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Gold News

Gold, silver miner Hochschild eyes move into copper and zinc

By: Reuters     21st February 2018 Gold and silver miner Hochschild Mining, which has been scouting for early-stage mining projects, is interested in moving into other metals including copper and zinc, the company's chief executive said on Wednesday. Miners around the world have been looking to take advantage of demand for... 

Polymetal secures offtake for Kyzyl concentrate

By: Creamer Media Reporter      21st February 2018 LSE-listed Polymetal has secured an offtake agreement with one of its established trading partners for 50% of the forecast high-carbon concentrate production from the Kyzyl project, in north-eastern Kazakhstan, with an option to increase this to 100% of its yearly concentrate output. Polymetal... 

Perseus reports improved financial results

By: Creamer Media Reporter      21st February 2018 West Africa-focused gold miner Perseus Mining has made an operational turnaround, which is reflected in the company’s interim financial performance. Although posting a net loss of $11.5-million, or 1.18c a share, for the December 2017 half year, Perseus reported significantly improved earnings... 

Sibanye-Stillwater expects to report R4.44bn attributable loss for FY17

By: Creamer Media Reporter      21st February 2018 Sibanye-Stillwater expects to report an attributable loss of R4.44-billion, or $333-million, for the year ended December 31, compared with attributable earnings of R3.47-billion, or $237-million, for the 2016 financial year. In an updated trading statement issued on Wednesday, the precious metals... 

St Barbara proposes new mining method at Gwalia

By: Simone Liedtke     21st February 2018 Gold miner St Barbara is studying a change in mining and haulage at the Gwalia mine, in Western Australia, to better suit the orebody as the mine deepens. The new mining method essentially involves a move to “island pillar” methods for narrower lodes with increased mining rates, and matching... 

Rwanda to issue mining licences to boost investment by a fifth

By: Bloomberg     21st February 2018 Rwanda will issue 50 new licences to mine metals including gold, tin and tantalum this year that may help boost investment in the East African nation by a fifth, the Rwanda Development Board said. The state-run board expects to attract $2-billion of investment in 2018, compared with $1.67-billion... 

Tanzania's new mining rules impose restrictions on foreign banks, insurers

By: Reuters     21st February 2018 Foreign-owned banks, insurance companies and law firms could be locked out of Tanzania's mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity. Africa's fourth-largest gold producer is seeking to take more of the profits from its vast... 

China Hanking bids for Primary Gold

By: Reuters     21st February 2018 China Hanking Holdings launched a takeover bid for Australia's Primary Gold on Wednesday in line with a plan to build a long-term Australian gold business, valuing the target firm at A$37.5-million. China Hanking, which owns 8.4% of Primary Gold, will offer A$0.0575 a share for the miner... 

Nautilus rises as vessel construction passes 75% completion mark

By: Henry Lazenby     20th February 2018 The TSX-listed equity of marine mining pioneer Nautilus Minerals has gained nearly 44% since the start of the year, adding about 7% on Tuesday alone on news that construction of its production support vessel has passed the 75% completion mark. Under construction at the Fujian Mawei Shipyard, in... 

Gold miners ETF lures $529m inflow after market turmoil

By: Bloomberg     20th February 2018 Gold is burnishing its allure to investors in the wake of the recent market turmoil. 

Mongolia says can build power plant to supply Oyu Tolgoi mine

By: Reuters     20th February 2018 Mongolia can build a power plant at its Tavan Tolgoi coal mine by 2021 to supply the Oyu Tolgoi copper project, energy officials said on Tuesday, as the government seeks to hold Rio Tinto to an agreement to use Mongolian power. Tensions have mounted between the Mongolian government and its... 

South Africa falls to small percentage of AngloGold output 

By: Martin Creamer     20th February 2018 South African gold mines now represent around 13% of the AngloGold Ashanti portfolio, AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat) said on Tuesday. The fall in the contribution from AngloGold's South Africa region mines follows the sale of Moab and Kopanang and the closure of the Tau... 

South Africa falls to small percentage of AngloGold output
AngloGold Ashanti 2017 results presentation covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video: Darlene Creamer. Video Editing: Christo Greyling.

After 2017 consolidation, mining to pre-empt future metals demand – EY

By: Schalk Burger     20th February 2018 With stronger balance sheets across the mining and metals sector, miners are increasingly returning to an investment-led strategy, which is driving a renewed focus on building portfolios that deliver sustainable shareholder returns, says multinational consultancy Ernst & Young (EY). The focus... 

After 2017 consolidation, mining to pre-empt future metals demand – EY

Greatland to start exploration programme at Australian project

By: Creamer Media Reporter      20th February 2018 The Western Australian Mines, Industry Regulation and Safety department has approved London-listed Greatland Gold’s programme of work applications for drilling at the Ernst Giles project. The precious and base metals exploration and development company said on Tuesday that its exploration... 

Peel spin-out Saturn's IPO closes early, oversubscribed

By: Creamer Media Reporter      20th February 2018 Perth-headquartered Peel Mining on Tuesday announced that the initial public offering (IPO) for its subsidiary Saturn Metals had closed early with firm commitments leaving the offer oversubscribed. The company said that it had received bids beyond the maximum A$7-million subscription amount.... 

Northern Star boosts exploration spend, unveils 'game changer' discovery

By: Simone Liedtke     20th February 2018 ASX-listed Northern Star Resources has increased its total exploration budget for the 2018 financial year by A$10-million to A$45-million, owing to a series of exploration results showing that the gold producer is set to establish a ten-year life at its 10-million-ounce endowed Jundee gold... 

Northern Star boosts exploration spend, unveils 'game changer' discovery
Northern Star executive chairperson Bill Beament

Sandfire delivers 66% increase in interim net profit

By: Simone Liedtke     20th February 2018 Low-cost production and a rising copper price have driven Sandfire Resources' sales to a record and enabled the ASX-listed miner to increase its dividend and strengthen its balance sheet to fund growth opportunities. High grades and strong operating margins at DeGrussa, combined with Sandfire's... 

Record production at Saracen underpins A$46m interim net profit

By: Simone Liedtke     20th February 2018 Gold miner Saracen Mineral Holdings on Tuesday reported a big jump in half year profit to A$46-million, on the back of record production in the six months ended December 31. This strong performance is said to be a direct result of the investment that Saracen has made in exploration and... 

Moab Khotsong deal concluded

By: Megan van Wyngaardt     20th February 2018 Harmony Gold on Tuesday said all conditions precedent to its acquisition of Moab Khotsong from AngloGold Ashanti had been met and that the transaction would become effective on March 1. "The integration of Moab Khotsong will enhance the quality of our portfolio and boost our cash flows," said... 

Sibanye-Stillwater’s gold, platinum reserves decrease

By: Dylan Slater     19th February 2018 Precious metals producer Sibanye-Stillwater on Monday reported that its South African gold reserves had decreased by 10% year-on-year to 25.74-million ounces as at December 31, while its total platinum, palladium, rhodium and gold, or 4E, platinum group metal mineral reserves had declined by 4%... 

Mogalakwena gushes cash as Amplats modernises, studies growth, advances fuel cell 

By: Martin Creamer     19th February 2018 The Mogalakwena platinum mine lived up to its reputation of being the most profitable platinum group metals (PGM) mine on the planet when it gushed cash and elevated a modernising, community supporting, environment protecting, growth studying and fuel-cell marketing Anglo American Platinum... 

Mogalakwena gushes cash as Amplats modernises, studies growth, advances fuel cell
Anglo American Platinum CEO Chris Griffith delivers 2017 results covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Emmerson and Evolution restructure Tennant Creek JV

By: Schalk Burger     19th February 2018 Joint venture (JV) partners Emmerson and Evolution Mining have agreed to restructure the Tennant Creek JV gold project, in the Northern Territory, to better align assets with the respective companies. Emmerson MD Rob Bills said on Monday that the company would retain a significant exploration... 

West Wits aims for higher gold production in South Africa

By: Simone Liedtke     19th February 2018 ASX-listed exploration and development company West Wits Mining is in the process of applying for two mining permits, which should enable the company to significantly increase gold production from its Witwatersrand Basin project (WBP) in the fourth-quarter of the calendar year. The company... 

Bluebird to inject new life into old South Korean gold veins

By: Reuters     19th February 2018 Asia-focused mine developer Bluebird Ventures, with venture partner Southern Gold, plans to reopen South Korean gold mines closed decades ago and is aiming for profits of around $100/t, Bluebird's CEO said. The mines closed in the late 1960s and 1970s when the gold price was less than $140/oz,... 

Millennium goes underground at Nullagine, awards Bartons contract

By: Simone Liedtke     19th February 2018 Gold miner Millennium Minerals has awarded its first-ever underground mining contract at the Nullagine operation, in Western Australia, naming GBF Underground Mining Company as the contractor for the new Bartons underground mine development. The underground development will access high-grade,... 

Court postponement signals ‘welcome change’ in govt, industry relations – Leon

By: Dylan Slater     19th February 2018 Law firm Herbert Smith Freehills Africa practice cochairperson and partner Peter Leon says the postponement of Monday’s scheduled High Court case over the hotly contested Mining Charter 3, signals a welcome change in relations between government and the South African mining industry.  

Mincor starts preproduction activities at WA gold project

By: Simone Liedtke     19th February 2018 The board of ASX-listed Mincor Resources has approved preproduction activities at its Widgiemooltha gold project (WGP), in Western Australia. The start of the preproduction activities will ensure that the company remains on track to be able to progress to full-scale mining operations at... 

Red 5 steps up Eastern Goldfields consolidation plans

By: Simone Liedtke     19th February 2018 ASX-listed gold mining junior Red 5 on Monday announced that it intended to make a hostile takeover offer for all the fully-paid ordinary shares in Western Australian company Bullseye Mining. Bullseye is an unlisted public company, whose gold portfolio includes the Laverton project, about 30 km... 

Red 5 steps up Eastern Goldfields consolidation plans

Acacia considers selling stake in Tanzania operations

By: Schalk Burger     19th February 2018 Tanzanian gold miner Acacia Mining is considering the possible sale of a stake in some or all of its Tanzanian operations. “The company is engaging with a small number of potential investors, the process remains at a very early stage and there can be no certainty that an agreement will be... 

Cyclone Kelvin lashes West Australia, no damage reported to mines, gas projects

By: Reuters     19th February 2018 Tropical Cyclone Kelvin hit the resource-rich north coast of Western Australia on Sunday, lashing it with strong winds and causing floods that could cut the main highway for up to two weeks. The storm crossed the coast 165 km south-southwest of Broome early on Sunday morning with destructive... 

Yanfolila ramp-up on track - Hummingbird

By: Simone Liedtke     16th February 2018 Since first gold was poured at Aim-listed Hummingbird Resources' Yanfolila gold mine, in Mali, on December 19, the mine has steadily been ramping up towards full production, in line with the company's planned schedule. "I am pleased that activity on site is steadily progressing as per the ramp-up... 

Mining mechanisation could create ‘massive’ employment challenges – Harwood

By: Nadine James     16th February 2018 Despite positive sentiment and improving commodity prices, the African mining industry continues to face immense challenges, says Montero Mining and Exploration CEO Dr Antony Harwood. Addressing the African Mining Network’s (AMN’s) thirty-ninth networking dinner, on Thursday evening, he touched... 

Mining mechanisation could create ‘massive’ employment challenges – Harwood
Photo by Duane Daws
ANTONY HARWOOD Fear of the other could become fear of the robot

Leon expects mining industry to have a future under Ramaphosa’s Presidency

By: Nadine James     16th February 2018 Herbert Smith Freehills partner and Africa co-chairperson Peter Leon is cautiously optimistic that the changes signalled by newly elected President Cyril Ramaphosa will benefit South Africa’s economic recovery. In a speech to the British Chamber of Business in South Africa on Thursday evening, he... 

Leon expects mining industry to have a future under Ramaphosa’s Presidency
Photo by Duane Daws
Herbert Smith Freehills partner and Africa co-chairperson Peter Leon

Gold, platinum miners bolster business, operational plans 

     16th February 2018 It’s been an exciting week for some gold and platinum miners, with plans to improve business and operations. Mining Weekly editor Martin Creamer unpacks the headlines. 

Gold, platinum miners bolster business, operational plans
Gold, platinum miners bolster business, operational plans.

Galantas planning appeal hearing concluded

By: Simone Liedtke     16th February 2018 An appeal brought by a third party against Aim- and TSX-V-listed gold producer and explorer Galantas Gold's planning consent for the Omagh gold mine development has completed the hearing stage. The Court of Appeal at the Royal Courts of Justice in Belfast, Northern Ireland, heard the appeal... 

Petropavlovsk announces CFO resignation

By: Creamer Media Reporter      16th February 2018 London-listed miner Petropavlovsk has initiated a search for a new CFO, following the resignation of Audrey Maruta, who will depart from the company on April 1. Maruta will leave after the 2017 audited accounts are approved and will also provide consultancy services to Petropavlovsk for several... 

Birimian settles tax issues through full disclosure

By: Schalk Burger     16th February 2018 ASX-listed lithium and gold exploration company Birimian has settled with the Australian Tax Office (ATO), which waived all penalties in relation to tax obligations after the Mali-focused company made voluntary disclosures of all its financial statements since August. The penalties were in... 

Newcrest expects output to grow as shakes off disruptions

By: Bloomberg     16th February 2018 Australia's top gold miner, Newcrest Mining, expects output to grow in the coming months as its flagship site gradually ramps up after operations there were hit by an earthquake last year, its chief executive said on Friday. That comes a day after the company reported a 58% slide in underlying... 

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