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Gold News

Kibo, Opera Tanzania gold asset deal progressing well

By: Natasha Odendaal     2nd December 2016 The proposed sale of AltX- and Aim-listed Kibo Mining’s northern Tanzania-based gold assets to London-listed Opera Investment has now reached an advanced stage and is expected to conclude in due course. Kibo on Friday said that, while the spin-off of its Imweru and Lubando gold projects into a... 

Red Mountain opts out of the Philippines

By: Esmarie Swanepoel     2nd December 2016 ASX-listed Red Mountain Mining has struck a deal with its joint venture partner Bluebird Merchant Ventures over its 75% interest in the Batangas gold project, in the Philippines. Under the terms of the agreement, Bluebird will acquire Red Mountain’s share in the project in exchange for... 

Kirkland Lake executive appointed CEO of Treasury Metals

By: Henry Lazenby     2nd December 2016 TSX-listed Treasury Metals has appointed former Kirkland Lake Gold executive Chris Stewart president and CEO, effective December 5, the company announced Thursday. Stewart, who has more than 24 years of diversified experience in the mining industry, will lead the company's transition through the... 

New twist in Kingsgate application to renew Thai licence

By: Esmarie Swanepoel     2nd December 2016 Gold miner Kingsgate Consolidated is “urgently” seeking clarity over a new twist in its application to renew its metallurgical processing licence at the Chatree gold mine, in Thailand. The miner in October submitted an application for a five-year renewal of the Chatree metallurgical licence, as... 

New twist in Kingsgate application to renew Thai licence

Hudbay prices $1bn senior notes offering

By: Henry Lazenby     2nd December 2016 Canadian base metals producer HudBay Minerals has priced its offering of $1-billion of senior notes, which will be issued in two series, the company said on Thursday. These will comprise a series of 7.25% senior notes due in 2023 for $400-million and a series of 7.625% senior notes due in 2025... 

Perseus settles Amara mining contractor dispute

By: Henry Lazenby     2nd December 2016 West African gold producer Perseus Mining has inked a settlement agreement with mining contractor BCM International and its subsidiaries over a dispute between BCM and various members of the Amara Mining group, which Perseus acquired earlier this year. The dispute with BCM related to outstanding... 

Enforcement of Section 54 stoppages ‘unclear, inconsistent’ – lawyer

By: David Oliveira     2nd December 2016 While the mining industry has acknowledged the need to continuously improve health and safety to achieve its goal of ‘zero harm’, the application of Section 54 of the Mine Health and Safety Act (MHSA) is often unclear and inconsistent. International law firm Hogan Lovells partner and mining head... 

Importance of artisanal mining increases in DRC

     2nd December 2016 The stagnation of the formalised mining sector in the Democratic Republic of Congo (DRC) has led to an increase in artisanal mining activity, says the mining representative body DRC Chamber of Mines (CoM). “Artisanal mining in the DRC has become a widespread activity of significant economic... 

Importance of  artisanal mining increases in DRC
SUBSISTENCE MINING Artisanal mining in the DRC has become a widespread activity of significant economic importance

Scientist proposes using automated mineralogical analyses to monitor acid mine water

By: Ilan Solomons     2nd December 2016 The formation of acid mine drainage (AMD) is currently one of the largest environmental problems facing the South African gold mining industry, warns local State-owned mineral and metallurgical innovation company Mintek senior scientist Veruska Govender. She points out that mining operations have... 

Scientist proposes using automated mineralogical analyses  to monitor acid mine water
SERIOUS CONCERN AMD may place ‘undue stress’ upon the country’s economy and water-strained environment, potentially undermining both the agricultural and industrial sectors

Dacian amends raising parameters

By: Esmarie Swanepoel     1st December 2016 Gold developer Dacian Gold has amended the terms of a recently launched capital raise. The ASX-listed company last week launched a A$150-million capital raise consisting of a A$50-million institutional placement and a A$100-million accelerated nonrenounceable entitlement offer, on a 4-for-15 basis. 

Ravenswood expansion granted ‘prescribed project’ status

By: Esmarie Swanepoel     1st December 2016 Gold miner Resolute Mining’s proposed A$167-million expansion of its Ravenswood mine has been granted prescribed project status by Queensland State Development Minister Dr Anthony Lynham. Prescribed project status means the independent Coordinator-General can help Resolute navigate government... 

Ravenswood expansion granted ‘prescribed project’ status
The Ravenswood mine in Queensland

PTM’s Maseve ramp-up dogged by DMR safety blitzes

By: Henry Lazenby     30th November 2016 The ramp up of South Africa-focused miner Platinum Group Metals’ (PTM’s)  cornerstone Maseve mine has been hampered in recent weeks by safety blitzes in the North West province by the inspectorate branch of South Africa's Department of Mineral Resources (DMR). The company noted on Tuesday that... 

Gold producer Acacia Mining raises exploration budget by 30%

By: Reuters     30th November 2016 Gold producer Acacia Mining will increase its exploration budget for 2017 by nearly 30% to expand in Africa and helped by a higher gold price, the London-listed company said on Wednesday. Acacia, which is also listed in Tanzania, will spend $25-million in 2017 to increase drilling for new mines... 

Gold on track for worst month since June 2013 on looming rate hike

By: Reuters     30th November 2016 Gold was on track for its biggest monthly decline since June 2013, largely pressured by an imminent US interest rate hike by the Federal Reserve in December on expectations of improving economic growth. Spot gold on Wednesday was nearly unchanged at $1 188.86/oz by 0627 GMT. US gold futures were... 

Bassari gets exploration permit in Senegal

By: Esmarie Swanepoel     30th November 2016 The Senegalese Minister of Mines has granted ASX-listed Bassari Resources an exploration permit over the Makabingui gold project. The exploration permit, which has a five-year term, and is renewable for one or more periods not exceeding five years each, covers the Makabingui one-million-ounce... 

Ulysses brings first cash to Genesis

By: Esmarie Swanepoel     30th November 2016 The Ulysses gold project, in Western Australia, has generated its first cash for owner Genesis Minerals, under a toll milling arrangement with Paddington Gold. Genesis said that the initial payment for the first parcel of ore processed through the Paddington mill marked another milestone in the... 

Havilah cancels debt

By: Esmarie Swanepoel     30th November 2016 Gold miner Havilah has made the final repayment on a A$6-million loan facility, allowing the company to become debt free only seven months after the first gold pour at its Portia gold mine, in South Australia. The final repayment was also made four months before its due date. 

Lily Mine’s rescue operations to resume in the next six months

By: African News Agency      30th November 2016 The search for the remains of three Lily Gold Mine workers, who were trapped underground in Barberton in Mpumalanga in February when a lamproom container they were working in fell into a sinkhole, would resume in the next six to eight months, the company said on Tuesday. Lily mine’s business... 

Britain, Mongolia pledge to do more mining together

By: Reuters     30th November 2016 Britain and Mongolia signed their first memorandum of understanding in the mining sector on Tuesday, pledging an exchange of technology and expertise, and deepening ties based on Rio Tinto's huge copper mine in the South Gobi desert. The agreement, signed on the sidelines of a mining conference... 

Angkor buys back 2.5% Cambodian project NSR

By: Henry Lazenby     30th November 2016 Cambodia-focused explorer Angkor Gold has agreed to an all-scrip buyback of a 2.5% net smelter return (NSR) royalty sold to investors in 2014, at 130% of its original $875 000 price. The TSX-V-listed company had in May 2014 sold 2.5% of the company’s 7.5% NSR to come from Mesco Gold (Cambodia) on... 

Dacian aims to raise A$150m for Mt Morgans

By: Esmarie Swanepoel     29th November 2016 ASX-listed gold developer Dacian Gold has launched a A$150-million capital raising to fund the development of its Mt Morgans gold project, in Western Australia. The capital raising will consist of a A$50-million institutional placement and a A$100-million accelerated non-renounceable entitlement... 

Dacian aims to raise A$150m for Mt Morgans

Capital expenditure to continue downward trend

By: Henry Lazenby     29th November 2016 Despite a modestly more buoyant outlook for key metal prices, mining capital expenditures (capex) are expected to continue on a downward slide over the next three years as miners seek further cost cuts and to improve operational margins, according to analysis by Fitch Group research arm BMI.... 

Capital expenditure to continue downward trend

Hudbay announces $1bn senior notes offering

By: Henry Lazenby     29th November 2016 Canadian base metals producer Hudbay Minerals will offer $1-billion total principal amount in two series of senior notes offerings, including senior notes due in 2023 and a series of senior notes due in 2025. The total principal amount, interest rate and other terms of each series of the new... 

Avocet strikes a deal with SMB employees, Inata gold released

By: Megan van Wyngaardt     28th November 2016 LSE-listed Avocet Mining has reached a temporary agreement with former employees of Société des Mines de Bélahouro (SMB) regarding a recent gold seizure at the group’s Inata gold mine, in Burkina Faso. A gold shipment containing about 1 400 oz from mine, seized in October, was released on Monday... 

Alecto Minerals’ JV projects progress to plan

By: Megan van Wyngaardt     28th November 2016 Aim-listed Alecto Minerals has agreed the final terms of its joint venture (JV) partnership with Ashanti Gold around its Kossanto East gold project, in western Mali. The two parties have signed a binding option agreement, which concludes the proposals originally set out in a nonbinding letter of... 

Gold trade restriction rumour gives Indian gold market the jitters

By: Ajoy K Das     28th November 2016 Indian gold trade and prices have been thrown into turmoil by the Indian government’s demonentisation of high value currency notes as well as speculation being rife that government plans to impose a ban on gold imports and household holdings. While there has been no official statement,... 

Gold trade restriction rumour gives Indian gold market the jitters

Australia gold output rises despite wet weather

By: Creamer Media Reporter      28th November 2016 Australian gold production during the three months to September rose to 75 t, despite severe weather conditions that affected some operations in the Eastern states, gold mining consultant Surbiton Associates has revealed. The September quarter production was a 1 t increase, or a 2% improvement,... 

Australia gold output rises despite wet weather

Kirkland Lake shareholders vote in favour of C$1bn Newmarket deal

By: Henry Lazenby     25th November 2016 Shareholders of Canadian gold producers Kirkland Lake Gold and Newmarket Gold have approved the plan of arrangement to merge the two companies. The contentious all-scrip deal will create a new low-cost miner called Kirkland Lake Gold with a projected market capitalisation of about C$2.4-billion... 

Discredited DMR making ill-considered demands on struggling industry

By: Martin Creamer     25th November 2016 The Department of Mineral Resources (DMR) is making ill-considered demands that have little hope of being met. Instead of following the continent’s African Mining Vision and Zambezi Protocol, the DMR is going out on a dictatorial limb. 

Discredited DMR making ill-considered demands on struggling industry
Photo by Duane Daws
Chamber of Mines CEO Roger Baxter and Chamber of Mines Senior Executive Public Affairs and Transformation Tebello Chabana

Dalgaranga confirmed as low-cost, high-margin gold development – Gascoyne

By: Esmarie Swanepoel     25th November 2016 A feasibility study of the Dalgaranga gold project, in Western Australia, has indicated that the project could produce 592 000 oz over a six-year mine life. ASX-listed Gascoyne Resources reported on Friday that the feasibility study projected that the project would require a capital investment of... 

Gold tormented by mighty dollar as price sinks to nine-month low

By: Bloomberg     25th November 2016 Gold is being tormented by the mighty dollar, with the precious metal sinking to a nine-month low as the prospect for higher interest rates from the Federal Reserve next month and in 2017 lifts the US currency. Bullion for immediate delivery tumbled as much as 0.9% to $1,171.18/oz, the lowest... 

Doray founder steps down

By: Esmarie Swanepoel     25th November 2016 Allan Kelly has resigned as MD of gold miner Doray Minerals, citing personal reasons. Kelly, who founded Doray in mid-2009 and managed the company through its initial public offering and listing on the ASX, also oversaw the construction of the Andy Well gold project, in Western Australia, and... 

Mining starts at Tarcoola

By: Esmarie Swanepoel     25th November 2016 Mining has started at the Tarcoola gold mine, in South Australia, some two weeks after a decision to mine was taken. 

Dragon readies third mine in Finland

By: Esmarie Swanepoel     25th November 2016 Gold miner Dragon Mining has been cleared to start operations at its third gold mine in Finland, following the receipt of permission to process ore from the new Kaapelinkulma mine at the Vammala plant. The Kaapelinkulma mine is some 65 km east of the Vammala plant, and the project is estimated... 

Despite cash crunch, Nautilus production support vessel construction continues apace

By: Henry Lazenby     25th November 2016 Despite significant delays to Nautilus Minerals’ production schedule, and a cash crunch having sent it into hibernation, construction of the Canadian marine-mining hopeful's production support vehicle (PSV) is progressing in China. Toronto-headquartered Nautilus on Thursday reported construction... 

Industry recommits to ‘zero harm’ target as fatalities climb

By: Ilan Solomons     25th November 2016 The milestones that were agreed upon by all industry stakeholders at the 2014 Mine Occupational Health & Safety Summit are in danger of not being achieved in accordance with their timeline, warns Department of Mineral Resources (DMR) acting mines chief inspector Xolile Mbonambi. He was addressing... 

Industry recommits to ‘zero harm’ target as fatalities climb
RENEWED COMMITTMENT Cooperative Governance and Traditional Affairs Minister Des van Rooyen signs mining industry pledge renewal on achieving health and safety milestones agreed in 2014

Only ‘dramatic’ currency devaluation would have huge positive effect on gold price – Canadian economist

By: Ilan Solomons     25th November 2016 Global trade imbalances have reached a dangerous point and current policies seem powerless against them, says Canadian economic and gold consultancy Dundee Economics chief economist Dr Martin Murenbeeld. He argues that what is required to address this problem is for a “dramatic” currency... 

Only ‘dramatic’ currency devaluation would have huge positive effect on gold price – Canadian economist
Photo by Bloomberg
FORGOTTEN FACTOR The number of significant trade imbalances in the global economy is a crucial factor in the outlook for the gold price that has been ‘virtually overlooked’

Science council heavily involved in mining research and development

By: Keith Campbell     25th November 2016 Although the new Mining Precinct (or Mining Hub) initiative has rightly attracted a lot of interest (see “Mining Weekly” October 7), the mining and minerals research and development (R&D) activities of the Council for Scientific and Industrial Research (CSIR – a key participant in the Mining... 

Science council heavily involved in mining research and development
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