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Gold News

Millennium pushes button on long lead items

By: Esmarie Swanepoel     14th May 2018 Gold junior Millennium Minerals has placed the first project orders for long-lead, critical path processing equipment required for the process plant expansion at its Nullagine project, in Western Australia. The A$15-million plant expansion would facilitate the treatment of sulphide resources at... 

Thor Explorations aims to lead Nigeria's new mining pack

By: Reuters     14th May 2018 Canada-listed junior miner Thor Explorations aims to bring Nigeria's first large-scale gold mine online in early 2020, its CEO said, as the West African country seeks to diversify its economy away from oil and gas. Following the commodity price crash of 2015/16, the World Bank in April 2017 said... 

Solidarity seeks at least 10% wage hikes in gold sector

By: Reuters     11th May 2018 South Africa trade union Solidarity has submitted wage hike demands in the gold sector of at least 10% annually over the next three years, according to a document submitted to the Chamber of Mines seen by Reuters. Solidarity only represents about 2% of the workforce in South Africa's gold mines... 

Lionsgold share trading suspended following TRAC acquisition

By: Mariaan Webb     11th May 2018 Trading in the shares of Lionsgold on London’s Aim has been suspended on the basis that the recent acquisition of TRAC Technology is considered a “fundamental change of business”. The company’s ordinary shares will be suspended until it complies with the Aim’s Rule 14, which deals with reverse... 

Hill End weighs gold options

By: Esmarie Swanepoel     11th May 2018 ASX-listed junior Hill End Gold has appointed advisors PCF Capital to undertake a strategic review of the company’s gold projects, in order to unlock value. Hill End’s gold projects included the Hill End and Hargraves gold projects, in New South Wales, which had existing gold resources of 572... 

Latitude completes Mt Ida sale

By: Esmarie Swanepoel     11th May 2018 ASX-listed Latitude Consolidated has completed the divestment of its Mt Ida gold project, in Western Australia, to fellow-listed Alt Resources. The two companies in January struck a deal under which Alt would make an initial cash payment of A$400 000 within seven days of signing a heads of... 

Silver miners report solid results

By: Henry Lazenby     11th May 2018 Canadian silver miners Americas Silver and Excellon Resources have reported strong operational improvements during the first quarter ended March 31, as both companies navigate the dithering silver price environment and focus internally to streamline operations and drive down costs. Toronto-based... 

Silver miners report solid results
Photo by Excellon Resources
High-grade Platosa ore, Mexico

Streaming firms reward shareholders with rising dividends on strong Q1 earnings

By: Henry Lazenby     11th May 2018 Shareholders of some of the most prominent Canadian precious metals streaming firms have been rewarded with rising dividends on the back of strong first-quarter earnings results. Precious metals streaming deal pioneer and the largest player in this specialist sector, Wheaton Precious Metals... 

Local market welcomes launch of SRK Exploration Services

By: Nadine James     11th May 2018 The local and sub-Saharan African market has responded “very positively” to the establishment of SRK Exploration Services, a discipline-led division of SRK Global, says SRK Exploration Services Southern African exploration manager Oliver Bayley. He explains that the Cardiff-based division... 

Local market welcomes launch  of SRK Exploration Services
HENNIE THEART AND OLIVER BAYLEY The growing ranks of midtier and junior mining companies who lack in-house technical ability has created an untapped market for SRK

To succeed as a ‘sunrise industry’, SA mining must widen ownership, meet other challenges

11th May 2018 The following has been adapted from a chapter Towards Mining Vision 2030, by Joel Netshitenzhe, ANC NEC member and executive director of the Mapungubwe Institute for Strategic Reflection (Mistra) in a book on The Political Economy of Mining in South Africa, to be published in 2018 by Mistra. 

To succeed as a ‘sunrise industry’, SA mining must widen ownership, meet other challenges

Gold investment seen critical in managing emerging market portfolio performance – WGC

By: Henry Lazenby     10th May 2018 Gold is a proven store of value, especially for its role in safe-haven investment in times of geopolitical crises, but according to new analysis from the World Gold Council (WGC), the yellow metal plays a critical role in portfolios with exposure to emerging markets (EM). The WGC notes in its... 

Gold investment seen critical in managing emerging market portfolio performance – WGC

Higher metals prices prop up BC mining industry in 2017 – PwC

By: Creamer Media Reporter      10th May 2018 British Columbia's mining industry remained upbeat in 2017, as prices for most metals and minerals produced in the province continued to steadily recover from multiyear lows. Although most commodity prices remain below the record highs seen in 2011, the recent increases are part of an upward... 

Avesoro Q1 revenue rises on higher production

By: Marleny Arnoldi     10th May 2018 Avesoro Resources’ record gold production of 68 088 oz for the quarter ended March 31, contributed to record quarterly gold sales of 68 553 oz at an average realised gold price of $1 333/oz.  

Ethiopia suspends gold mining firm's licence after weeks of protests

By: Reuters     10th May 2018 Ethiopia has suspended a gold mining firm's licence after weeks of protests in a town near the mine by local people who accuse the company of polluting their source of water and the atmosphere, a government official said. "The ministry suspended the licence in response to the demands of the... 

Gold industry running risk of becoming irrelevant – Bristow

By: Martin Creamer     10th May 2018 The gold mining industry is running the risk of becoming irrelevant to the investment community. “It hasn’t delivered much value for a long time,” Randgold Resources CEO Dr Mark Bristow commented to Mining Weekly Online during an interview to mark the company’s presentation of first-quarter... 

Gold industry running risk of becoming irrelevant – Bristow
Photo by Creamer Media
Randgold Resources CEO Dr Mark Bristow

Bezant sees potential for Philippines copper/gold project in current market

By: Creamer Media Reporter      10th May 2018 Aim-listed Bezant has concluded an internal review process of its assets and on Thursday detailed some plans for the advancement of its copper/gold portfolio. The company, which recently sold its Choco platinum/gold project in Colombia, will focus on the Mankayan copper/gold project, in the... 

Dalradian expects improved FS economics as mineral resource expands

By: Mariaan Webb     10th May 2018 Dual-listed Dalradian Resources is expecting a substantial improvement to the economics of its Curraghinalt gold project when it releases a new feasibility study (FS) later this year, COO Eric Tremblay said on Thursday. His comments follow the release if an updated mineral resource statement... 

Randgold maintains FY18 production guidance despite softer Q1

By: Simone Liedtke     10th May 2018 Randgold Resources’ full-year production guidance remains intact despite a softer first quarter, ended March 31, in which it contended with multiple challenges.   

Widgiemooltha to deliver first ore in July

By: Esmarie Swanepoel     10th May 2018 The Widgiemooltha gold project, in Western Australia, is on track for first ore delivery in July this year, developer Mincor told shareholders. The company said on Thursday said that site mobilization has been completed, with the company starting pre-strip waste mining. MD Peter Muccilli added... 

Davyhurst pours record gold

By: Esmarie Swanepoel     10th May 2018 Junior miner Eastern Goldfields has reported a record weekly gold pour at its Davyhurst gold project, in Western Australia, as gold production continues to ramp up. The ASX-listed miner noted that in the first nine days of this month, the mill crushed 23 000 t and milled 19 780 t at a grade of... 

AngloGold’s first quarter results, R&D needed in S African mining 

10th May 2018 This week South African output rises as AngloGold delivers at lower cost; Revolutionary gold-mining machine making progress; and the modernisation of mining operations is essential to contribute towards the survival of the South African mining industry. Mining Weekly editor Martin Creamer unpacks... 

AngloGold’s first quarter results, R&D needed in S African mining
AngloGold’s first quarter results, R&D needed in S African mining

New Gold appoints former Rainy River executive as CEO

By: Henry Lazenby     10th May 2018 TSX-listed gold producer New Gold has appointed the former CEO of Rainy River Resources – which New Gold bought out in 2013 – Raymond Threlkeld to succeed Hannes Portmann, who has left the company to pursue other opportunities, as CEO. Threlkeld will also join the board, the company advised. 

Midas jumps on Barrick’s strategic backing

By: Henry Lazenby     10th May 2018 The TSX-listed equity of Midas Gold jumped nearly 19% following an announcement by Barrick Gold that it will increase its position in the company to 19.9%. Barrick sees the investment as a strategic move to gain access to the Stibnite gold project, in Idaho, which Barrick president Kelvin... 

Gold bulls left waiting for boost from global angst as oil jumps

By: Bloomberg     10th May 2018 The gold market is greeting geopolitical turmoil with a yawn. The metal, which has dropped for three straight weeks, extended losses Wednesday as Treasury yields and crude oil jumped on the US plan to reinstate sanctions on Iran. The metal is trading at the cheapest relative to crude since late... 

Kinross reels as two more Africa nations seek mining payoffs

By: Bloomberg     10th May 2018 Kinross Gold is the latest miner to be hit by changing policies in Africa as governments seem increasingly willing to upend historic deals with foreign companies in their quest for more mining revenue. Mauritania’s rejection of a key permit to expand a Kinross project, and a proposed mining code... 

Kinross reels as two more Africa nations seek mining payoffs

Randgold ends gold venture with Cradle Arc in Mali

By: Reuters     10th May 2018 African gold miner Randgold has ended a joint venture agreement in Mali with junior explorer Cradle Arc, Cradle Arc said on Wednesday, adding it would seek a new partner. Under the agreement begun in February 2016, Randgold held a 65% stake in the Kossanto West Gold Project licences, which will... 

Agarwal encouraging Anglo to accentuate South Africa link

By: Martin Creamer     9th May 2018 Indian mining billionaire Anil Agarwal is encouraging Anglo American – in which he now holds more than 21% – to accentuate its link with South Africa, where the Vedanta Resources company he founded and chairs is successfully turning to highly positive account the zinc assets that Anglo walked... 

Agarwal encouraging Anglo to accentuate South Africa link
Photo by Dylan Slater
Anil Agarwal (right) and Martin Creamer

Gold-backed ETFs attract strongest inflows since early 2017

By: Anine Kilian     9th May 2018 Gold-backed exchange traded funds (ETFs) added 72.2 t to their holdings in April, taking overall holdings to 2 481 t. According to the latest statistics by the World Gold Council, this is the strongest month of net inflows in more than a year. 

Iran's gold demand set for spurt before Trump sanctions bite

By: Bloomberg     9th May 2018 Iran’s gold demand will probably be “strong” for the next few months and then gradually decline as US sanctions start to take effect, according to the researcher who covers the country for Metals Focus Ltd. After a previous set of sanctions was imposed on Iran in 2012, it took two years for the... 

Ghana mulls shake-up of mining policy in bid to boost income

By: Bloomberg     9th May 2018 Ghana is benefiting little from its mineral wealth and needs a review of its mining code and tax policies, said Vice President Mahamudu Bawumia. While the West African nation holds a 10% stake in most mines in the country, it has earned almost nothing in dividends since 2012, rendering the... 

Kin suspends construction at Leonora

By: Esmarie Swanepoel     9th May 2018 ASX-listed Kin Mining will suspend plant construction activities at its Leonora gold project, in Western Australia, to allow the company to undertake further work after a preliminary review confirmed cost blow-outs at the processing plant. Kin in April announced the curtailment of construction... 

Shareholder group seeks removal of Petropavlovsk directors

By: Mariaan Webb     9th May 2018 London-listed Petropavlovsk is facing a potential shareholder revolt with two groups moving to have all the company’s directors removed and for the reinstatement of former CEO Pavel Maslovskiy to the board. The gold miner, which operates in Russia, said on Wednesday that it had received a... 

Shareholder group seeks removal of Petropavlovsk directors
Ian Ashby

Encounter hopes for gold in WA

By: Esmarie Swanepoel     9th May 2018 Junior Encounter Resources has acquired the Nazare gold project, in Western Australia, and is aiming to start exploration work in July this year. The company said on Wednesday that initial exploration work on the granted exploration licence wouldfocus on a priority structural intersection... 

NUM seeks 37% pay hike from gold miners over two years

By: Reuters     9th May 2018 South Africa’s National Union of Mineworkers (NUM) has submitted wage hike demands in the gold sector of up to 37% over a two year period, according to a document submitted to the Chamber of Mines seen by Reuters. The demands far exceed the current inflation rate of 3.8% and suggest potentially... 

Kinross reports knock-out Q1 profit

By: Henry Lazenby     9th May 2018 Canadian multinational gold producer Kinross Gold has reported a 435% jump in headline profit for the three months ended March 31, as 30% higher year-on-year margins and a decrease in depreciation, depletion and amortisation boosted the bottom line. Adjusted net earnings increased to... 

Kinross reports knock-out Q1 profit
Photo by Kinross Gold
Tasiast at dusk, in Mauritania

Nevsun cites inadequate value, problematic structure in rejecting proposal

By: Henry Lazenby     8th May 2018 Base metals miner Nevsun Resources has publicly broken its silence on the announced C$1.5-billion takeover proposal led by Euro Sun Mining and supported by Lundin Mining. The miner issued a statement on Tuesday, saying the board unanimously rejected four consecutive proposals – three by Lundin... 

Gold price to average $1 360/oz this year – survey

By: Simone Liedtke     8th May 2018 Thomson Reuters GFMS expects the gold price to average $1 360/oz this year and potentially briefly approach a 2018 peak towards $1 500/oz on any external shocks later in the year as it believes that the geopolitical climate and equity markets will continue to support gold’s role as a risk hedge.... 

Gold price to average $1 360/oz this year – survey

Kefi Minerals progresses with $160m infrastructure bonds

By: Marleny Arnoldi     8th May 2018 Aim-listed gold exploration and development company Kefi Minerals on Tuesday said it has formally mandated its bond arranger for the placement of $160-million of listed infrastructure bonds.  

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