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Kyrgyzstan launches Taldy-Bulak gold venture with China

By: Reuters     Updated 1 hour 56 minutes ago Kyrgyzstan on Wednesday opened a gold mine at the Taldy-Bulak Levoberezhny deposit, a joint venture with China and so far the second "world-class" gold project with foreign investors. The field, discovered by Soviet geologists, lies in the Taldy-Bulak Gorge in the Tien Shan mountains some 120... 

Southern Gold considering bigger Cannon mine

By: Esmarie Swanepoel     Updated 2 hours 31 minutes ago ASX-listed Southern Gold is considering the development a larger project at its Cannon gold mine, in Western Australia, after project partner Metals X spent some A$4.5-million on an adjacent smaller project. Southern Gold told shareholders that the Georges Reward acquisition had placed the Cannon... 

Gold One eyes Goliath Gold buyout

By: Natasha Odendaal     Updated 4 hours ago JSE-listed Gold One Africa has made a nonbinding expression of interest to acquire the remaining shares it does not already own in Goliath Gold for up to R66-million. Gold One, which currently held 72% of the issued share capital of Goliath Gold, planned to table a firm intention to proceed once... 

Weak market conditions prompt Freeport-McMoRan to look for cost cuts

By: Henry Lazenby Multinational diversified miner Freeport-McMoRan has started a comprehensive review of its mining and oil and gas businesses to target significant capital spending and operating and administrative cost cuts in response to weak market conditions for its significant products. These plans would... 

Despite weakest demand since 2009, GFMS raises 2015 gold price forecast slightly 

By: Terence Creamer Amid the prevailing gloom about prospects for the gold price, the latest GFMS Gold Survey forecasts an average price of $1 135/oz for the third quarter of 2015, which it also describes as “the nadir”, before a recovery to an average price of $1 175/oz for the fourth quarter. The second quarter... 

Despite weakest demand since 2009, GFMS raises 2015 gold price forecast slightly

CoM, Village Main Reef reach wage agreement

By: Megan van Wyngaardt The Chamber of Mines (CoM) has concluded a wage agreement with the representative unions at JSE-listed Village Main Reef’s gold mining operations. The two-year agreement allowed for increases of R1 000 and R800 for Category 4 to 8 underground and surface employees respectively, and increases of... 

China's gold imports to plunge as financing deals unwind – Valcambi

By: Reuters China's gold imports could fall as much as 40% this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. A lot of the gold China imported in the last three years was used to secure cheaper loans due to a liquidity crunch, but that... 

Mt Magnet delivers lower output, higher costs in Q4

By: Esmarie Swanepoel Gold miner Ramelius Resources has reported lower production and higher costs at its Mt Magnet operation, in Western Australia, during the three months to June, owing to lower grades and a scheduled reline of the semi-autogenous grinding and ball mills. Gold production for the quarter declined to... 

Mt Magnet delivers lower output, higher costs in Q4

Locals show up in droves to support Batangas project

By: Esmarie Swanepoel Gold developer Red Mountain Mining on Tuesday said its Batangas gold project, in the Philippines, had been given tangible support from the surrounding community, as some 1 200 local residents held a prodevelopment rally. “We are very grateful for the overwhelming show of local community support... 

Vista Gold receives $4.3m Australian R&D tax refund

By: Henry Lazenby TSX- and NYSE MKT-listed Vista Gold has received a further $4.3-million research and development (R&D) tax incentive refund, net of costs to prepare and file, from the Australian government related to costs incurred during the 2013 fiscal year. The refund was paid under the Australian... 

Speculators show global commodities rout still not over 

By: Reuters Speculators have confirmed what everyone else has been thinking: expect more falls in commodities, as worries about China and higher interest rates combine with waning sentiment to suggest markets are heading further south. But while more losses are certain, their scope could be limited because... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

By: Henry Lazenby Mexico-focused precious metals miner First Majestic Silver has agreed to acquire all of the issued and outstanding common shares of SilverCrest Mines in a cash-and-scrip deal. The company advised on Monday that the transaction would enhance First Majestic's position in Mexico, one of the world's... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

Gold producers, NUM meet; bilaterals now concluded

By: Natasha Odendaal South Africa’s gold producers on Monday met with trade union the National Union of Mineworkers as part of the ongoing gold industry wage negotiations. This followed a series of bilateral meetings last week between gold producers AngloGold Ashanti, Evander Gold Mines, Harmony Gold, Sibanye Gold... 

Solidarity calls for miners’ retirement age to be raised to 63 

By: Natalie Greve Trade union Solidarity has called for the retirement age of underground miners be raised to 63, telling the Chamber of Mines (CoM) that the move would retain skills critical to the South African mining industry, thus promoting its sustainability. According to the union, ten mining houses in South... 

Solidarity calls for miners’ retirement age to be raised to 63
Photo by Duane Daws
Gideon du Plessis

Drill campaign ups resource, dents reserves at New Luika

By: Natalie Greve A January infill drilling campaign at East Africa-focused gold producer Shanta Gold’s New Luika gold mine, in Tanzania, has increased the resource at both the Bauhinia Creek (BC) and Luika targets, further improving the confidence in the potential for underground mining at each deposit, the... 

Vast raises £1.26m to further Romania mining

By: Megan van Wyngaardt Vast Resources has raised £1.26-million through a placing of 45.4-million ordinary shares at 0.1p apiece and a subscription of 60-million ordinary shares at 1.2p apiece. The Aim-listed gold developer sought to provide additional funds to further its mining projects in Romania and also for general... 

Acacia lifts H1 gold output 6% as North Mara ramps up

By: Natalie Greve After the successful start-up of mining at the Gokona underground project, at London-headquartered Acacia Mining’s developing North Mara mine, in Tanzania, the group has lifted gold output for the six months ended June 30 by 6%, producing 367 301 oz and selling 355 470 oz of gold in the first... 

Northern Star lifts Q4 production, sales volumes

By: Esmarie Swanepoel Gold miner Northern Star Resources has reported record gold sales and lower production costs for the quarter ended June 30, as production recovered compared with the March quarter. Gold production reached 153 360 oz in the three months to June, up from the 131 169 oz produced in the March... 

PFS lowers capital cost estimates for Renaissance’s Cambodia gold project

By: Esmarie Swanepoel A prefeasibility study (PFS) into the Okvau gold project, in Cambodia, has lowered the expected capital costs, owner Renaissance Minerals reported on Monday. The PFS estimated that the project would require capital investment of $120-million, which was down from the $133-million estimated in the... 

Millennium Minerals outperforms guidance in June quarter

By: Esmarie Swanepoel ASX-listed Millennium Minerals' gold production outstripped guidance by some 20% for the three months to June 30. The company noted that its Nullagine gold mine, in Western Australia, produced a record 21 664 oz of gold during the quarter, up from the 20 057 oz delivered in the March quarter,... 

Mungana takeover fails

By: Esmarie Swanepoel A takeover play for ASX-listed Mungana Goldmines has failed after the offer period ended without a sufficient take-up by shareholders. Suitor Auctus Chillagoe had initially offered to acquire all the shares in Mungana for 13.5c each, but later upped the offer to 17c a share on the condition that... 

Alkane reports higher cost at Tomingley

By: Esmarie Swanepoel ASX-listed Alkane Resources has reported higher all-in sustaining costs (AISC) at its Tomingley operations, in New South Wales, during the quarter ended June 30, as waste stripping at the new opencut at Wyoming One ramped up. During the three months under review, AISC reached A$1 700/oz at... 

Randgold CEO says Côte d'Ivoire power cuts boost Tongon costs

By: Reuters Persistent power cuts in Côte d'Ivoire over the past several months has adversely affected operational costs and output of Randgold Resources' Tongon mine, Chief Executive Mark Bristow said. Côte d'Ivoire, the world's biggest cocoa producer and the West Africa region's biggest economy, like many... 

Randgold CEO says Côte d'Ivoire power cuts boost Tongon costs
Randgold CEO Mark Bristow

Carlisle makes progress at Lynn Lake despite tough gold market rout 

By: Simon Rees The spot price for gold came under notable pressure during the past week, sinking below the psychological barrier of $1 100/oz and reaching five-year lows. On Friday, the London afternoon fix stood at $1 080.80/oz of gold,  compared with $1 132.80/oz the week beforehand. The slide was unwelcome... 

Carlisle makes progress at Lynn Lake despite tough gold market rout

With metals slumping, investors seek miners that can weather storm

By: Reuters A slump in metals prices this week and worries over China's growth prospects have heightened investor scrutiny of whether mining companies have the ability to weather the storm ahead. China accounts for almost half of global copper demand, 70% of iron-ore consumption and vies with India to be... 

Sibanye H1 earnings to fall

By: Natasha Odendaal Dual-listed Sibanye Gold on Friday said it expected a double-digit decline in earnings per share (EPS) and headline earnings per share (HEPS) to between 15c and 25c for the six months ended June 30. This represented a 64% to 78% decrease over the EPS of 69c reported in the corresponding period... 

Doray achieves record Q4 production

By: Esmarie Swanepoel old miner Doray Minerals has again increased production for the quarter ended June 30, which resulted in full-year production increasing by more than 15%. For the three months to June, gold production from the Andy Well mine, in Western Australia, reached 28 180 oz, up from the 21 328 oz... 

Doray achieves record Q4 production

Evolution completes Cowal buy

By: Esmarie Swanepoel Gold miner Evolution Mining has completed the acquisition of the Cowal gold mine, in New South Wales. The miner announced on Friday that all the conditions precedent to the $550-million buy-out has now been satisfied or waived by vendor Barrick Gold. 

NGO raises concerns about child labour in Ghana’s gold sector

By: Ilan Solomons International gold refiners who use gold from Ghana may be benefiting from hazardous child labour in unlicensed mines, warns independent human rights organisation Human Rights Watch (HRW). HRW further stresses that the refiners should take “immediate steps” to eliminate child labour in their... 

NGO raises concerns about child labour in Ghana’s gold sector
Photo by Human Rights Watch
GHANA CHILD LABOUR CHALLENGE Children pull gold ore out of shafts, carry and crush loads of ore and process it with toxic mercury

Barrick Gold’s board thins as independent director resigns

By: Henry Lazenby Ned Goodman has, after a 15-month stint, resigned as independent director of Barrick Gold to focus on a new business venture in resources and other hard assets. He joined the Barrick board in April last year, at a time when the company moved to bring new experience to the table and increase the... 

Freeport-McMoRan reports Q2 net loss, shares fall

By: Henry Lazenby US-based diversified miner Freeport-McMoRan (FCX) on Thursday reported a net loss of $1.85-billion for the second quarter of the year, compared with the net income of $482-million achieved in the second quarter of the previous year. FCX’s net loss for the second quarter included net charges of... 

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