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Gold News

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... 

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... 

Gold set to gain from retail, geopolitical risks, hedging

By: Megan van Wyngaardt     11th January 2018 The gold price is expected to increase in the year ahead, driven by stronger interest from Asian retail investors and consistent interest in global gold exchange-traded funds, according to research firm Thomson Reuters GFMS. The firm highlighted on Thursday that the efficient frontier theory... 

Gold set to gain from retail, geopolitical risks, hedging

Dell to recycle gold from e-waste for use in new motherboards, jewellery

By: Megan van Wyngaardt     11th January 2018 Technology company Dell is piloting a project to recover gold from used electronics for use in new computer motherboards and jewellery. Dell has partnered with Wistron GreenTech, which uses an environmentally responsible extraction process to break the used electronics down into individual... 

Dell to recycle gold from e-waste for use in new motherboards, jewellery

Centamin appoints two board members, COO, as chairperson signals retirement

By: Natasha Odendaal     11th January 2018 LSE- and TSX-listed Centamin has made several changes to its board and senior management as it transitions “into the next phase” of growth. This comes as executive chairperson Josef El-Raghy notified the company of his intention to retire by the end of this year. 

Cora Gold to continue drilling at Mali projects

By: Megan van Wyngaardt     11th January 2018 West Africa-focused gold exploration company Cora Gold has completed Stage 1 of its reconnaissance drilling programme at the company’s flagship Sanankoro gold discovery, in southern Mali. CEO Dr Jonathan Forster noted that the programme was encouraging, with initial assay results targeted for... 

Dragon updates mineral resources for Nordic mines

By: Megan van Wyngaardt     11th January 2018 ASX-listed Dragon Mining has updated its mineral resources for its Nordic projects, returning a combined total mineral resource of 13.6-million tonnes, grading 3. 3 g/t gold for 1.43-million ounces. This represented a 2.28% decrease in tonnes and a 0.35% decrease in ounces after depletion for... 

Troy delivers highest production since March 2016 quarter

By: Megan van Wyngaardt     11th January 2018 ASX-listed Troy Resources produced 6 224 oz of gold during December 2017, bringing the company’s quarterly production to 16 109 oz, Not only was this a 17% month-on-month increase, but it was also 25%, or 3 224 oz, higher than the three months ended September and marked the highest quarterly... 

Pantoro reports 44% y/y production increase

By: Megan van Wyngaardt     11th January 2018 During the three months ended December, ASX-listed gold miner Pantoro produced a record 13 841 oz, compared with 13 282 oz in the previous quarter and 9 598 oz in the same period in the prior year. This represents a 44% year-on-year production increase. 

Drilling at Connemara’s Mine River project returns strong results

By: Creamer Media Reporter      11th January 2018 Exploration firm Connemara Mining on Thursday reported on the results of recently drilled holes at its Mine River gold project, in Wicklow and Wexford in Ireland. The John Teeling-led company said three holes were drilled in December – one at the Tombreen target and two at Gibbet Hill. 

Bank of China sees commodities in full bloom amid 2018 rotation

By: Bloomberg     11th January 2018 The stage may be set for commodities to extend their stellar gains, according to Bank of China International analysts. By the fourth quarter copper will average $7 500/t and gold $1 400/oz, they wrote in a note this week, as financial drivers potentially outweigh fundamentals in 2018. In other... 

Barrick, Premier ink wide-ranging Nevada focused exploration, development pact

By: Henry Lazenby     10th January 2018 Gold major Barrick Gold has signed a comprehensive exploration and development agreement with Premier Gold Mines that include toll-milling and exploration earn-in options for both companies at the McCoy-Cove and Rye projects. Premier announced on Wednesday that, under the terms of the agreement,... 

Avesoro reports strong production results

By: Anine Kilian     10th January 2018 Dual-listed West African gold producer Avesoro Resources has reported total yearly gold production for 2017 of 192 072 oz, well ahead of its production guidance of 70 000 oz to 80 000 oz. The company’s New Liberty gold mine in Liberia produced 25 563 oz of gold in the fourth quarter, a 29%... 

Silicosis trust has awarded quarter of R400m settlement to qualifying former mineworkers

By: Natasha Odendaal     10th January 2018 A trust formed in 2016 to compensate a group of former Anglo American South Africa and AngloGold Ashanti employees who suffer from silica-related illnesses, has already distributed about R102-million of a R395-million settlement. The Q(h)ubeka Trust was established in March 2016 following the... 

Centamin exceeds FY17 production guidance, aims for solid 2018 growth

By: Mia Breytenbach     10th January 2018 LSE- and TSX-listed Centamin achieved “a strong operational finish” to 2017, with the company’s Sukari mine, in Egypt, having produced 154 298 oz of gold in the fourth quarter, resulting in full-year gold production of 544 658 oz – exceeding guidance of 540 000 oz. “All sections of the mine... 

SCA postpones silicosis class action hearing

By: Megan van Wyngaardt     10th January 2018 The ongoing silicosis and tuberculosis class action litigation against South African gold miners has been postponed, following a request by representative attorneys to the registrar at the Supreme Court of Appeal (SCA) to do so. The SCA has granted approval for the postponement. The joint letter... 

SCA postpones silicosis class action hearing

Burkina Faso project acquisition opens multi-metal opportunity – Pegasus

By: Megan van Wyngaardt     10th January 2018 ASX-listed Pegasus Metals on Wednesday announced that it would buy Scorpion Minerals, which holds the rights to acquire up to a 70% joint venture (JV) interest in the Dablo palladium/platinum/gold/nickel/copper exploration project, located in Burkina Faso for A$360 000. This will be paid through... 

Burkina Faso project acquisition opens multi-metal opportunity – Pegasus

BlackRock-backed gold miner prepares to join rush of Russia IPOs

By: Bloomberg     10th January 2018 GV Gold, a Russian miner backed by BlackRock, plans an initial public offering (IPO) in Moscow this year after first doubling its output in a possible acquisition, according to the miner’s chief. “Our shareholders want an IPO to get a market valuation of the business and have their holdings... 

BlackRock-backed gold miner prepares to join rush of Russia IPOs

Eastmain resources climb as drilling confirms historic high gold grades

By: Henry Lazenby     10th January 2018 Gold explorer Eastmain Resources has announced a new resource estimate for the past-producing Eastmain mine project, located in the Otish Mountains of Northern Quebec. Derived from historic information developed by previous operators and 26 drill holes completed by Eastmain within the deposit's... 

GoldMining enters option to enlarge Yellowknife project

By: Henry Lazenby     10th January 2018 Project consolidator GoldMining has signed an option agreement with Viking Gold Exploration to indirectly acquire the RG1, RG2 and RG3 claims that border the western boundary of the company's Nicholas Lake-Ormsby property – one of the four properties that comprise the Yellowknife gold project... 

Ortac analyses gold potential at Akyanga

By: Anine Kilian     9th January 2018 Aim-listed gold explorer and developer Ortac Resources has reported positive gold assay results from the Democratic Republic of Congo- (DRC-) based Akyanga licence area, following the company’s acquisition of Casa Mining. To date, Ortac owns 87.4% of Casa and expects to complete the acquisition... 

Growth of European gold-backed ETFs outpaces US funds in 2017 – WGC

By: Reuters     9th January 2018 European gold-backed exchange-traded funds added more than double the amount of t that North American ones did in 2017, growing their assets by 13.9%, the World Gold Council (WGC) said on Tuesday. Though North America contained more than half the amount of global exchange-traded fund holdings,... 

CMTI Group gears up to supply gold, platinum mines

By: Megan van Wyngaardt     9th January 2018 Mining equipment and machinery supplier CMTI Group, which started operations at its Gauteng-based factory last year, aims to raise $20-million before the close of the first quarter of this year to increase its production capacity. Initial indications and expressions of interest from potential... 

CMTI Group gears up to supply gold, platinum mines
CMTI MD Danie Burger

St Barbara ups full-year guidance on solid half-year performance

By: Megan van Wyngaardt     9th January 2018 ASX-listed gold miner St Barbara has updated its 2018 production guidance from between 350 000 oz and 375 000 oz, to between 365 000 oz and 385 000 oz following production of 197 768 oz in the first half of the financial year. At its Gwalia deposit, which forms part of the Leonora operations in... 

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