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Gold News

Serabi off to a good start with January production of 3 671 oz

By: Marleny Arnoldi     13th February 2019 Aim- and TSX-listed Serabi Gold has set its 2019 production guidance at between 40 000 oz and 44 000 oz, with 3 671 oz already produced in January. CEO Mike Hodgson said in a statement on Wednesday that the step up from the production levels achieved in 2017 and 2018 will be driven by improved... 

Pan African Resources expects up to 126% increase in H1 HEPS

By: Marleny Arnoldi     13th February 2019 Aim- and JSE-listed Pan African Resources expects its earnings per share (EPS) for the six months to December 31, 2018, to be between 116% and 126% higher year-on-year at between 6.98c and 7.30c . This compares with the EPS of 3.23c reported for the six months ended December 31, 2017.  

Alaska mine boosts Northern Star financials

By: Esmarie Iannucci     13th February 2019 Gold miner Northern Star has reported increased revenue and profit for the half-year ended December on the back of the acquisition of the Pogo gold mine, in Alaska. Revenue for the six months under review was reported at A$633.5-million, up 43% on the previous corresponding period, while... 

Noncash items brings down Evolution H1 profit

By: Esmarie Iannucci     13th February 2019 Gold miner Evolution Mining is expecting a stronger financial result in the second half of the 2019 financial year, after reporting a 26% fall in after-tax net profit during the six months to December. Evolution on Wednesday reported a net profit of A$91.1-million, compared with the... 

DRDGold profit down, gold reserves up

By: Martin Creamer     13th February 2019 Surface gold mining company DRDGold on Wednesday reported a 54% fall in operating profit to R102.2-million in the six months to December 31, but a major jump in mineral reserves. Reserves shot up by 83% to six-million ounces of gold from a former 3.28-million ounces but gold production in the... 

DRDGold profit down, gold reserves up
Photo by Creamer Media
DRDGold CEO Niël Pretorius

Harmony exploring Target North, Kalgold 

By: Martin Creamer     12th February 2019 Harmony Gold is currently adjudicating a tender for the drilling of the Target North greenfield exploration project in the Free State and is engaged in near mine brownfield exploration at Kalgold in the North West. Harmony Gold CEO Peter Steenkamp on Tuesday described the Target North prospect as... 

Harmony exploring Target North, Kalgold
Harmony Gold outlines exploration plans to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Creamer Media’s Darlene Creamer

Probe drilling confirms Val-d’Or expansion, new discoveries

By: Simone Liedtke     12th February 2019 Canadian gold exploration company Probe Metals on Tuesday reported new results from the 2018 drill programme on the Val-d’Or East Courvan property area, in Quebec, which identified both new discoveries, as well as confirmed significant expansion of previous discoveries north and west of the... 

Serabi reports fatality at Palito gold mine

By: Simone Liedtke     12th February 2019 Dual-listed Serabi Gold on Tuesday confirmed a fatality at its Palito gold mine, in Brazil, in a mining-related accident on February 11. The accident involved one of the company’s employees who sustained a crush-related injury and died from his injuries. 

Harmony cuts energy consumption, ushering in solar, mulling biofuels  

By: Martin Creamer     12th February 2019 Gold mining and exploration company Harmony Gold is intensifying its efforts to cut electricity consumption to a minimum while also looking at introducing solar power and biofuel energy. CEO Peter Steenkamp said on Tuesday when the company issued its half-year results that Eskom’s problems could... 

Harmony cuts energy consumption, ushering in solar, mulling biofuels
Harmony Gold executives talk to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Creamer Media’s Darlene Creamer

Harmony’s Steenkamp rising to President Ramaphosa’s ten-point challenge  

By: Martin Creamer     12th February 2019 Harmony Gold CEO Peter Steenkamp is rising to President Cyril Ramaphosa’s ten point mining challenge by striving to pay meaningful social dividends across a broad front and answering the call to beneficiate, which is no mean feat when it comes to gold. The executive head of the million-ounce-plus... 

Harmony’s Steenkamp rising to President Ramaphosa’s ten-point challenge
Harmony Gold CEO Peter Steenkamp talks to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Creamer Media’s Darlene Creamer

Sibanye considers closing unprofitable shafts at gold mines 

By: Bloomberg     12th February 2019 Sibanye Gold is considering shutting unprofitable shafts and cutting jobs at its South African gold mines amid a three-month-old wage strike that’s curbing output. The nation’s largest gold producer has talked with some labor unions about a potential restructuring, which could lead to job cuts,... 

Sibanye considers closing unprofitable shafts at gold mines

Mandalay raises C$60m to stabilise liquidity position

By: Simone Liedtke     12th February 2019 TSX-listed Mandalay Resources has announced plans to raise C$60-million to address its short-term liquidity requirements. The financing will be raised through a marketed public offering of up to about C$50-million of subscription receipts and an $8-million convertible bridge loan from a CE Mining... 

Bezant outlines mining options for Mankayan project

By: Simone Liedtke     12th February 2019 Aim-listed Bezant Resources on Tuesday said that an independent study had found that the Mankayan copper/gold porphyry supported different robust routes for the future development of its Philippines-based project. This included, for the first time, a sub-level caving (SLC) ‘stepping stone’... 

Roxgold snaps up Newcrest’s Séguéla project

By: Esmarie Iannucci     12th February 2019 Gold miner Newcrest Mining has struck a deal with TSX-listed Roxgold to divest of its Séguéla project and regional exploration tenements, in Cote d’Ivoire, in a deal valued at $30-million. “Following a strategic review, we are pleased to announce the sale of the Séguéla project to Roxgold. This... 

Roxgold snaps up Newcrest’s Séguéla project

Rothsay expected to deliver more gold

By: Esmarie Iannucci     12th February 2019 An updated definitive feasibility study (DFS) on the Rothsay gold project, in Western Australia, has increased the project’s projected gold production from 250 000 oz to 289 000 oz. ASX-listed EganStreet Resources on Tuesday told shareholders that the forecast increase in production, which came... 

Snake Well sale completed

By: Esmarie Iannucci     12th February 2019 ASX-listed junior Kalamazoo Resources has completed the A$7-million sale of its Snake Well gold project, in Western Australia. The company in November of last year reached an agreement with privately-held Adaman Resources to divest of the project, while maintaining a 2.5% net smelter royalty on... 

Shareholders approve Beadell takeover

By: Esmarie Iannucci     12th February 2019 The shareholders of both ASX-listed Beadell Resources and its suitor Great Panther Silver have approved a takeover of Beadell. Great Silver Panther in September last year launched a friendly $105-million takeover for gold miner Beadell, which owns the Tucano gold mine, in Brazil. 

Detour, Paulson settle last item from proxy battle

By: Marleny Arnoldi     12th February 2019 Canadian miner Detour Gold and investment firm Paulson & Co have agreed to the dismissal of court action that the mining company issued on July 24 last year. As part of the agreement, both companies will provide re-leases of certain claims in respect of the proxy contest, complaints made by... 

Connemara mulls name change to ‘Arkle Resources’

By: Simone Liedtke     12th February 2019 Gold and zinc explorer Connemara Mining on Tuesday announced a proposed name change to Arkle Resources. The name change, while reflecting the company’s heritage as an Ireland-based business established to focus on zinc assets, would better reflect its diversified position in gold and zinc... 

Harmony Gold net profit plunges, operational cash soars

By: Martin Creamer     12th February 2019 The net profit of Harmony Gold plunged in the six months to December 31, dropping from R897-million for the corresponding period of last year to R75-million. However, production soared by 34% and operations generated R1.1-billion in free cash flow on the inclusion of the acquired Moab Khotsong... 

Harmony Gold net profit plunges, operational cash soars
Photo by Creamer Media Chief Photographer Dylan Slater
Harmony Gold CEO Peter Steenkamp

Great Panther shareholders OK Beadell acquisition

By: Mariaan Webb     11th February 2019 The $105-million all-scrip acquisition of Beadell Resources by Great Panther ticked a key box on Monday, as shareholders of the TSX-listed miner approved the transaction. Shareholders in Beadell, which has a listing on the ASX, will meet in Perth on Tuesday and should they approve the... 

Gran Colombia ups stake in Sandspring

By: Creamer Media Reporter      11th February 2019 Midtier miner Gran Colombia has bought an additional 2.5-million shares in TSX-V-listed gold junior Sandspring Resources for a total cash consideration of $528 000. The shares were bought at a price of C$0.28 a share and were acquired for investment purposes, Grand Colombia said on Monday. 

Russia's central bank to pay less for domestic gold from May

By: Reuters     11th February 2019 Russia's central bank will pay less than an industry benchmark for gold that it buys on the domestic market, it said on Monday. The central bank said that from May 1 it would add a discount to a purchase price currently based on the daily London Bullion Market Association (LBMA) gold price. The... 

Russia's central bank to pay less for domestic gold from May

Semafo mulls Savary Gold shares purchase

By: Simone Liedtke     11th February 2019 TSX-listed gold miner Semafo and TSX-V-listed Savary Gold have entered into a nonbinding letter of intent (LoI) contemplating the acquisition by Semafo of all the outstanding common shares of Savary. Under the terms of the LoI, all the issued and outstanding Savary shares will be exchanged on the... 

Bonterra moves HQ to Val D’Or

By: Creamer Media Reporter      11th February 2019 Gold explorer Bonterra Resources has announced that its corporate headquarters will move from Vancouver, British Columbia, to Val D’Or, Quebec, to bring its management closer to its main projects in the Urban Barry Camp. Chairperson and interim CEO Greg Gibson said on Monday that combining... 

Xolobeni judgment continues to confound 

By: Martin Creamer     11th February 2019 Mining must take place with a strong focus on the interests of those who live in mining areas, says Mineral Resources Minister Gwede Mantashe, a standpoint that supports the notion that a mining right and a land right can co-exist, without pleasing one party at the expense of the other.  But the... 

Xolobeni judgment continues to confound
Mineral Resources Minister Gwede Mantashe

Obuasi development on track for end-2019 gold pour  

By: Marleny Arnoldi     11th February 2019 AngloGold Ashanti’s Obuasi redevelopment project has completed its first week of underground development blasting, as the work to pour first gold by the end of the year gathers momentum. The first blast, on February 1, advanced development by around 4.2 m on the 2 700-level, which is accessed... 

Obuasi development on track for end-2019 gold pour
Obuasi, Ghana

Ontario’s Madsen mine could be in production by May next year

By: Mariaan Webb     11th February 2019 The past-producing Madsen gold mine could be back in production by as early as May next year, current owner Pure Gold Mining reported on Monday, announcing the outcomes of a feasibility study for the project in Ontario’s Red Lake mining district. The study contemplates an 800 t/d underground... 

Ontario’s Madsen mine could be in production by May next year

Galantas intersects Kearney vein on second mining level

By: Creamer Media Reporter      11th February 2019 Gold junior Galantas Gold is continuing to advance the Omagh underground mine in Northern Ireland and has now intersected the Kearney vein on a second mining level. The miner has progressed the main decline development tunnel to 52 m past a 50-m long access branch on the 1 084 level (second... 

Acacia maintains strong cost discipline in FY18  

By: Tasneem Bulbulia     11th February 2019 Gold miner Acacia Mining maintained strong cost discipline in the financial year ended December 31, achieving an all-in sustaining cost (AISC) of $905/oz, well below the guidance range of $935/oz to $985/oz, interim CEO Peter Geleta said in a statement on Monday. He added that the company had... 

Acacia maintains strong cost discipline in FY18

Polyus reports jump in profit on rising gold sales

By: Reuters     11th February 2019 Russia's largest gold producer, Polyus, on Monday reported a 20% jump in fourth-quarter adjusted net profit to $291-million compared with last year, lifted by increased production and rising sales of the metal. Adjusted net profit for the full year rose to $1.33-billion, Polyus said, up from... 

Polymetal approves $431m POX-2 project

By: Mariaan Webb     11th February 2019 Russian gold miner Polymetal on Monday announced the approval of the POX-2 project and authorised the immediate start of construction, with the aim of commissioning the plant by the third quarter of 2023. The company’s second pressure oxidisation facility is immediately adjacent to the current... 

Polymetal approves $431m POX-2 project
The Amursk POX hub

Intermin in exclusivity deal to buy Focus gold project

By: Esmarie Iannucci     11th February 2019 ASX-listed Intermin Resources has struck an exclusivity agreement with fellow-listed Focus Minerals over the Coolgardie gold project, in Western Australia. The five-month exclusivity period will allow the two companies to finalise formal documentation, and to secure all the necessary approvals,... 

Intermin in exclusivity deal to buy Focus gold project

Resolute hedges more gold as Ravenswood makes it through the rain

By: Esmarie Iannucci     11th February 2019 Gold miner Resolute Mining on Monday reported that the extreme weather conditions in far north Queensland has not had any detrimental effect on its Ravenswood operation. The Ravenswood mine operated on a partial shut-down basis during the Monsoon, which started in late January, and which... 

Laneway gets a mining lease

By: Esmarie Iannucci     11th February 2019 Gold developer Laneway Resources has been granted a mining lease for its Agate Creek project, by the Queensland Department of Natural Resources, Mines and Energy. The start date of the mining lease is March 1, 2019, and Laneway is required to make rental payments and lodge financial assurances... 

Spanish gold tempts Black Dragon

By: Esmarie Iannucci     11th February 2019 The Salave gold project, in Spain, could produce some 1.1-million ounces of gold in concentrate over a mine life of 14 years, according to the preliminary economic assessment released on Monday. ASX- and TSX-V-listed Black Dragon Gold said that the project would likely require a capital... 

Spanish gold tempts Black Dragon

Semafo forecasts 68% production increase for 2019

By: Nadine James     8th February 2019 TSX-listed West Africa-focused gold miner Semafo produced 244 600 oz of gold at its Boungou and Mana mines, in Burkina Faso, in 2018 – in line with its guidance of producing 235 000 oz to 265 000 oz. The company achieved a consolidated all-in sustaining cost (AISC) of $951/oz for the year. 

Labour Court rejects Sibanye’s application to halt strike again

By: Marleny Arnoldi     8th February 2019 Sibanye-Stillwater on Friday said the Labour Court had rejected its application to stop the ongoing strike that the Association of Mineworkers and Construction Union (Amcu) started at its gold operations in November 2018, on technical legal grounds. The court stated res judicata, which means... 

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