 

Reliable temperature  control solutions  prevent lost time
COOLING SYSTEM Aggreko supplies a full range of water and air-cooled chillers, cooling towers and bulk air coolers, all utilising an environment-friendly refrigerant system

LBMA names Morgan Stanley as gold, silver market maker

By: Reuters The London Bullion Market Association (LBMA) said on Thursday it appointed Morgan Stanley as a market maker, underscoring the ambitions of some banks to expand into precious metals trading while others exit due to stringent regulations. LBMA said it named Morgan Stanley & Co International, a... 

LBMA names Morgan Stanley as gold, silver market maker

Renewable energy a tough sell for prospective RoF developers

By: Henry Lazenby Among the many challenges facing as many as 20 mining companies holding claims in the Ring of Fire (RoF) mineral region of Northern Ontario, the most significant might be the limited infrastructure. However, besides having to deal with exploration, project planning, First Nations negotiations and... 

Tembo 2014 drilling programme completed

By: Leandi Kolver TSX-V-listed Tembo Gold Corporation has completed its 2014 drilling programme on the 100 m2 Tembo gold project, in Tanzania, Aim-listed Stratex announced on Thursday. Stratex currently held a 12.89% stake in Tembo. 

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

By: Leandi Kolver While precious metal markets were influenced by monetary conditions, industrial metals have managed to remain somewhat detached from generic economic conditions, with prices being determined by fundamentals of supply and demand that were, in many cases, specific to each metal, French corporate... 

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

Narrowing of current account deficit to be slow, economist warns

By: Terence Creamer Corporate and investment banking group Absa Capital says that, while the “worst is probably over”, South Africa’s current account deficit is likely to narrow only slowly in the coming year, owing to weakening terms of trade. Economist Peter Worthington noted that, at 6.2% of gross domestic... 

Narrowing of current account deficit to be slow, economist warns
Absa Capital economist Peter Worthington

South Africa seeks to revamp disused gold mines

By: Reuters South Africa's once massive gold mining industry has been shrinking for years, leaving billions of dollars of plants, worker housing and pipelines at risk of demolition and the scrapyard. Keen to avert this scenario, the government wants mining companies to find alternative uses for disused... 

South Africa seeks to revamp disused gold mines
Photo by Duane Daws
Mineral Resources Minister Ngoako Ramatlhodi

Semafo makes Orbis bid official at 65c a share

By: Esmarie Swanepoel Canadian firm Semafo on Thursday launched an official takeover bid for ASX-listed gold developer Orbis Gold, offering shareholders 65c a share in cash. The company had previously notified the market of its intention to launch a takeover bid for Orbis, priced at between 62c and 65c a share.... 

Robust takeover offer goes unconditional

By: Esmarie Swanepoel ASX-listed Padiham Resources has declared its takeover offer for fellow-listed Robust Resources unconditional, after it gained a majority shareholding in the takeover target. Padiham’s current interest in Robust now stood at 76.26%, and the bidding vehicle has advised Robust’s remaining... 

DeGrussa delivers another strong quarter for Sandfire

By: Esmarie Swanepoel Copper and gold miner Sandfire Resources has reported a solid quarter of production from its DeGrussa operation, in Western Australia, during the three months ended September. Copper production decreased slightly from 16 446 t in the June quarter to 16 064 t, while gold production edged up from... 

Phoenix pours first gold at Kintore West

By: Esmarie Swanepoel ASX-listed junior Phoenix Gold has poured its first gold from the Kintore West opencut operation, which forms part of the larger Castle Hill Stage 2 operation, in Western Australia. Mining operations at Kintore West were launched in August this year and formed part of a three-tiered staged... 

Edikan production jumps in Sept quarter

By: Esmarie Swanepoel Dual-listed gold miner Perseus Mining boosted gold production during the quarter ended September 30, as the company’s productivity improvements paid off. During the three months under review, the Edikan gold mine, in Ghana, produced 51 529 oz of gold, a 22% increase on the gold production in the... 

R50m virtual reality centre set to revolutionise mine design

By: Martin Creamer The University of Pretoria’s new virtual reality mine design centre, which is on track to go into test mode in April, is set to revolutionise both surface and underground mine design. A total of R50-million is being invested in the centre, which will be put into a three-month test phase ahead of... 

R50m virtual reality centre set to revolutionise mine design
Photo by Creamer Media
Prof Ronny Webber-Youngman (right) and Martin Creamer
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