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Gold News

AMCU assists beleaguered Lily mineworkers

By: Ilan Solomons     29th July 2016 The Association of Mineworkers and Construction Union (AMCU) has been sending food parcels to assist its members at the Lily gold mine, in Barberton, Mpumalanga. South African gold miner Vantage Goldfields, which owns the Barbrook and Lily gold mines, entered into business rescue in April after... 

Beatrix social and labour plan delivers R6.2m investment

By: Sascha Solomons     29th July 2016 South African gold producer Sibanye Gold has funded, project managed and delivered a R6.2-million multipurpose hall to the Free State Department of Education (DoE), as part of its social and labour plan (SLP) agreements with the Department of Mineral Resources (DMR). Sibanye CEO Neal Froneman... 

Beatrix social and labour plan delivers R6.2m investment
Photo by Bloomberg
GOLD GIVES BACK The Beatrix mine's social and labour plan has delivered a school hall to the town of Theunissen

Damang, Tarkwa to receive major cash injection until 2027

By: Sascha Solomons     29th July 2016 South African gold mining firm Gold Fields asserts that a planned $2.5-billion investment in its Tarkwa and Damang operations in Ghana, from now until 2027, will ensure the longer-term sustainability of these mines. Damang will absorb an estimated $500-million, of which a significant portion... 

Damang, Tarkwa to  receive major cash  injection until 2027
Photo by Bloomberg
GREAT GOLD INVESTMENT Gold Fields will likely invest about $2-billion in its the Tarkwa mine – one of the largest openpit mines in Africa - over the next 11 years

Gold alive and kicking, Brexit may boost projects activity

By: Sascha Solomons     29th July 2016 Gold is a vibrant industry and remains a safe haven in times of economic turmoil, despite proposals over the years for the yellow metal to be commoditised, asserts worldwide minerals processing and metallurgical engineering products and services provider Mintek. “There is strong activity in the... 

Gold alive and kicking, Brexit may boost projects activity
Photo by Bloomberg
BOUNTIFUL BREXIT Two South African gold mining companies are expected to head for huge free cash bonanzas owing to Brexit

Gold boom in DRC funded militias – Global Witness

By: Ilan Solomons     29th July 2016 Armed groups in the Shabunda territory of the eastern Democratic Republic of Congo (DRC) received “gifts” of arms and cash from a Chinese mining company and made up to $25 000 a month extorted from local miners during a recent two-year gold boom in the region, reports international watchdog... 

Gold boom in DRC funded militias – Global Witness
FUELLING UNREST Armed groups received at least two AK-47 assault rifles and $4 000 in cash from a Chinese mining company which operates in the eastern region of the DRC

Minister calls on mines to take ‘extraordinary measures’ to prevent fatalities

By: Ilan Solomons     29th July 2016 Mineral Resources Minister Mosebenzi Zwane has lamented the sharp rise in mining-related fatalities this year and called for “extraordinary measures” to be taken to prevent further fatalities occurring in the sector. Speaking at a health and safety Imbizo at diversified miner Sibanye Gold's... 

Minister calls on mines to take ‘extraordinary measures’ to prevent fatalities
Photo by Duane Daws
DARK DAYS Since the beginning of this year, a total of 49 fatalities had been reported by the sector, with Sibanye Gold accounting for nine of those fatalities

Obuasi mine, Ghana

By: Sheila Barradas     29th July 2016 A gold mine in the Ashanti region of Ghana about 320 km north-west of the capital Accra. 

Obuasi mine, Ghana

Political turbulence overshadowing Egypt’s efforts to increase mining’s share of GDP

By: Ilan Solomons     29th July 2016 Egypt, which seeks to grow its mining sector’s contribution to the country’s gross domestic product (GDP), has become Africa’s second-largest economy after Nigeria, pushing South Africa into third place on the continent, says professional services firm KPMG. This is according to data released by... 

Political turbulence overshadowing Egypt’s  efforts to increase mining’s share of GDP

Yaramoko commercial production to start in third quarter

By: Sascha Solomons     29th July 2016 Gold mining company Roxgold expects its key asset, the high grade Yaramoko gold mine, located in the Houndé greenstone region of Burkina Faso, in West Africa, to reach commercial production in the third quarter of this year, as ramp-up activities continue to progress well. "We have poured over 14... 

Yaramoko commercial production to start  in third quarter
MOMENTOUS MILESTONE Over 14 000 oz of gold was poured in the six weeks since production started at the Yaramoko gold mine

Sibanye expects triple-digit surge in H1 earnings

By: Creamer Media Reporter      27th July 2016 Dual-listed Sibanye Gold expects a surge in earnings for the first half of 2016 on the back of a 31% higher average rand gold price. The company on Wednesday said in a trading update that headline earnings per share (HEPS) for the six months ended June 30 were likely to be between 484% and 611%... 

Centerra revises 2016 forecast amid half-year gold production, sales decreases

By: Samantha Herbst     27th July 2016 Canadian gold miner Centerra Gold has seen a 36% decrease in gold ounces sold in the first half of 2016, with recorded net earnings of $21.1-million, or $0.09 a common share, for the period under review, against $62.6-million, or $0.26 a share, recorded in the first half of 2015. Gold production... 

Centerra revises 2016 forecast amid half-year gold production, sales decreases
Kumtor gold mine, Kyrgyzstan

Physical gold shortage ahead 

     27th July 2016 There seems to be a lack of confidence in the world order and the ability of governments to manipulate the value of flat currency, as is confidence in governments as credible sources of capital. Mining Weekly editor Martin Creamer discusses this trend with senior deputy editor Tracy Hancock. 

Physical gold shortage ahead
Physical gold shortage ahead

Continental Gold gets environmental nod for power lines

By: Megan van Wyngaardt     27th July 2016 TSX-listed Continental Gold has been granted an environmental licence approving the construction of a transmission line to provide electrical power for its proposed large-scale underground mine at the Buriticá project, in Antioquia, Colombia. Corpouraba, a regional autonomous environmental... 

Independence to raise up to A$280m to strengthen balance sheet

By: Creamer Media Reporter      27th July 2016 ASX-listed Independence Group (IGO) plans to raise up to A$280-million to strengthen its balance sheet and fund the remaining capital expenditure (capex) for its Nova base metals project, in Western Australia. The equity raising comprises a A$250-million fully underwritten placement and an up to... 

Independence to raise up to A$280m to strengthen balance sheet
The Tropicana mine is a joint venture between Independence Group and AngloGold Ashanti.

Barrick Gold weighs sale of $1.9bn Acacia stake – sources

By: Reuters     27th July 2016 Barrick Gold Corp, the world's largest gold producer, is weighing a sale of its majority stake in African unit Acacia Mining and has approached several South African miners, according to sources familiar with the situation. The potential sale would be part of Barrick's broader strategy of selling... 

Barrick Gold weighs sale of $1.9bn Acacia stake – sources
Acacia Mining's Bulyanhulu mine

Gold miner Saracen triples exploration budget to A$42m

By: Creamer Media Reporter      27th July 2016 Western Australian gold miner Saracen Mineral Holdings has tripled its exploration budget to A$42-million for the current financial year as part of a strategy to grow the inventory and production at its existing mines. The commitment reflects Saracen’s high level of confidence in the organic... 

GBM raises A$2.6m to advance Qld gold project

     27th July 2016 ASX-listed GBM Resources has completed a A$2.6-million capital raising to advance its Mt Coolon gold project, in Queensland, and for working capital purposes. The funds were raised through the placement of 160.5-million shares at 1.6c apiece to professional and sophisticated investors. 

Philippines will not allow Tampakan mine to operate as openpit – Minister

By: Reuters     27th July 2016 The Philippine minister in charge of mining said she will not allow the $5.9-billion Tampakan gold and copper mine in southern Mindanao island to operate as an open-pit site and vowed to shut more operations causing environmental destruction. The Tampakan project is the biggest stalled mining... 

Kefi to raise £3.8m

By: Natasha Odendaal     26th July 2016 Aim-listed gold hopeful Kefi Minerals has raised about £3.8-million to resettle the Tulu Kapi community in its vital next development step at the Tulu Kapi gold project, in Ethiopia. The £3.56-million net proceeds, combined with the company’s current £2.2-million working capital, will resettle... 

War of words between AfroCan, Vantage intensifies over failed Lily deal 

By: Ilan Solomons     26th July 2016 Canadian gold producer and investor AfroCan Resources Gold and South African gold miner Vantage Goldfields are continuing to exchange words in a dispute over a failed financing deal. AfroCan has stated that Vantage has demanded, in a letter received from Vantage’s attorneys dated July 25, that... 

War of words between AfroCan, Vantage intensifies over failed Lily deal
Lily gold mine, Barberton

Perseus on track to become multi-mine gold producer

By: Megan van Wyngaardt     26th July 2016 West African-focused gold miner Perseus increased its June quarter production  to 44 058 oz, a 7.8% improvement on the March quarter, bringing the company’s total production for the 2016 financial year to 153 902 oz. This was in line with its revised guidance of 152 000 oz to 167 000 oz for the... 

Perseus on track to become multi-mine gold producer

Gold market retains small surplus; rising ETF demand offsets lower physical demand

By: Creamer Media Reporter      26th July 2016 Thomson Reuters GFMS expects the gold price to average $1 279/oz for 2016, compared with its previous forecast of $1 184/oz. In the second-quarter update of its 2016 Gold Survey, Thomson Reuters GFMS attributes the higher forecast to the “impressive gains” posted by gold so far this year and the... 

Empire Resources to start Penny’s Find development in six weeks

By: Megan van Wyngaardt     26th July 2016 ASX-listed Empire Resources on Tuesday reported that it expected to start mine development at its 21 700 oz Penny’s Find gold mine, in Western Australia, in six weeks. The company commissioned Kalgoorlie-based Cardno Spectrum Surveyours to work on the road realignment required at the project,... 

Kinross begins second-phase drilling at Bravada's Baxter gold property

By: Anine Kilian     26th July 2016 TSX-listed exploration company Bravada Gold has received notice from gold miner Kinross Gold that a second-phase drilling programme is underway at Bravada’s Baxter Low-sulphidation gold and silver property in the Walker Lane Gold trend in Nevada. This follows an option agreement signed in... 

Northern Star profit surges 65% to record A$151m

By: Mariaan Webb     26th July 2016 Australian gold miner Northern Star has increased its net profit by 65% to a record A$151.37-million in the 2016 financial year. The record profit, which was underpinned by strong operational performance, boosted the company’s cash A$326-million by the end of June, which enabled the miner to... 

A$25m raising sets Ramelius on path to 150 000 oz/y by 2018

By: Mariaan Webb     26th July 2016 Gold miner Ramelius Resources has set a production target of 150 000 oz/y by 2018, after receiving strong support from institutional investors for a A$25-million capital raising. The company, which produced 110 839 oz in the 2016 financial year and aims to increase that to 135 000 oz in the 2017... 

A$25m raising sets Ramelius on path to 150 000 oz/y by 2018
The Saturn pit at the Mt Magnet mine, in Western Australia.

Chamber disputes veracity of Unctad underinvoicing claim 

By: Martin Creamer     25th July 2016 The Chamber of Mines of South Africa (CoM) on Monday noted with concern the report published by the United Nations Conference on Trade and Development (Unctad) in which it was asserted that South Africa’s commodity exports were being underinvoiced. Prominent international news media have carried... 

Alacer’s Q2 performance in line with expectations

By: Natasha Odendaal     25th July 2016 Having produced 30 047 oz of gold and 24 038 oz attributable gold during the second quarter to June, ASX- and TSX-listed Alacer Gold plans to ramp up production during the second half of 2016. The second quarter of the year, which delivered in line with expectations, operated at a total cash cost... 

Calibre, Centerra Siuna JV advances positive results

By: Natasha Odendaal     25th July 2016 Recent exploration at the newly added Siuna mineral concessions belonging to TSX-V-listed Calibre Mining’s 253 km2 silver-gold project, in north-east Nicaragua, is returning positive results. The company said last week that exploration activities at the Siuna project, which added some additional... 

Challenger achieves planned output rates

By: Mariaan Webb     25th July 2016 he Challenger gold mine, in South Australia, which was reopened in May, has achieved its targeted mining rate after a ramp-up period of about six weeks, new owners WPG Resources and Diversified Minerals reported on Monday. Challenger has a targeted mining rate of 360 000t/y, which is equivalent... 

Crater Gold upbeat about Queensland graphite project

By: Mariaan Webb     25th July 2016 An independent technical review of ASX-listed Crater Gold’s Golden Gate graphite project, in North Queensland, has presented a strong business case to support the development of the project. The independent review by N H Cole and Associates (NC) of the Golden Gate project concluded that the... 

Creamer Media publishes Africa Mining Projects in Progress 2016 - First Edition

     25th July 2016 This edition of Creamer Media’s Africa Mining Projects in Progress 2016 (First Edition) reviews recently announced scoping, prefeasibility and definitive/bankable feasibility studies on projects across the continent, as well as the projects that are under way. 

Creamer Media publishes Africa Mining Projects in Progress 2016 - First Edition

Randgold lowers Côte d'Ivoire output forecast on power cuts

By: Reuters     25th July 2016 Randgold Resources' Tongon mine in Côte d'Ivoire will have a slightly lower gold output this year than previously expected mainly owing to an erratic power supply, Chief Executive Mark Bristow told reporters late on Saturday. The mine, one of five operated by the London-listed company in three... 

Randgold lowers Côte d'Ivoire output forecast on power cuts
Randgold Resources CEO Mark Bristow

World heading for shortage of physical gold – DRDGold  

By: Martin Creamer     25th July 2016 Confidence in the world order and the ability of governments to manipulate the value of fiat currency is seen to be diminishing, as is confidence in governments as credible sources of capital. What the world does in such circumstances is buy gold but there may not be enough gold to buy because of... 

World heading for shortage of physical gold – DRDGold
DRDGold CEO Niël Pretorius spells out upcoming gold supply constraints to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer. 24.7.2016

Newcrest meets FY16 production guidance, cuts debt to $2.1bn

By: Mariaan Webb     25th July 2016 Australia’s largest gold producer Newcrest has met its production target for a third year, producing 2.4-million ounces of gold in the 12 months to June 30. The group increased its production by 0.7% year-on-year in 2016, but its fourth quarter production slid by 6% quarter-on-quarter to 598 037... 

Newcrest meets FY16 production guidance, cuts debt to $2.1bn
A strong performance at the Lihir mine, in Papua New Guinea, has helped to offset production disruptions elsewhere in the group.

Kibo reaches net smelter royalty agreement with Acacia

By: Megan van Wyngaardt     22nd July 2016 Dual-listed Kibo Mining has reached an agreement with Acacia Mining to convert Acacia's residual equity interests in the Imweru and Lubando projects, in Tanzania, to a 2% net smelter royalty. The agreement was signed between Reef Miners, Kibo's wholly-owned Tanzanian subsidiary, which holds the... 

CRG concludes JV tolling agreement with gold-bearing ore supplier

By: Megan van Wyngaardt     22nd July 2016 Dual-listed gold miner Central Rand Gold (CRG) has completed and executed the definitive documents that will govern its joint venture (JV) tolling agreement with an unnamed third-party supplier of gold-bearing ore. CRG announced in June that it had entered into an agreement with the supplier,... 

Gold Fields appoints two more directors

By: Megan van Wyngaardt     22nd July 2016 Gold Fields has appointed Alhassan Andani and Peter Bacchus as independent nonexecutive directors, effective August 1 and September 1, respectively. Gold Fields earlier this month announced that former KPMG Africa chairperson Yunus Suleman would join the board in September, while outgoing Impala... 

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