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Eldorado Gold renews share purchase scheme

By: Henry Lazenby     Updated 4 hours ago Canadian gold producer Eldorado Gold has renewed its share-buying programme for another year, in order to satisfy obligations under its restricted share unit plan (RSU plan) for employees, officers of the company or a related entity as the designated by the board. Eldorado on Friday reported... 

Tanzania's gold output rises in 2014, snaps two-year decline

By: Reuters Tanzania's gold output edged up 1.26% in 2014 to 1.27-million ounces, snapping a two-year decline, government data showed on Friday. Tanzania is Africa's fourth-biggest gold producer after South Africa, Ghana and Mali and gold exports are a key source of foreign exchange. Export earnings however... 

Zimbabwe's first-quarter gold production up 25%

By: Reuters Zimbabwe's gold production rose 25% to 4 180 kg in the January-March quarter after small gold milling companies increased output, the country's chamber of mines said on Thursday. The chamber projected gold production for the year as a whole of 16 721 kg, up 8.7% from last year. 

NUM union wants 84% pay increase for gold workers

By: Reuters South Africa's National Union of Mineworkers (NUM) will push for an 84% rise in basic pay for entry-level gold mining workers, a near 10 percentage-point increase on previous demands, according to documents obtained by Reuters on Thursday. They show that the NUM, which represents 57% of the... 

NUM union wants 84% pay increase for gold workers

Agnico Eagle takes a 17.4% stake in Belo Sun

By: Henry Lazenby Canadian gold miner Agnico Eagle has acquired a 17.4% stake in Belo Sun Mining, which is developing the Volta Grande project in Para state, Brazil. Belo Sun on Thursday issued 62.5-million common shares to Agnico Eagle at C$0.24 apiece, for proceeds of C$15-million. 

Agnico Eagle takes a 17.4% stake in Belo Sun
Photo by Belo Sun
Drilling at Volta Grande, Brazil.

AMCU pushing for twofold wage increase this year

By: Ilan Solomons While the salaries of the lowest paid employees have not substantially increased over the past 21 years, the salaries of those who are occupying managerial positions have been “skyrocketing”, which has only widened the gap between workers’ salaries and those of management, Association of... 

AMCU pushing for twofold  wage increase this year
JOSEPH MATHUNJWA AMCU is seeking a monthly wage of R12 500 for workers and has already submitted its demands to the gold mining houses and is awaiting their responses

Avocet production down partly owing to strike

By: Megan van Wyngaardt Aim-listed Avocet Mining produced 17 011 oz for the first quarter of the year, at a cash cost of $1 113/oz. This was lower than the company’s fourth quarter 2014 results, when it produced 19 503 oz at a cash cost of $1 052/oz, owing to a number of factors. Ore milling at the company’s Inata mine,... 

Goldstone zeroes in on strong prospects at Homase/Akrokerri project

By: Natasha Odendaal Following the completion of an auger geochemistry sampling programme, Aim-listed Goldstone Resources will narrow its exploration focus at its Ghana-based Homase/Akrokerri gold project to two prospects that hold immediate promise of adding to its existing resource. The company noted on Thursday... 

White Cliff soars on gold nugget find

By: Esmarie Swanepoel The share price of ASX-listed White Cliff Minerals increased by some 57% on Thursday, on news of the discovery of substantial gold nuggets from the Mt Remarkable project, in Western Australia. The two nuggets weighed 8 oz and 10 oz respectively, and have been valued at A$27 000. 

B2Gold secures $350m revolver

By: Henry Lazenby Triple-listed gold producer B2Gold has secured a new $350-million revolving credit facility (RCF) with a syndicate of international banks to repay its existing $200-million RCF, of which $125-million had been drawn as at March 31, and for general corporate purposes. B2Gold, with operations and... 

Great Panther Silver eager to start work on Coricancha

By: Henry Lazenby Mexico-focused Great Panther intends to start, as soon as possible, surface drilling at the Coricancha mine complex, through which it has gained a foothold in Peru, the second largest silver producing country in Latin America. The surface drilling will focus on defining and expanding zones of... 

Chamber reveals plan to get South Africa’s ‘great mining industry’ back on front foot

By: Martin Creamer The Chamber of Mines of South Africa on Wednesday revealed a strategic plan to get South Africa’s “great mining industry” back on the front foot. Speaking at the well-attended 125th annual general meeting (AGM) of the historic organisation, chamber president Mike Teke – who was re-elected for a... 

Chamber reveals plan to get South Africa’s ‘great mining industry’ back on front foot
Photo by Duane Daws
Chamber president Mike Teke (right) having a word with his vice-president Graham Briggs.

CRG to raise operating cash through new placing

By: Megan van Wyngaardt To strengthen its balance sheet, while providing working capital to undertake continued surface mining operations and a programme of plant upgrades and efficiency processes, dual-listed gold producer Central Rand Gold (CRG) will seek to raise £600 000 through the placing of 2.55-million new... 

CRG to raise operating cash through new placing

RNI to clear Taurus debt with A$26.5m recap plan

By: Esmarie Swanepoel The share price of gold hopeful RNI fell by more than 37% on Wednesday after the company announced a A$26.5-million recapitalisation. The company said that it would undertake a renounceable entitlement issue under which shareholders would be offered 2.5 new ordinary fully paid RNI shares, at an... 

Red Mountain wins local support for Batangas

By: Esmarie Swanepoel Gold developer Red Mountain Mining has received local government endorsement for its Batangas project, in the Philippines. The junior told shareholders on Wednesday that all the local government council directly affected by the project had endorsed it. Red Mountain was now continuing its... 

Goldcorp again named to Nasdaq Sustainability Index

By: Henry Lazenby NYSE-listed Goldcorp reported on Tuesday that it had, for the second consecutive time, been included in the semiannual reranking of the NASDAQ OMX CRD Global Sustainability Index. This listing ranked Goldcorp, world’s largest gold producer by market value, as one of the top 100 companies in the... 

True Gold restarts Burkina Faso project construction

By: Henry Lazenby Following a hiatus of several months, Canadian project developer True Gold on Tuesday announced that it had restarted construction of its flagship Karma gold project, in Burkina Faso, with the aim of pouring first gold in March next year. The Vancouver-based firm reported that it was currently... 

Armadale appoints new nonexec director

By: Megan van Wyngaardt Aim-listed gold miner Armadale has appointed Dr Andrew Tunks as a nonexecutive director, effective immediately. The Africa-focused company said Tunks was well placed to support its active development strategy, with proven experience in identifying and developing gold projects. 

Peru strike spares output at top copper and gold mines

By: Reuters Peru's production of copper and gold was largely unaffected by a national strike on Monday as unionised workers declined to down tools for fear of losing their jobs and companies used replacements. Walk-outs at some mines, however, might have curbed silver, tin and iron output, according to... 

Doray to proceed with Deflector gold mine development

By: Esmarie Swanepoel The board of gold miner Doray Minerals has approved the development of the recently acquired Deflector copper/gold mine, in Western Australia, subject to the completion of funding. The Deflector project was acquired through the takeover of Mutiny Gold earlier this year, in which shareholders of... 

Blackham raises cash for Matilda restart

By: Esmarie Swanepoel ASX-listed Blackham Resources has secured a A$38.5-million funding package to finance the development of its Matilda gold project, in Western Australia, the gold developer reported on Tuesday. Production at Matilda was slated to start in the second quarter of 2016. 

Barra restarts Newminster mining

By: Esmarie Swanepoel ASX-listed Barra Resources on Tuesday announced that openpit mining had resumed at the Newminster deposit, at the Phillips Find gold project, in Western Australia. Operations at the Newminster deposit were originally undertaken at the start of 2013, where some 53 986 t of ore, grading 2.7 g/t... 

Caledonia lifts Blanket’s resource base

By: Natasha Odendaal Aim-listed Caledonia Mining on Tuesday announced an increase and upgrade to the gold resource base at its 49%-owned Blanket mine, in Zimbabwe. The company has added 538 000 t to the 2.9-million tonnes of reserves and indicated resources, representing a tonnage increase of 17.4% and a 20.5% hike... 

Ten thought dead in Guyana gold mine collapse

By: Reuters A mining pit collapsed in the Guyanese jungle on Sunday, presumably burying ten gold miners, authorities and a private association said on Monday. "The men are confirmed dead," said Ajay Baksh, a consultant with the local Guyana gold and diamond miners association. 

Gold mines yet to comment on wage demands, refute excessive exec pay claims

By: Ilan Solomons Gold producers have refused to comment on wage demands made public by Association of Mineworkers and Construction Union (AMCU) last week, other than to say they will engage with all representative unions in a “constructive and proactive way”, with the aim of ensuring the sustainability of the... 

Gold mines yet to comment on wage demands, refute excessive exec pay claims

Osisko sees Q1 net earnings greatly improve y/y

By: Tracy Hancock TSX-listed Osisko Gold Royalties has declared first-quarter net earnings from continuing operations of $10.2-million, or $0.15 a share, for the first quarter of 2015. This was a marked improvement on the $3.5-million net loss, or $0.08 a share loss, in the corresponding period of 2014. The... 

Aureus’ key Liberian gold asset on track for first output end-May

By: Natalie Greve Construction of Aureus Mining’s flagship New Liberty gold project, in Liberia, is nearing completion and on track to enable the delivery of first gold by the end of the month, the company noted in a quarterly results statement. New Liberty’s 924 000-oz reserves supported an openpit operation with... 

Aureus’ key Liberian gold asset on track for first output end-May
New Liberty in 2014

Osisko declares second quarter dividend

By: Creamer Media Reporter TSX-listed Osisko Gold Royalties has declared a second-quarter 2015 dividend of $0.03 a share. Osisko, an intermediate mining royalty and exploration company, advised on Friday that the dividend was payable on July 15 to shareholders on record as of the close of business on June 30. 

Kidman completes Burbanks gold buy

By: Esmarie Swanepoel ASX-listed junior Kidman Resources has completed the acquisition of an 80% interest in the Burbanks gold mine, in Western Australia. Kidman agreed to acquire the majority stake in the project at the end of April from a private company, in a transaction worth A$3-million. The junior also agreed... 

Nord Gold says Q1 net profit at $88.5m vs $24.6m in Q1 of 2014

By: Reuters Russian gold miner Nord Gold said on Monday its first-quarter net profit more than tripled year-on-year to $88.5-million from $24.6-million seen a year earlier, positively affected by higher refined gold production. The net profit was also affected by the fact that some gold produced at the end... 

Namibian mine lifts B2Gold’s Q1 output 20%

By: Natalie Greve Canada-based gold producer B2Gold has posted record gold production of 115 859 oz in the first quarter, exceeding its target for the first three months ended March 31 by 754 oz and delivering 20% more gold than in the first quarter of 2014. The company said on Friday that the increased production... 

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