R/€ = 15.18 Change: 0.07
R/$ = 13.96 Change: -0.01
Au 1264.29 $/oz Change: -1.62
Pt 937.50 $/oz Change: 6.50

Gold News

Crude rally May clinch Canada top stock market status in ’16

By: Bloomberg     22nd October 2016 Gold’s best run since 2010 pushed Canadian equities to the top spot among developed-market stocks this year. Crude at $50/bl will give them an opportunity to stay there. That’s the view of strategists who follow the nation’s resource-heavy stock market. They expect energy producers will rally... 

Mali allows Randgold's offices to reopen amid tax dispute

By: Reuters     21st October 2016 Mali's government allowed the offices of companies controlled by Randgold Resources in the capital Bamako to reopen on Friday, an economy ministry official said, after it shut them two weeks ago over a tax dispute. "The minister ordered the reopening of the offices yesterday evening. Employees... 

Centerra’s Thompson Creek takeover establishes ‘leading low-cost gold producer’

By: Megan van Wyngaardt     21st October 2016 TSX-listed miner Centerra Gold has completed its acquisition of US-based Thompson Creek Metals, establishing a geographically diversified gold producer with a high-quality producing platform and a strong growth pipeline. The companies announced Thursday that they had completed a plan of... 

Centerra’s Thompson Creek takeover establishes ‘leading low-cost gold producer’
Thompson Creek's Mt Milligan mine, British Columbia

Orinoco halts Cascavel operations for technical review

By: Esmarie Swanepoel     21st October 2016 ASX-listed junior Orinoco Gold has temporarily suspended operations at its Cascavel gold mine, in Brazil, as the operation failed to meet expectations. Orinoco said on Friday that non-essential staff and contractors would be stood down while a full technical review of the operation was... 

Doray delivers strong Sept results

By: Esmarie Swanepoel     21st October 2016 Production at the Andy Well gold mine, in Western Australia, has declined, owing to lower head grades. ASX-listed Doray Minerals on Friday reported that the mine had produced 14 943 oz of gold in the September quarter, from the milling of 84 494 t of ore at an average head grade of 5.6 g/t gold. 

Northern Star looks at Pioneer project

By: Esmarie Swanepoel     21st October 2016 Gold miner Northern Star has struck a deal with fellow-listed Pioneer Resources to fast track exploration at the Acra gold project, in Western Australia. Under the agreement, Northern Star will pay Pioneer A$500 000 to acquire an initial 20% interest in the Acra project, and will hold the right... 

Oz lowers gold output forecast, copper on target

By: Esmarie Swanepoel     21st October 2016 Copper-gold miner Oz Minerals has downgraded its gold expectations for the full 2016, following the blackout at its Prominent Hill mine, in South Australia, in September, and the preferential treatment of copper ore. While the miner has previously warned that gold production would be at the... 

Oz lowers gold output forecast, copper on target

$400 000 raised to advance Sierra Leone gold project

By: Mia Breytenbach     21st October 2016 Multicommodity exploration and development company Sula Iron & Gold has raised $400 000 through a subscription for about 304.6-million new ordinary shares of 0.1p each in the company at a price of 0.1p per subscription share to advance its Ferensola gold project in northern Sierra Leone. The... 

$400 000 raised to advance Sierra Leone gold project
PROMISING PROSPECT The Ferensola gold project has an exploration target with a tonnage range of between five-million and seven-million tonnes at a grade of between 4 g/t and 8 g/t gold

Gold exchange-traded product holdings up 3% in September

By: Mia Breytenbach     21st October 2016 At the end of last month, total holdings in physically backed gold exchange traded products (ETPs) were 2 335.6 t, or 75.1-million ounces, representing a 38.1 t month-on-month increase, according to the World Gold Council’s (WGC’s) latest monthly gold-backed ETP update. In value terms, total... 

Gold exchange-traded product holdings  up 3% in September
Photo by Bloomberg
MONTHLY INCREASE Total holdings in physically backed gold exchange traded products were 2 335.6 t, or 75.1-million ounces in September

Houndé progressing on time, within budget

     21st October 2016 Construction at West Africa-focused gold producer Endeavour Mining’s Houndé gold project, in Burkina Faso, which began in April, is progressing on schedule and within budget, with the first gold pour expected during the fourth quarter of 2017. The Houndé project is an openpit mine with a... 

Houndé progressing on time, within budget
Photo by Duane Daws
GOLD PRODUCTION Endeavour hopes to start producing gold in the fourth quarter of 2017

Keaton’s Moabsvelden project secures water-use licence

By: Ilan Solomons     21st October 2016 The Department of Water and Sanitation has granted JSE-listed coal mining company Keaton Energy’s Moabsvelden coal project, near Delmas, in Mpumalanga, an integrated water use licence (IWUL). Keaton CEO Mandi Glad highlighted last week that the Moabsvelden project had, therefore, become “fully... 

Keaton’s Moabsvelden  project secures  water-use licence
Photo by Duane Daws
MANDI GLAD Moabsvelden is situated adjacent to Keaton’s existing Vanggatfontein colliery and will benefit from shared infrastructure and reduced operating costs

New knife-gate valve can slash maintenance time to just 15 minutes

By: David Oliveira     21st October 2016 Global mechanical pipe-joining systems manufacturer Victaulic launched its Series 795 knife-gate valve onto the South African market in August. The valve is designed to contain all the parts subject to wear in a single cartridge kit that be replaced without needing to replace the entire valve,... 

St Ives mine, Australia

By: Sheila Barradas     21st October 2016 A gold mine in Western Australia. 

St Ives mine, Australia

World Bank raises 2017 price outlook for oil and metals

By: Terence Creamer     20th October 2016 The World Bank has increased its 2017 price outlook for both metals and oil in its latest ‘Commodity Markets Outlook’, raising its October forecast for crude oil to $55/bl, from $53/bl in July. It has, however, sustained its forecast for an average oil price of $43/bl in 2016. Energy prices,... 

World Bank raises 2017 price outlook for oil and metals

Hummingbird’s Yanfolila mine closer to first gold production

By: Megan van Wyngaardt     20th October 2016 First concrete has been poured at Aim-listed Hummingbird Resources’ most advanced asset, the Yanfolila gold project, in Mali. Civil works contractor Imagri-sarl will now continue with the concrete pour-over the next three months.   Meanwhile, several material orders for the 132 000 oz project... 

India's Oct gold imports to hit 9-month high on festive demand – industry

By: Reuters     20th October 2016 India's overseas purchases of gold likely hit a nine-month high in October, as a flip in domestic prices to a premium prompted banks and refiners to resume imports ahead of the festival season, industry officials told Reuters. While higher purchases could widen India's trade deficit given... 

PTM to advance Waterberg PGM project to feasibility, construction decision stage

By: Mia Breytenbach     20th October 2016 Having received positive results from an independent prefeasibility study (PFS) on the Waterberg platinum group metals (PGM) project, in Limpopo, TSX- and NYSE-listed Platinum Group Metals (PTM) plans to advance the project to the completion of a feasibility study (FS) and a construction... 

Oyu Tolgoi sets all-time high for quarterly mined material in Q3

By: Samantha Herbst     20th October 2016 Rio Tinto subsidiary Turquoise Hill Resources’ Oyu Tolgoi mine, in Mongolia, set an all-time high of 25-million tonnes of quarterly mined material in the third quarter of 2016, including stripping for Phase 4 of the project, which is the next area of high-grade ore. CEO Jeff Tygesen said the... 

Oyu Tolgoi sets all-time high for quarterly mined material in Q3
Oyu Tolgoi, Mongolia

Kerr starts dewatering flagship Copperstone project

By: Henry Lazenby     20th October 2016 Toronto-based precious metals project developer Kerr Mines has started to dewater its flagship Copperstone mine, in Arizona, in the US. The TSX-listed firm plans to rehabilitate and restart production at the mine, which previously produced nearly half-a-million ounces of gold through openpit mining. 

Feasibility study boosts Gruyere's gold output

By: Esmarie Swanepoel     20th October 2016 A feasibility study has increased the Gruyere gold project's expected output from 265 000 oz/y to 270 000 oz/y and also increased its expected capital costs from A$455-million to A$507-million. Owner of the Western Australia-based project, Gold Road Resources, on Thursday told shareholders that... 

Acid mine water quick-fix possible as water deficit looms, Oppenheimer, De Beers told 

By: Martin Creamer     19th October 2016 Water-constrained Gauteng may see an acid mine drainage (AMD) quick-fix in order to save the fresh water from the Lesotho Highlands Water Project from being wasted on AMD dilution instead of being available to the economy, environmental adviser Dr Anthony Turton said on Wednesday. Delivering the... 

Acid mine water quick-fix possible as water deficit looms, Oppenheimer, De Beers told
Photo by Duane Daws
Environmental adviser Dr Anthony Turton

Premier Gold sees pleasing results at new Nevada mine

By: Megan van Wyngaardt     19th October 2016 The South Arturo mine, in Carlin, Nevada, has delivered pleasing results for the third quarter ended September 30, delivering 75 570 oz since the start of commercial production in August. TSX-listed Premier Gold, which owns 40% of the mine, said on Wednesday that 30 228 oz was attributable to it. 

Gold seen climbing in 'mildly bullish' scenario on low rates

By: Bloomberg     19th October 2016 Gold is set to rise about 7% by the time of the London Bullion Market Association conference in October 2017, according to a survey of people attending this year’s gathering in Singapore. Silver will gain 18%. The yellow metal will trade at $1 347.40/oz in a year’s time compared with $1 262.40... 

Mount Milligan crushing circuit almost on line

By: Megan van Wyngaardt     19th October 2016 North American mining company Thompson Creek Metals has started commissioning major equipment and components at its British Columbia-based Mount Milligan openpit copper and gold mine’s permanent secondary crushing circuit.  Routine testing and commissioning of all equipment and process circuits... 

GBM secures A$10m for Mt Coolon

By: Esmarie Swanepoel     19th October 2016 Gold developer GBM Resources has entered into a A$10-million loan agreement to advance the redevelopment of its Mt Coolon gold project, in Queensland. Under the terms of the agreement with UK-based National Federal Capital, the first tranche of A$5-million will be paid before November 21, with... 

GBM secures A$10m for Mt Coolon

Premier buys stake in DRC gold exploration company

By: Creamer Media Reporter      18th October 2016 Aim-listed Premier African Minerals has acquired a 4.5% interest in Casa Mining, which owns three mining licences in the prospective South Kivu province in the Democratic Republic of Congo (DRC), for $250 000. Premier also has the right to acquire a further 30% interest in Casa within 60 days. 

Carolina Capital closes Montana mine acquisition, to change name

By: Henry Lazenby     18th October 2016 Vancouver-based Carolina Capital has acquired a 100% interest, subject to certain underlying royalties, in the Montana-based Madison gold/copper project, where it has identified a series of existing gold and copper zones that remain open for expansion. The company, which has won approval from the... 

OceanaGold given seven days to clear Didipio questions

By: Esmarie Swanepoel     18th October 2016 Triple-listed gold miner OceanaGold has maintained optimism over the future of its Didipio operations, in the Philippines, after receiving a report from the Department of Environment and Natural Resources (DENR) along with an audit report on the mine. A number of recommendations were made in the... 

OceanaGold given seven days to clear Didipio questions

Asante Gold signs C$19.5m JV with Chinese-backed BXC to develop Ghana-based Kubi project

By: Henry Lazenby     18th October 2016 Ghana-focused project developer Asante Gold has partnered with China-owned BXC to form the Kubi Gold joint venture (JV), a 50:50 JV that will develop the Kubi mining leases to production. BXC is a subsidiary of Beijing Fuxing Xiao-Cheng Electronic Technology Stock, and has agreed to provide... 

Matilda pours first gold

By: Esmarie Swanepoel     18th October 2016 The Matilda gold project, in Western Australia, has poured its first gold, making Blackham Resources Western Australia's newest gold producer. “We are delighted at reaching the milestone in just 16 months from completing our funding deal with Orion Mine Finance,” Blackham CEO Alan Thom said on... 

Kingsrose eyes improvements at Way Linggo

By: Esmarie Swanepoel     18th October 2016 ASX-listed junior Kingsrose Mining will implement a series of measures at its Way Linggo gold project, in Indonesia, with the aim of improving development rates, recovering remnant pillars to boost short-term production, and ensuring suitable mine planning and production systems are place. The... 

Argonaut lowers FY guidance as abnormal weather, mine sequencing impedes output

By: Henry Lazenby     18th October 2016 Canadian gold producer Argonaut Gold has lowered its full-year guidance by 15 000 gold-equivalent ounces (GEOs) to between 115 000 GEOs and 120 000 GEOs, after abnormally high rainfall and changes in mine sequencing impacted on production at the El Castillo mine, in Mexico. During the three... 

Yamana Gold to spin off Brio subsidiary as standalone company

By: Reuters     18th October 2016 Canadian miner Yamana Gold said on Monday it plans to spin off its Brio Gold subsidiary, which owns noncore gold mining properties in Brazil, as a standalone public company to its shareholders. Yamana, a mid-sized gold producer, last November tried to reduce its 100% stake in Brio through a... 

Kingsgate snubs ‘opportunistic’ takeover

By: Esmarie Swanepoel     17th October 2016 Takeover target Kingsgate Consolidated has advised shareholders to reject the “opportunistic and inadequate” offer from Singapore-based Northern Gulf Petroleum International. Northern Gulf last month offered to buy 50.1% of Kingsgate for 4.2c a share in cash, with the company’s director,... 

Kingsgate snubs ‘opportunistic’ takeover
The Chatree gold mine, in Thailand

AngloGold joins Saracen in Carosue Dam North gold search

By: Esmarie Swanepoel     17th October 2016 Dual-listed gold miner Anglogold Ashanti could spend as much as A$25-million to gain a 70% interest in gold exploration tenements located west of its Sunrise Dam gold mine, in Western Australia. The Butcher Well and Lake Carey tenements form part of smaller rival Saracen Mineral Holdings’... 

AngloGold joins Saracen in Carosue Dam North gold search

Evolution buys project from Newcrest, reports Sept quarter production results

By: Esmarie Swanepoel     17th October 2016 Gold miner Evolution Mining has reported a slight decline in September quarter production and has announced the acquisition of a new project as a potential extension for its Cowal mine, in New South Wales. Production for the period under review reached 205 307 oz, compared with the 216 644 oz... 

Evolution buys project from Newcrest, reports Sept quarter production results
Evolution executive chairperson Jake Klein

Nullagine on track for full-year targets

By: Esmarie Swanepoel     17th October 2016 The Nullagine gold project was on track to deliver its full-year production guidance of between 80 000 oz and 85 000 oz, owner Millennium Minerals said. The project, in Western Australia, delivered 20 018 oz of gold during the three months to September, which was down slightly from the 22 760 oz... 

ICE to launch gold futures in Feb, heats up race for prized London market

By: Reuters     17th October 2016 Intercontinental Exchange on Monday said it would launch a London gold daily futures contract in February 2017, heating up the race to gain a bigger chunk and increase transparency of a market that is seen as a key global bullion trading centre. Earlier this year, the London Metal Exchange (LME)... 

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