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Gold News

Saracen’s December quarter underpins financial performance

By: Natasha Odendaal     17th January 2018 JOHANNESBURG (miningweekly.com) – ASX-listed Saracen Mineral on Wednesday reported a solid December quarter performance, with production and costs ahead of the yearly guidance and a strong free cashflow that underpinned a growing bank balance. The company produced 77 522 oz at an all-in... 

Anglo Asian's Azerbaijan gold output fell 1.2% in 2017

By: Reuters     17th January 2018 Azerbaijan's top gold producer, Anglo Asian Mining, said on Tuesday its yearly output had fallen 1.2% in 2017 to 71 461 oz, still within its target range of 64 000 to 72,000 ounces. The London-listed firm said copper production rose 2.6% to 1 991 t, and silver output rose 4.7% to 172 853 oz. 

Gold losses in years past keep producers from buying more mines

By: Bloomberg     17th January 2018 Stung by some lousy investments that led to billions of dollars in losses a few years ago, the world’s major gold producers have cut way back on mining deals – even as metal prices posted their biggest rally since 2010. The value of the industry’s transactions, from acquisitions to... 

GoldMining lifts global resource estimate with a million indicated ounces from Crucero

By: Henry Lazenby     17th January 2018 Americas-focused project developer GoldMining Inc has reported a new Canadian National Instrument 43-101-compliant resource estimate for its newly acquired Crucero project, in south-eastern Peru, adding about one-million ounces of gold in the indicated category to its global resource profile. The... 

Two top gold miners hit 2017 gold guidance

By: Henry Lazenby     17th January 2018 Two of the world’s largest gold producers by volume have realised their production goals for 2017. Toronto-based Barrick Gold, currently still the world’s largest gold producer by output, on Tuesday announced that preliminary full-year gold output of 5.32-million ounces for 2017 was in line with... 

Two top gold miners hit 2017 gold guidance

Miners bolster senior ranks in preparation for fast-paced 2018

By: Henry Lazenby     16th January 2018 Several Canadian listed miners reported senior management changes on Tuesday. Marine mining hopeful Nautilus Minerals announced Tuesday that Tariq Al Barwani has been appointed to the role of nonexecutive chairperson. Al Barwani joined the board in May 2016. He is a director and shareholder of MB... 

November mining figures impress, but volatility seems to be on the cards

By: Megan van Wyngaardt     16th January 2018 While the local November mining production statistics showed a relatively solid increase by 6.5% year-on-year, bolstered by platinum group metals (PGMs), iron-ore and coal, the longer-term prospects for the industry remain less certain, owing to a difficult operating environment and policy... 

Harmony on track to meet FY production guidance, betters H1 production

By: Mia Breytenbach     16th January 2018 JSE-listed Harmony Gold is on track to meet its yearly production guidance of 1.1-million ounces after producing more than 550 000 oz in the six months ended December 31, the mining major announced on Tuesday. Gold production from the group’s South African operations for the period will be 9% to... 

Harmony on track to meet FY production guidance, betters H1 production

World Gold Council spots trends that'll be gold’s 2018 friends

By: Martin Creamer     16th January 2018 Synchronised global economic growth, shrinking central bank balance sheets, rising interest rates, insubstantial asset prices and market transparency are the trends that will be gold’s best friends in 2018, the World Gold Council said on Tuesday. These trends, the council said in delivering its... 

World Gold Council spots trends that'll be gold’s 2018 friends
Photo by Duane Daws
Gold bars produced at Rand Refinery, Germiston.

Hummingbird’s Yanfolila pours first gold, maintains commercial production ramp-up plans

By: Mia Breytenbach     16th January 2018 With Aim-listed Hummingbird Resources having started gold production at its Mali-based Yanfolila gold mine on time and within budget in the second half of last month, the gold producer remains on track with its ramp-up to commercial production. Since acquiring the project from Gold Fields in... 

Hummingbird’s Yanfolila pours first gold, maintains commercial production ramp-up plans
Yanfolila gold pour

Copper falls most in 6 weeks as metal rally starts to give

By: Bloomberg     16th January 2018 After a non-stop rally, metals prices are starting to pull back. Copper, aluminium and nickel slid more than 2% on Tuesday as investors focused on the rebounding dollar and evidence of ample supply in the physical market. Precious metals also retreated, with silver falling as much as 3.2%. 

Alt Resources buys gold tenements from Latitude

By: Megan van Wyngaardt     16th January 2018 ASX-listed Alt Resources has entered into a binding heads of agreement (HoA) with fellow-listed Latitude Consolidated to acquire a significant exploration tenement in the Mt Ida district, Western Australia. The landholding encompasses the historical Quinns and Mt Ida South mining centres, as well... 

Polyus ups 2018 guidance, Natalka to reach full capacity earlier than planned

By: Mariaan Webb     16th January 2018 Russian gold major Polyus has exceeded its gold production forecast for 2017, and has increased its estimate for 2018. The company increased its gold production by 10% to 2.16-million ounces in 2017, surpassing its guidance of 2.075-million ounces to 2.125-million ounces by 3%. 

Polyus ups 2018 guidance, Natalka to reach full capacity earlier than planned
The Natalka gold mine is ramping up to full production.

Goldplat extends option period for Ashanti to acquire stake in Anumso project

By: Anine Kilian     16th January 2018 Aim-listed Goldplat has agreed to extend the option period within which TSX-V-listed Ashanti Gold can acquire 75% of Goldplat’s interest in the Ghana-based Anumso gold project. Ashanti has the right to earn up to 75% of Goldplat's interest in Anumso by spending $3-million on exploration work.... 

Alacer sees 2018 as ‘pivotal’ year

By: Natasha Odendaal     16th January 2018 TSX- and ASX-listed Alacer Gold has produced 168 163 oz of gold at all-in sustaining costs (AISC) of $685/oz, meeting its original production targets and beating its AISC cost guidance for the year. Going forward, the gold mining company expects 2018 to be a pivotal year, as the Çöpler sulphide... 

Orefinders PEA reports positive economics for Ontario’s Mirado gold mine

By: Henry Lazenby     15th January 2018 Canadian Stock Exchange-listed junior project developer Orefinders Resources has released strong economic results contained in a preliminary economic assessment (PEA) for the South Zone openpit, which is part of the Mirado gold mine, located to the southeast of Kirkland Lake, Ontario. Nestled... 

RNC in talks with financiers, market participants for Dumond construction decision by 2019

By: Henry Lazenby     15th January 2018 Diversified Canadian miner RNC Minerals is engaging a number of potential strategic investors, offtake partners and financiers who could provide the $1.3-billion capital financing required to start construction of the shovel-ready Dumont nickel/cobalt project, in the Abitibi region of Quebec. The... 

RNC in talks with financiers, market participants for Dumond construction decision by 2019
Photo by RNC Minerals
Dumont nickel buttons

Condor assumes trading on TSX main board

By: Henry Lazenby     15th January 2018 Nicaragua-focused project developer Condor Gold has taken up a dual listing on the TSX starting on Monday morning, signifying a significant milestone for the company to provide a local trading platform for the company’s Canadian investors. Dovetailing with Condor’s existing LSE Aim and OTCQX... 

Glencore reserves should be valued higher – analysts

By: Martin Creamer     15th January 2018 Investors should be prepared to value the reserves of metal that Glencore owns more highly to reward the proactive approach that the London- and Johannesburg-listed diversified mining company has towards managing its assets. Reflecting on the decision of Glencore to pull metal from the market... 

Glencore reserves should be valued higher – analysts
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Acacia’s Q4 gold production slumps on export ban

By: Mia Breytenbach     15th January 2018 While LSE-listed Acacia Mining’s gold production for the fourth quarter in 2017 was slightly ahead of expectations at 148 477 oz, it was 30% lower quarter-on-quarter as a result of its flagship Bulyanhulu gold mine in Tanzania having downscaled operations. The miner’s decision to reduce... 

Caledonia reaches record production at Blanket mine

By: Anine Kilian     15th January 2018 Aim-listed Caledonia Mining has reported record gold production from its Zimbabwe-based Blanket mine for the quarter ended December 31, 2017. Production for the period totalled 16 425 oz of gold, a 14% increase on the previous quarter, and 21% higher than a year ago. 

Greatland shares in free fall on Newmont's exit from Australia project

By: Mariaan Webb     15th January 2018 Shares in Aim-listed junior Greatland Gold fell sharply on Monday, as the precious and base metals firm announced that Newmont Mining had pulled out of the Ernest Giles project, in Western Australia. Greatland said in a market announcement that Newmont would not be proceeding with the Ernest... 

Polyus says $887m deal with China’s Fosun dropped

By: Mariaan Webb     15th January 2018 Russia's Polyus said on Monday that an agreement to sell a 10% stake in the company to a consortium led by China’s Fosun International had been terminated. A condition precedent to the transaction was not met, following which the agreement to sell 12 561 686 of the ordinary shares in Polyus for... 

Polyus says $887m deal with China’s Fosun dropped

Metals power higher as sickly dollar spurs copper-to-gold rally

By: Bloomberg     15th January 2018 Copper jumped by the most in two months and zinc hit a fresh decade-high as base metals rallied on a potent combination of a softer dollar and continued robust outlook for demand. Gold and palladium also climbed. Copper surged as much as 2.1%, the most since November 13, to $7 259 a metric ton... 

Metals power higher as sickly dollar spurs copper-to-gold rally

Perseus set for first gold pour at Sissingué ahead of schedule

By: Natasha Odendaal     15th January 2018 First gold from dual-listed Perseus Mining’s Sissingué gold mine, in Côte d’Ivoire, is now expected by the end of January, ahead of schedule, with ramp up to full-scale commercial production expected to be achieved by March 31. This followed the introduction of crushed ore to the mill and the... 

First Majestic to buy distressed Primero, reforms San Dimas silver stream accord

By: Henry Lazenby     12th January 2018 The dismantling of former precious metals producer Primero Mining is nearly complete with the company announcing on Friday that Mexico-focused miner First Majestic Silver will buy the distressed company for $320-million. Under terms of an arrangement agreement between the two companies, all of... 

First Majestic to buy distressed Primero, reforms San Dimas silver stream accord
Photo by Primero Mining
San Dimas, Mexico

Smarter mining, manufacture, agriculture needed, says IDC’s Maia 

By: Martin Creamer     12th January 2018 South Africa needs to aim towards smarter mining, smarter agriculture and smarter manufacturing. “It’s about taking all the major sectors of the economy forward, with each feeding on the other,” says Industrial Development Corporation (IDC) research and information head Jorge Maia of the roles... 

Smarter mining, manufacture, agriculture needed, says IDC’s Maia
Industrial Development Corporation research and information head Jorge Maia and Unctad economic affairs officer Stefan Csordas respond to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Nicholas Boyd.

Armadale to sell noncore Mpokoto project

By: Anine Kilian     12th January 2018 Aim-listed Armadale Capital has entered into a heads of agreement (HoA) with Weghsteen Capital Advice (WCA) for the sale of Armadale’s interest in the Mpokoto gold project, in the Democratic Republic of Congo, to Radismore, for $562 500 and a 1.5% royalty on gold produced.  WCA is acting on... 

Avocet defers sale of Burkina Faso operations at buyer’s request

By: Megan van Wyngaardt     12th January 2018 Aim-listed Avocet has deferred the completion of the $5-million sale of its Resolute operations in Burkina Faso, to Ghana-based Balaji Group, to January 25. The struggling miner set the sale in motion last year to stave off potential bankruptcy for its units in the West African country, with the... 

Goldplat, Rand Refinery close in on settlement in dispute

By: Natasha Odendaal     12th January 2018 Aim-listed Goldplat has entered into a memorandum of understanding (MoU) with Rand Refinery regarding a proposed full and final settlement agreement over long-outstanding fees owing and payable to its subsidiary, Goldplat Recovery, by Rand Refinery. The MoU, which followed the parties’ agreement... 

Goldplat, Rand Refinery close in on settlement in dispute
Photo by Duane Daws
Goldplat CEO Gerard Kisbey-Green

Orinoco delivers further high-grade samples through hammer mill

By: Natasha Odendaal     12th January 2018 ASX-listed Orinoco Gold has obtained further high-grade samples from its pilot hammer mill at the Cascavel gold project, in Brazil, as it works towards sustainable and profitable production in 2018. The most recent batch of six samples milled through the pilot hammer mill returned grades of 9.61... 

Monty copper/gold development on time, below budget

By: Megan van Wyngaardt     12th January 2018 The Monty copper/gold deposit in Western Australia, which forms part of ASX-listed Talisman’s Springfield joint venture (JV) project with Sandfire Resources, has since the start of ground-breaking activities in July 2017, seen site activities having been ramped-up considerably; on time and under... 

Gold set for 5th week of gains, buoyed by slump in dollar

By: Reuters     12th January 2018 Gold prices rose for a third session on Friday to hit their highest since September, with a slump in the US dollar helping drive bullion towards its fifth-straight weekly gain. Spot gold had edged up 0.5% to $1 328.84/oz by 0703 GMT, after earlier touching its highest since Sept. 15 at $1 330.34. 

Gold set for 5th week of gains, buoyed by slump in dollar

Russia's Arlan aims to have doubled gold output in 2020

By: Reuters     12th January 2018 Russian gold producer Arlan plans to have doubled gold output from its mine in 2020, expecting the price for the precious metal to rise further, the firm's director for development said. Russia, the world's third largest gold producer, has seen its gold mining expand in recent years with a... 

Kirkland achieves FY17 production records

By: Natasha Odendaal     12th January 2018 Triple-listed Kirkland Lake Gold has finished the 2017 financial year strong, achieving record production across the board and surpassing an already-improved guidance. Kirkland achieved full-year 2017 production of 596 405 oz – a 10% increase on the prior year – beating its revised guidance of... 

Kirkland achieves FY17 production records

Indonesia lays groundwork for transfer of Grasberg mine to local control

By: Reuters     12th January 2018 Indonesian regional and central government officials on Friday signed an agreement with state holding company PT Inalum that lays the foundation for the transfer of Freeport-McMoRan's giant Grasberg copper mine to local control. Indonesia and Papua have long pushed for greater control over... 

Centerra finally receives Turkish pastureland permit

By: Henry Lazenby     12th January 2018 TSX-listed gold producer Centerra Gold has received the Turkish pastureland permit for its Öksüt growth project, paving the way for the project’s future development. The Toronto-based company advised on Thursday that its Turkish subsidiary Öksüt Madencilik Sanayi ve Ticaret (Omas) took receipt of... 

Centerra finally receives Turkish pastureland permit
Photo by Centerra Gold
The Öksüt project, in Turkey.

Strong commodity price rally lifts IHS Materials Price Index for ninth consecutive week

By: Henry Lazenby     12th January 2018 The IHS Materials Price Index (MPI) is in its ninth consecutive week of gains, jumping 2.8% last week – the strongest weekly performance since early September. According to IHS Markit economist Cole Hassay, the MPI was supported by broad-based positive indicators, with eight of ten subcomponents... 

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