http://www.miningweekly.com

Global Mining News in real time

Gold News

Hummingbird secures $5m facility extension for Yanfolila development

By: Natasha Odendaal     Updated 14 minutes ago Aim-listed gold production, development and exploration company Hummingbird Resources has secured a $5-million facility extension to start moving its flagship 1.8-million-ounce Yanfolila gold project, in Mali, towards targeted production in 2016. With the completion of the initial earthworks,... 

Evolution hedges more ounces

By: Esmarie Swanepoel     Updated 2 hours 38 minutes ago Gold miner Evolution Mining has forward sold some 300 000 oz of gold, at an average price of A$1 638/oz, to take advantage of a recent rally in the Australian gold price. The miner noted on Tuesday that 100 000 oz of the gold would be delivered in the 2016 financial year, with the remaining 200... 

DRDGold dividend soars

By: Martin Creamer     Updated 2 hours 46 minutes ago Gold dump mining company DRDGold on Tuesday lifted its dividend payout fivefold. In declaring a final dividend of 10 c a share in the year ended June 30, the Johannesburg and New York-listed surface miner dished out its eighth consecutive final dividend on results that CEO Niël Pretorius... 

DRDGold dividend soars
Photo by Duane Daws
Niël Pretorius

US Mint American Eagle gold, silver coin sales drop in August

By: Reuters US Mint sales of American Eagle gold coins fell 40% in August from July's highest level in more than two years, as concern about a slowing Chinese economy lifted bullion prices above a five-and-a-half year low, government data showed on Monday. American Eagle gold coin sales fell to 101 500... 

Alamos lifts AuRico stake to more than 10%

By: Henry Lazenby Canadian gold producer AuRico Metals on Monday said that compatriot Alamos Gold had lifted its ownership of the company to more than 10%. TSX-listed Alamos would buy eight-million AuRico Metals shares at C$0.70 apiece for C$5.6-million. Together with the 5.77-million shares Alamos already owned... 

Goldgroup issues shares for Cerro Prieto acquisition, negotiating promissory note demand

By: Henry Lazenby Project developer Goldgroup Mining has issued 16.5-million common shares to Oroco Resource Corp regarding it 2013 acquisition of the Cerro Prieto project, in Mexico. As part of the purchase agreement, Goldgroup committed to issue the shares or, at its option, pay $4.13-million to Oroco by August... 

Waihi gold mine acquisition to lift OceanaGold FY output 22%

By: Henry Lazenby Triple-listed OceanaGold says it could boost its overall output by up to 22% a year to between 380 000 oz and 410 000 oz of gold, should it succeed in its $106-million bid to buy the Waihi gold mine, in New Zealand, from US gold miner Newmont Mining. The Waihi gold mine was about 150 km... 

Peru plans budget raise in 2016 as economic outlook dims

By: Reuters , Aug 31 (Reuters) - Peru's President Ollanta Humala asked Congress to approve a budget for 2016 that would be 6 percent bigger than this year's budget blueprint amid signs economic growth this year and next will be weaker than previously expected. Peru's copper and gold mining-powered economy... 

Barrick closes $298m Porgera JV deal with Zijin

By: Henry Lazenby The world’s largest gold producer by output Barrick Gold on Monday announced that it had closed a deal forming a strategic partnership with Zijin Mining Group. The Chinese firm initially acquired a 50% interest in Barrick Niugini (BNL) for $298-million in cash. 

Doray secures funding for Deflector mine

By: Esmarie Swanepoel ASX-listed gold miner Doray Minerals is on track to produce its first gold from the Deflector copper/gold mine, in Western Australia, by mid-2016, after securing funding for the project. Doray MD Allan Kelly said in a conference call on Monday that the financing for the recently acquired... 

Australian gold production on the rise

Australian gold production rose nearly 3 t, or 4%, to 72 t in the three months to June 30, says mining consultancy Surbiton Associates. In its latest survey of the Australian gold mining industry, Surbiton found that gold output for the financial year ended June increased by 1% to around 285 t,... 

Higher revenues contribute to Perseus' record FY profit

By: Esmarie Swanepoel Dual-listed gold miner Perseus Mining has reported record profits for the 2015 financial year, on the back of higher revenues and a foreign exchange gain of some A$52.4-million. Net profit after tax increased to a record A$92.2-million for the year under review, a A$124.2-million, or 288%,... 

Silver Lake improves performance in 2015 FY

By: Esmarie Swanepoel Gold miner Silver Lake Resources has narrowed its net loss for the financial year ended June, despite a fall in gold sales and revenue. “Silver Lake has returned to its core assets where it has been possible to generate a superior financial return from substantially less production,” said MD Luke... 

S&P's cuts metals price forecasts, to review miners' ratings

By: Reuters Standard & Poor's (S&P's) warned on Monday it was likely to revise the credit ratings for some miners over the next week after cutting its price forecasts for aluminium, copper, zinc, nickel and gold and said it expected prices to remain volatile. The rating agency slashed its nickel forecasts... 

Cerro Grande pares Q3 loss

By: Henry Lazenby Chile-focused miner Cerro Grande Mining has slightly narrowed its third-quarter loss despite lower sales and prices being offset somewhat by lower costs. The Canadian firm reported a net loss before income taxes for the period ended June 30 of $1.42-million, compared with a loss of $1.59-million... 

Eldorado, miners take legal action over Greek project

By: Reuters Canada's Eldorado Gold and workers at its disputed gold mine project in northern Greece filed a new legal complaint on Friday to overturn a government decision which led to its activities being halted, court officials said. Eldorado's complaint at one of Greece's top courts came after Prime... 

TAC, Sonke admitted as friends of court in silicosis case

By: Natasha Odendaal The Treatment Action Campaign (TAC) and Sonke Gender Justice have been given the green light to present evidence against gold mining companies in a potential class action suit by hundreds of thousands of miners who contracted silicosis and tuberculosis (TB) in their line of work. The South... 

Edikan mine unaffected by illegal miner clashes – Perseus

By: Megan van Wyngaardt Dual-listed gold miner Perseus Mining on Friday said its gold production had been unaffected by clashes between illegal miners and Ghanaian national security forces in the town of Ayanfuri near the company’s Edikan mine. Perseus explained that members of the Ghanaian military were last week... 

AngloGold Ashanti reports fatality

By: Megan van Wyngaardt An AngloGold Ashanti employee was fatally injured following a seismic-related incident at the Mponeng mine, near Carletonville, on Thursday. Senior inspectors of the Department of Mineral Resources and Mponeng mine management conducted an on-site inspection and agreed remedial actions had been... 

Saracen's record production lifts profits

By: Esmarie Swanepoel Record gold production pushed miner Saracen Mineral Holdings’ net profit after tax up 86% and revenue by 18% in the 2015 financial year. Gold production rose 25% year-on-year to 167 531 oz, generating revenues of A$249.9-million. Net profit after tax increased from A$6-million in 2014 to... 

Ramelius to further lift output

By: Esmarie Swanepoel ASX-listed gold miner Ramelius Resources was targeting gold production of nearly 100 000 oz/y by the second half of 2016, as the development of its Vivien and Kathleen Valley gold mines progressed. Ramelius on Friday reported that the company had sold 88 706 oz of gold in the financial year... 

Metals X hedges gold

By: Esmarie Swanepoel ASX-listed Metals X has entered into a hedging programme for 245 000 oz of gold, with scheduled deliveries until September 2018. The gold would be priced at A$1 631.23/oz. 

US dollar gold price hits Resolute bottom line

By: Esmarie Swanepoel Despite beating production and cost guidance, gold miner Resolute Mining reported a net loss after tax of A$502.6-million for the 2015 financial year. This was down from a profit of A$33.3-million in the 2014 financial year and came on the back of a A$572-million impairment charge primarily... 

Gabon builds up strategic gold reserves

By: Ilan Solomons Following the examples of Venezuela and Malaysia, Gabon has started building up its national gold reserves as part of the strategy to strengthen the country’s economy by providing it with the option to sell or pledge these reserves if required. Gabon State-owned mining company Société Équatoriale... 

Gabon builds up strategic gold reserves
Photo by Bloomberg
GOLDEN OBJECTIVES It is Gabon’s goal to increase its production of gold by 50 t each year by 2025

Geotech analysis made easier with monitoring system

By: Bruce Montiea Australia-based exploration and emerging producer Havilah Resources in June bought a surface laser monitoring and tracking system to use at its opencut Portia gold mine, in South Australia. The mine will use the Sentry monitoring system, designed by mining software, hardware and services provider... 

Geotech analysis made easier with monitoring system
OBSERVING Maptek’s Sentry surface laser monitoring and tracking system simplifies geotech analysis

Goldcorp, Teck to combine Chile projects into massive 50/50 JV

By: Henry Lazenby Gold major Goldcorp and Canadian diversified miner Teck Resources will combine their El Morro and Relincho projects, in Chile, to leverage increased financial returns and dramatically reduce capital expenditure. The miners announced on Thursday that both companies would contribute their separate... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV
Photo by Goldcorp/Teck Resources
Project Corridor, in Chile, aims to combine the El Morro and Relincho projects.

Evolution doubles profits

By: Esmarie Swanepoel Australian gold producer Evolution Mining has more than doubled its underlying net profit for the financial year ended June, as the company’s focus on cost reduction and improved efficiencies paid off. Underlying net profit for the year reached a record A$106.1-million, compared with the... 

Evolution doubles profits

Northern Star shines in 2015

By: Esmarie Swanepoel Gold miner Northern Star Resources has reported massive surges in revenue and profit for the financial year ended June, following the acquisition of a number of gold projects in Western Australia over the past year. Underlying net profit for the full year increased by 198% year-on-year to... 

Fortune Minerals sells remaining Hemlo equipment for $415 000

By: Henry Lazenby Project developer Fortune Minerals has replenished its coffers through the sale of the remaining equipment it salvaged from the Golden Giant mine, at Hemlo, in Ontario. While the equipment was originally meant for use at the proposed Nico gold/cobalt/bismuth/copper development, in the Northwest... 

St Barbara swings to profit

By: Esmarie Swanepoel Gold miner St Barbara has swung back into profit for the financial year ended June, as a turnaround strategy was implemented at the Simberi mine, in Papua New Guinea, and the Gold Ridge project was divested. The company reported a net profit after tax of A$39.6-million for the year, compared... 

PanTerra eyes extended Las Lagunas mine life

By: Esmarie Swanepoel Gold producer PanTerra Gold has flagged a possible supply agreement for Phase 2 of its Las Lagunas project, in the Dominican Republic. Earlier this month, the ASX-listed company revealed plans to extend the project beyond 2019 by buying and importing some 100 000 t/y of high-grade arsenopyrite... 

Evolution adds ounces at Cowal

By: Esmarie Swanepoel Gold miner Evolution Mining has reported a 40% increase in the ore reserve at its recently acquired Cowal mine, in New South Wales. Evolution on Wednesday released an ore reserve estimate of 72.58-million tonnes, grading 0.93 g/t gold for 2.18-million ounces of contained gold. This was up by some... 

Takeover target Romarco advances S Carolina project construction

By: Henry Lazenby Project developer Romarco Minerals on Monday reported that construction at its flagship Haile gold mine, in South Carolina, was advancing on schedule and within budget. The TSX-listed company, which was the subject of an open bid from OceanaGold, had completed the water treatment plant in July.... 

High Court reserves judgment as civil society groups push for entry into silicosis case

By: News24Wire The South Gauteng High Court today (25 August) reserved judgement on whether the Treatment Action Campaign (TAC) and Sonke Gender Justice will be allowed to appear as friends of the court in what could be the county’s first class action against the gold industry. Represented by public interest... 

High Court reserves judgment as civil society groups push for entry into silicosis case

Phoenix shareholder withdraws support for Zijin bid

By: Esmarie Swanepoel Takeover target Phoenix Gold on Tuesday announced that shareholder Geologic Resource Partners had withdrawn its support of a takeover offer from China’s Zijin Mining. Geologic Resource Partners in June backed the Zijin bid by executing a prebid agreement with Zijin, increasing the Chinese... 

Minera seeks urgent cash injection

By: Esmarie Swanepoel ASX-listed junior Minera Gold has warned shareholders that, without an immediate injection of cash, the company could be in trouble. Over the past two months, Minera has been working to secure funding, including an A$800 000 bridging facility. While the company had received a number of nonbinding... 

Kidman declares initial resource at Burbanks

By: Esmarie Swanepoel ASX-listed Kidman Resources has reported an initial mineral resource of 99 000 oz, at 5.6 g/t, at its Burbanks gold project, in Western Australia. The project, which was acquired by Kidman for A$3-million in May, was scheduled to start milling underground ore in September. Kidman was currently... 

Excelsior hedges its gold bets

By: Esmarie Swanepoel Gold developer Excelsior Gold has hedged some 50 800 oz of gold at a price of A$1 570/oz until December 2017. The ASX-listed company on Tuesday said it had taken advantage of the recent volatility in the gold price by entering into the hedging programme and had also granted call options for a... 

First
Prev
1
2 3 4 5 6 7 8 9 Next Last
RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
R/€ = 15.05Change: -0.13
R/$ = 13.34Change: -0.04
Au 1142.58 $/ozChange: 8.83
Pt 1010.20 $/ozChange: -1.80
 
Subscribe Now for $96
Subscribe Now for $96 Close