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Gold News

Glencore throws full weight behind transparency in money-to-govts report

By: Martin Creamer     Updated 5 hours ago Global diversified mining and marketing company Glencore threw its full weight behind complete openness in its maiden Payments-To-Governments Report 2015. In a 17-page outline, Glencore CFO Steve Kalmin provides an overview of the $5-billion it paid last year to 16 governments ranging from... 

Hummingbird, Kola consider combining Mali permits

By: Creamer Media Reporter      Updated 5 hours ago Aim-listed Hummingbird Resources has entered into a memorandum of understanding to combine certain of its noncore exploration permits in Mali with Africa-focused exploration company Kola Gold’s permits in Mali and Senegal. The parties were working to establish a new company Cora Gold, in which... 

Mining Indaba slashes prices for mining corporates

By: Martin Creamer     Updated 6 hours ago Mining companies attending the upcoming Investing in African Mining Indaba in Cape Town will benefit from significantly reduced registration fees. Mining Indaba officials have introduced price reductions of up to 50% for the February 6 to 9 event, now in its twenty-third year. 

Mining Indaba slashes prices for mining corporates
Mining Indaba MD Jonathan Moore

New underground mine to boost Silver Lake’s production

By: Mariaan Webb     29th June 2016 Western Australian gold mining company Silver Lakes announced on Wednesday that development of the new Maxwells mine would start in August – 18 months after its exploration team identified high-grade lodes. The new underground mine was expected to contribute 15 000 oz to Silver Lake’s production... 

Kidman to resume production at Burbanks

By: Creamer Media Reporter      29th June 2016 Junior mining company Kidman Resources said on Wednesday that it would resume production at its Burbanks gold mine, near Coolgardie, in Western Australia, after a period of successful underground mine development. The Dahmu mineral resource had been accessed on the 1 350 level with strike... 

Exploration success at New Gold’s New Afton C-zone could boost mine life beyond current plan

By: Henry Lazenby     29th June 2016 TSX- and NYSE MKT-listed gold producer New Gold late on Monday reported that exploration results from its British Columbia-based New Afton mine’s C-Zone could potentially add a further five years to the mine’s life at current throughput rates. The company announced that results from the C-Zone... 

More than 10% of Canadian mining and metals companies delisted in 2014/15

By: Henry Lazenby     28th June 2016 More than 10% of the mining and metals companies listed on the TSX and TSX-V had delisted during 2014 and 2015, according to a new study by professional services firm EY. The report, titled 'What is driving delisting in the mining and metals sector in Canada?', found that 41% of companies... 

More than 10% of Canadian mining and metals companies delisted in 2014/15

Keras targets 30 000 oz/y output from mid-2017

By: Anine Kilian     28th June 2016 Aim-listed Keras Resources is targeting the production of 30 000 oz/y of gold from mid-2017. The company, which has gold mining operations in Australia, officially became a cash-generative mining company in March. 

Evolution doubles dividend payout, provides three-year production guidance

By: Mariaan Webb     28th June 2016 Australia’s second-largest gold producer, Evolution Mining, on Tuesday announced that it would double its dividend payout on a strong long-term outlook. From the end of the 2016 financial year, the payout rate would double to 4% of revenue, which the company said compared well with midtier... 

Evolution doubles dividend payout, provides three-year production guidance
Evolution Mining’s gold operations in Mungari, west of Kalgoorlie in Western Australia.

Gold declines after two-day Brexit rally as oil, copper rebound

By: Bloomberg     28th June 2016 Gold dropped after posting the biggest two-day gain in more than seven years following the UK’s vote to exit from the European Union. Bullion for immediate delivery lost as much as 0.8% to $1 313.62 an ounce and traded at $1 318.10 at 2:22 p.m. in Singapore, according to Bloomberg generic... 

Gold veteran says Brexit may mark start of ‘major bull market’

By: Bloomberg     28th June 2016 Gold may stand at the start of a major bull market should the UK’s Brexit vote prove to be a forerunner of greater political and financial instability around the world, according to Evolution Mining’s Jake Klein, a veteran of more than 20 years in the industry. With the rise in uncertainty,... 

Gold veteran says Brexit may mark start of ‘major bull market’
Evolution Mining executive chairperson Jake Klein

Eric Sprott takes position in Golden Predator

By: Henry Lazenby     28th June 2016 TSX-V-listed Golden Predator Mining has announced a private placement in the company by Eric Sprott for gross proceeds of $7.3-million, through the issuance of ten-million non-flow through units at C$0.73 each. The company also received further financing of up to 6.5-million flow-through units at... 

Guyana Goldfields lifts bought deal financing to C$130m, raises guidance

By: Henry Lazenby     28th June 2016 Midtier gold producer Guyana Goldfields has increased its previously announced bought deal financing to C$130-million from C$110-million, citing “strong demand”. The Toronto-headquartered company had signed an agreement with a syndicate of underwriters led by BMO Capital Markets, Scotiabank and... 

San José de Gracia production halts on unconfirmed report of two fatalities

By: Henry Lazenby     27th June 2016 TSX-listed Mexico-focused Goldgroup Mining on Monday advised that it had read a news article dated June 26, published by the Sinaloa-based Noroeste newspaper, regarding a reported mandatory shutdown of its 50%-owned San José de Gracia (SJG) mining project by the State government. Goldgroup said... 

Kyrgyz environment agency approves Centerra’s 2016 Kumtor mine plan

By: Henry Lazenby     27th June 2016 Officials of a Kyrgyz environmental protection agency have averted the shutdown of Canadian miner Centerra Gold’s Kumtor mine on July 1 by approving the operation’s mine plan for the remainder of 2016, the company reported Monday. The Kyrgyz Republic State Agency for Environmental Protection and... 

Manas acquires Tanzania gold project for $4m

By: Samantha Herbst     27th June 2016 As part of its aim to diversify its gold project portfolio, ASX-listed junior developer Manas Resources has signed a binding heads of agreement (HOA) to acquire the Tanzania-based Victoria gold project from mining entrepreneur Nick Clarke’s Cienega Sarl for $4-million. The HOA comprised a $200... 

Aura sees multimillion-ounce gold potential in Mauritania

By: Mariaan Webb     27th June 2016 Australian junior Aura Energy on Monday announced that it had secured rights to acquire two exploration permits in Mauritania, which were along strike from Canadian firm Kinross’ major Tasiast gold mine. Aura chairperson Peter Reeve said that the company’s technical team, which was well... 

Aura sees multimillion-ounce gold potential in Mauritania

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s

By: Martin Creamer     27th June 2016 As a result of Britain deciding to exit the European Union, two South African gold mining companies are heading for huge free cash bonanzas, ratings agency Moody’s said on Monday. AngloGold Ashanti is set to generate an additional $120-million in free cash flow in the second half of 2016 and Gold... 

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

Shanta starts New Luika decline development

By: Natasha Odendaal     27th June 2016 The decline development at the New Luika gold mine has started after Aim-listed Shanta Gold secured all the required approvals for the Tanzania mine to move from a surface operation to a high-grade underground mining operation. The East Africa-focused gold producer, developer and explorer was... 

Gold rises for second day as investors seek havens after Brexit

By: Bloomberg     27th June 2016 Gold rose a second day as financial markets continued a selloff following the UK’s vote to exit the European Union, with inflows into bullion-backed funds surging the most by value since 2012. Bullion for immediate delivery advanced as much as 1.5% to $1 335.55 an ounce before trading at $1... 

Russia-focused Nord Gold changes jurisdiction to UK

By: Reuters     27th June 2016 Russia-focused gold producer Nord Gold said on Monday it had changed its jurisdiction to the United Kingdom from the Netherlands. Nord Gold, controlled by Russian steel tycoon Alexei Mordashov, previously planned to change its domicile to Britain by the end of 2016 as a step toward a premium... 

Gold rises most since 2008 crisis as investors seek Brexit haven

By: Bloomberg     25th June 2016 Gold surged the most since the height of the 2008 global financial crisis after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand. Bullion jumped as much as 8.1% and futures trading volume was double the average for this time of day. As the pound... 

Gold rises most since 2008 crisis as investors seek Brexit haven

Bellhaven stock rises 20% on closing oversubscribed offering

By: Henry Lazenby     25th June 2016 Panama and Colombia-focused explorer Bellhaven Copper & Gold’s shares listed on the TSX-V jumped 20% on Friday after the company announced that its nonbrokered private placement offering of C$500 000, which was later increased to $620 000, owing to better-than-expected investor demand, had... 

Royalty North appoints Sandstorm CEO as chair

By: Henry Lazenby     25th June 2016 TSX-V-listed junior Royalty North Partners' stocks surged on Friday after the company late Thursday announced the appointment of royalty streaming firm Sandstorm Gold president and CEO Nolan Watson as chairperson of the board. The stock rose by 50% on Friday as Watson, who had helped to develop... 

Brexit could push gold price as high as $1 400/oz in coming weeks

By: Ilan Solomons     24th June 2016 Gold and silver prices on Friday surged above their 2016 highs in the wake of the outcome of the British referendum to leave the European Union (EU) – the so-called Brexit. Fitch Group research firm BMI on Friday said it expected additional gains for these precious metals over the coming weeks. 

‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     24th June 2016 With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing... 

‘Staggering’ uncertainty driving gold – World Gold Council

Giyani launches C$300 000 private placement

By: Henry Lazenby     24th June 2016 Oakville, Ontario-based Giyani Gold has launched a C$300 000 non-brokered private placement financing of up to three-million common shares at a price of C$0.10 apiece, for total gross proceeds of up to C$300 000, the company announced Friday. The TSX-V- and JSE-listed explorer advised that... 

West Wits Mining finalises Sol Plaatjies extraction, rehabilitation project agreement

By: Mia Breytenbach     24th June 2016 ASX-listed gold developer West Wits Mining has signed an agreement that will allow for the start of the Sol Plaatjies project within the Soweto Cluster prospecting right area, in Johannesburg, Gauteng. The objective of the Sol Plaatjies project, which was conceived and advanced in consultation... 

Nordgold may look at Toronto listing instead of London on Brexit

By: Bloomberg     24th June 2016 Nordgold, the Russian miner controlled by billionaire Alexey Mordashov, may look to get a primary listing of its shares in Toronto instead of London after the UK voted to leave the European Union. "It’s a real shock and nobody yet understands what the final consequences will be," Chief Executive... 

Gold delivers on day of tumult as Brexit supports bull case

By: Bloomberg     24th June 2016 Gold delivered and more gains may be on the cards. As global financial markets were cast into turmoil by Britain’s decision to quit the European Union, the commodity that’s known above all else for its role as an investment refuge rewarded backers with the biggest surge since the global financial... 

Gold delivers on day of tumult as Brexit supports bull case

PanAust lodges special mining lease application for Frieda River

By: Mariaan Webb     24th June 2016 China-owned PanAust has applied for a special mining lease for the Frieda River copper/gold project, in Papua New Guinea. MD Dr Fred Hess said on Friday that the lodgement of the application represented a crucial milestone in PanAust’s pursuit of organic growth. 

Kimberley Diamonds raises $4m to partly repay auction house

By: Samantha Herbst     24th June 2016 Australia’s Kimberley Diamonds has raised $4.02-million in capital, some of which has been used to partly repay China-based auction house Zhejiang Huitong Auction, which had previously lent the ASX-listed miner $13-million. Kimberley Diamonds placed about 40-million ordinary fully paid shares at... 

UK vote pushes Australian gold price to all-time record

By: Creamer Media Reporter      24th June 2016 The United Kingdom’s (UK’s) vote to leave the European Union (EU) has driven the Australian dollar gold price to an all- time record on Friday. The likely ‘leave’ result pushed the Australian dollar gold price as high as A$1 830/oz in early afternoon Friday trading in Sydney. 

UK vote pushes Australian gold price to all-time record

Gold sees biggest gain since 2008 in rush for havens from Brexit

By: Bloomberg     24th June 2016 Gold rallied the most since the global financial meltdown of 2008 after the UK voted to leave the European Union, sending markets into a tailspin and investors piling into haven assets. Bullion for immediate delivery jumped as much as 8.1%, the most since 2008, and traded at $1 322.88 an ounce as... 

Gold sees biggest gain since 2008 in rush for havens from Brexit

Commodities reel in world market tumult as UK votes for Brexit

By: Bloomberg     24th June 2016 Commodities were swept up in global market turmoil as investors sold off growth-related assets including oil and copper and sought haven in precious metals as UK voters opted to leave the European Union after more than four decades. The Bloomberg Commodities Index fell as much as 2%, the most in... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

By: Bloomberg     24th June 2016 Gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain’s voters were projected to back leaving the European Union after a historic poll. Bullion for immediate delivery jumped as much as 8.1% to $1 358.54 an ounce, the highest price since... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

In taking 39.5% stake, TomaGold partners with Goldcorp at Sidace Lake

By: Henry Lazenby     24th June 2016 Montreal-based TomaGold has bought a 39.5% interest in the Sidace Lake project from junior Planet Exploration, the company said on Thursday. In doing so, the company partnered with Goldcorp, which held the remaining 60.5% of the project, located 25 km north-east of Balmertown, in the renowned Red... 

$5m equipment for Zim small-scale gold miners

By: Oscar Nkala     24th June 2016 Chinese-made mining equipment worth $5-million is to be delivered to small-scale gold miners in Zimbabwe by the end of August as the first consignment of a much bigger deal that has been in abeyance since 2012, owing to failure by the Southern African country to guarantee a loan from the China... 

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