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Gold News

Chimata signs $9.5m finance, offtake facility for Zimbabwe tailings project

By: Simone Liedtke     10th January 2019 Transamine Trading and the Kamativi Tailings Company (KTC) have signed a term sheet for a $9.5-million finance and offtake facility for concentrate produced from the Kamativi tailings lithium project, in Zimbabwe. The proceeds will be used for the construction of the Phase 1 processing plant to... 

Too early to bet on mining policy change: Congo vote reaction

By: Bloomberg     10th January 2019 In a surprise twist, Democratic Republic of Congo opposition leader Felix Tshisekedi was declared the winner of last month’s Presidential election, although his victory is being marred by claims by a rival that the poll was rigged. The African country is the world’s main supplier of battery... 

Acacia’s North Mara fined $130 000 for alleged environmental transgressions

By: Simone Liedtke     10th January 2019 London-listed Acacia Mining’s North Mara gold mine, in Tanzania, has received an environmental protection order (EPO) requiring the payment of a fine of $130 000, or TSh300-million. The EPO was issued in relation to alleged breaches of environmental regulations. 

Dundee’s Chelopech mine exceeds 2018 production guidance

By: Tasneem Bulbulia     10th January 2019 Dundee Precious Metals’ Chelopech mine and smelter, in Bulgaria, achieved another record year of gold production, at 201 100 oz, in 2018, exceeding the company’s guidance of 190 000 oz to 200 000 oz. Moreover, copper production of 36.7-million pounds was in line with guidance of 35-million to... 

Americas Silver, Pershing Gold shareholders approve business combination

By: Tasneem Bulbulia     10th January 2019 Americas Silver and Pershing Gold on Wednesday announced that their respective shareholders had given the requisite approvals for the merger of the two companies. Americas Silver shareholders approved a special resolution to amend the company’s articles of incorporation to create a new class of... 

Pretium Resources achieves strong FY18 production

By: Tasneem Bulbulia     10th January 2019 Pretium Resources recorded strong gold production at its Brucejack underground mine, in British Columbia, in 2018. The mine produced 376 012 oz gold for the full-year – just below guidance of 387 000 oz. 

Sibanye reports good PGMs performance, but gold output falls amid strike 

By: Simone Liedtke     10th January 2019 JSE- and NYSE-listed Sibanye-Stillwater on Thursday said its South African platinum group metals (PGMs) operations continue to do well, with the miner expecting its platinum, palladium, gold and rhodium (4E) PGMs production for 2018 to be about 1.17-million ounces. In a statement detailing... 

Sibanye reports good PGMs performance, but gold output falls amid strike
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Lycopodium wins another Perseus contract

By: Esmarie Iannucci     10th January 2019 Gold miner Perseus Mining has awarded ASX-listed Lycopodium the engineering and supply contract for its Yaouré gold project, in Côte d’Ivoire. Lycopodium told shareholders on Thursday that the contract is expected to generate some $95.1-million in revenue. 

Tanzania's Magufuli wants central bank to buy gold as part of its reserves

By: Reuters     10th January 2019 Tanzanian President John Magufuli said on Wednesday the central bank should start buying the country's gold to curb smuggling and build reserves to stabilise the currency. On Tuesday, Tanzania named its third mining minister since Magufuli was elected in 2015. The mining sector contributes around... 

Tanzania's Magufuli wants central bank to buy gold as part of its reserves

Centamin output falls 13% y/y in ‘operationally challenged’ year 

By: Simone Liedtke     9th January 2019 Dual-listed Centamin produced 472 418 oz of gold in 2018 – a 13% year-on-year decrease. The company, which operates the Sukari mine, in Egypt, had, during 2018, revised its full-year guidance downward in response to operational challenges, including lower grades from the openpit in the first half... 

Centamin output falls 13% y/y in ‘operationally challenged’ year
The Sukari mine, in Egypt

Cora appoints WAI to undertake metallurgical test work at Mali project

By: Simone Liedtke     9th January 2019 West Africa-focused gold exploration company Cora Gold has appointed independent consultancy Wardell Armstrong International (WAI) to undertake a preliminary metallurgical test work programme at the company’s Sanankoro gold discovery, in southern Mali. The test work programme has been designed to... 

Fresnillo appoints COO

By: Tasneem Bulbulia     9th January 2019 LSE-listed Fresnillo, which owns gold and silver mines in Mexico, has appointed André Sougarret Larroquete as COO. He will oversee the safe and efficient running of the company’s existing mines. 

AMCU reveals 2019 plans amid ongoing strike at Sibanye-Stillwater 

By: Simone Liedtke     9th January 2019 Association of Mineworkers and Construction Union (AMCU) president Joseph Mathunjwa on Wednesday said the union would continue its protected strike at Sibanye-Stillwater’s gold operations until its demands for a R1 000 increment for the next three-year period are met. He assured members and media... 

Equinox sets 2019 gold output guidance at 230 000 oz to 265 000 oz

By: Tasneem Bulbulia     9th January 2019 Equinox Gold, which produced about 26 000 oz of gold from its Mesquite gold mine, in California, in 2018, expects to produce 230 000 oz to 265 000 oz of gold this year at an all-in-sustaining cost (AISC) of $900/oz to $950/oz. This year's production will include contributions from Mesquite, which... 

Six illegal miners nabbed during gun battle in Ekurhuleni

By: African News Agency      9th January 2019 Gauteng police said on Wednesday that they had taken in for questioning a group of six men suspected to be involved in illegal mining gangsterism in Ekurhuleni areas of Benoni, Springs and Actonville.  Mining areas in Ekurhuleni have for years been plagued by illegal mining activities that go... 

Gold treads lower on improved risk appetite; palladium at record high 

By: Reuters     9th January 2019 Gold prices edged lower on Wednesday as a likely end to a long-drawn Sino-US trade war boosted risk sentiment, outweighing expectations of a pause in interest rate increases by the Federal Reserve. Meanwhile, palladium hit a record high at $1 340.50 an ounce during the session. 

Gold treads lower on improved risk appetite; palladium at record high

Terramin Australia buys new gold project

By: Esmarie Iannucci     9th January 2019 ASX-listed junior Terramin Australia has struck a deal with Kitticooler Holdings to acquire the Kitticoola gold project, in South Australia. The copper/gold mine was operational between 1846 and 1869, producing some 7 000 t of ore at an estimated grade of 2.25% copper. The gold potential was... 

Beadell misses the mark

By: Esmarie Iannucci     9th January 2019 Embattled gold miner Beadell Resources missed its amended production target during 2018, from its Tucano gold operation, in Brazil. The company in August last year amended the full year production guidance from the original target of 145 000 oz to 155 000 oz, to between 125 000 oz and 135 000... 

Vista granted enviro permitting

By: Esmarie Iannucci     9th January 2019 ASX-listed Titan Minerals has received environmental permitting for its Vista gold plant and mill, in Peru. The company told shareholders on Wednesday that with the environmental approval now in place, the plant was ready for physical inspection by the Direccion Regional De Energia Y Minas for... 

Dacian declares commercial production at Mt Morgans

By: Esmarie Iannucci     9th January 2019 Gold miner Dacian Gold has declared commercial production at its Mt Morgans gold project, in Western Australia, during the month of December. The company on Wednesday reported that the declaration was made at the start of January after mining rates across the operation achieved feasibility study... 

New Gold produces solid gold, copper output for 2018

By: Marleny Arnoldi     9th January 2019 TSX- and NYSE-listed New Gold produced 110 559 oz of gold in the fourth quarter of 2018, taking full-year production to 455 448 oz. Production was supported by the Rainy River and New Afton mines, in Canada. The Rainy River mine reported its best-ever quarterly gold production of 77 202 oz in the... 

Pan American Silver’s Tahoe buyout gets shareholder nod

By: Simone Liedtke     9th January 2019 TSX- and NYSE-listed Tahoe Resources’ shareholders have approved the proposed buyout of the company by Pan American Silver. Pan American’s shareholders, in turn, have approved resolutions related to the transaction, including the issue of common shares to Tahoe shareholders. 

Kirkland Lake produces record gold

By: Esmarie Iannucci     9th January 2019 ASX-, TSX- and NYSE-listed Kirkland Lake Gold has reported record quarter and annual gold productions for the quarter and full-year ended December. The miner reported fourth quarter production of 230 993 oz, up 28% on its previous record of 180 155 oz, while full year production reached 723 477... 

Global gold-backed ETF holdings grew 3% in 2018 – World Gold Council

By: Simone Liedtke     8th January 2019 Global gold-backed exchange-traded funds (ETFs) grew by 3% in 2018, and were driven by strong growth in European funds and increased global inflows during December, the World Gold Council’s monthly gold ETF/exchange-traded product (ETP) report, published on Tuesday, shows. This, the report... 

Kirkland delivers record quarterly gold production

By: Marleny Arnoldi     8th January 2019 TSX- and NYSE-listed Kirkland Lake Gold on Tuesday announced record production of 230 993 oz of gold production in the fourth quarter of 2018, which is 28% higher than the prior record of 180 155 oz achieved in the third quarter of 2018. The company declared a quarterly dividend of $0.04... 

Updated resource estimate significantly increases Landore’s BAM gold resource tonnages

By: Tasneem Bulbulia     8th January 2019 An updated mineral resource estimate on the BAM gold deposit at London-listed Landore Resources’ Junior Lake Property, in Ontario, Canada, has significantly increased the deposit’s gold resource to 28.83-million tonnes at 1.03 g/t gold for 951 000 oz of gold, including 20.20-million tonnes at... 

Tanzania names latest mining minister in ongoing industry clash 

By: Reuters     8th January 2019 Tanzania named a new mining minister on Tuesday amid a prolonged spat between the government and gold producer Acacia over a $190-billion tax bill, which has severely limited the London-listed company's operations in the East African nation. Dotto Biteko, whose appointment was announced by... 

Gold miners to focus on mitigating risks – Fitch Solutions 

By: Simone Liedtke     8th January 2019 Consultancy company Fitch Solutions believes the gold mining industry will remain fragmented, with the top five companies producing just one-fifth of global output. Despite the company’s expectation of a slight rebound in prices, it stated in its latest ‘Outlook for gold miners’ report, published... 

Gold miners to focus on mitigating risks – Fitch Solutions

Ascot Resources to acquire IDM Mining

By: Tasneem Bulbulia     8th January 2019 IDM Mining and Ascot Resources have entered into a definitive arrangement agreement that will result in Ascot acquiring all of the issued and outstanding common shares of IDM. Each IDM shareholder will be entitled to receive 0.0675 of a common share in Ascot for each share in IDM held. 

Zijin to launch compulsory acquisition for remaining Nevsun shares

By: Marleny Arnoldi     8th January 2019 Chinese group Zijin Mining has acquired a further 9.5-million shares, or 3.05%, of TSX- and NYSE American-listed Nevsun Resources for $57-million. Zijin last year offered to buy out all the issued and outstanding common shares of Nevsun for C$6 apiece.  

Angkor appoints new CFO

By: Simone Liedtke     8th January 2019 TSX-V-listed Angkor Gold Corp has appointed Viktoriya Griffin CFO, with immediate effect. Griffin succeeds Grant Smith. 

AMCU strike continues at Sibanye as union verification process is adjourned 

By: African News Agency      8th January 2019 Sibanye-Stillwater said on Monday that the mediator of the ongoing strike at its gold operations in South Africa would approach the Labour Court to seek guidance about the verification of union membership after it (Sibanye) did not agree with the striking union about terms of reference for the... 

Westgold revises hedge book

By: Esmarie Iannucci     8th January 2019 ASX-listed gold miner Westgold Resources has made use of the recent strength in the Australian dollar gold price, revising its hedge book to 150 000 oz. The revised hedge book is structured as a fixed-forward delivery of 10 000 oz a month, at a price of A$1 776.10/oz, over a period of 15 months. 

Production halted at Las Lagunas

By: Esmarie Iannucci     8th January 2019 Operations at the Las Lagunas gold/silver project have been temporarily halted following the rupture of one of six Albion reactors at the plant, in the Dominican Republic. ASX-listed PanTerra Gold on Tuesday said that no injuries were sustained during the incident, with the non-toxic slurry in... 

Resolute launches review of Ravenswood

By: Esmarie Iannucci     8th January 2019 Gold miner Resolute Mining on Tuesday told shareholders that the company has not made any decision in relation to the spin-off or sale of its Ravenswood gold mine, in Queensland. Instead, the company was planning to undertake a strategic review of the asset in the first half of this year. 

Osisko makes initial investment towards share buyback programme, reduces debt by $43m

By: Simone Liedtke     7th January 2019 TSX- and NYSE-listed Osisko Gold Royalties on Monday announced that it had completed an initial investment of C$9.8-million towards its normal course issuer bid (NCIB) for 849 480 shares and that it had repaid $43-million on its revolving credit facility. The share repurchases were completed as... 

Rambler voluntarily delisting from TSX-V

By: Simone Liedtke     7th January 2019 Rambler Metals and Mining has applied for a voluntary delisting of the company’s ordinary shares from the TSX-V. Its shares, which are currently listed for trading on the TSX-V and Aim, will continue to trade on Aim where the vast majority of trading activity takes place, the company said on Monday. 

Leagold expects increased production, cash flow in 2019

By: Marleny Arnoldi     7th January 2019 TSX-listed Leagold Mining Corporation produced 302 550 oz of gold in 2018, in line with guidance of between 295 000 oz to 305 000 oz of gold. It operates four gold mines in Mexico and Brazil.  

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