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Gold News

Shipping delay hits Copper Mountain Q3 results

By: Creamer Media Reporter      1st November 2018 The share price of Vancouver-based miner Copper Mountain fell to a 52-week low on Wednesday, after the company posted a third-quarter adjusted loss of C$8.31-million, after a shipping delay and lower prices hit revenue. The company explained that its revenue fell from C$77.15-million in the... 

Centerra posts $6m net earnings, revises guidance

By: Creamer Media Reporter      1st November 2018 Canadian gold miner Centerra Gold has posted net earnings of $6-million, on revenue of $259.1-million in the third quarter and also improved its previously lowered gold guidance for the year. The third-quarter results include an impairment charge of $8.5-million to write down the net assets of... 

Ongoing interventions improve Sibanye-Stillwater safety 

By: Martin Creamer     1st November 2018 The safety performance of precious-metals mining company Sibanye-Stillwater improved markedly in the three months ended September 30 owing to ongoing safety interventions gaining traction at all operations, the company said on Thursday. The tragic safety incidents in the first half of the year,... 

Ongoing interventions improve Sibanye-Stillwater safety
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Emerald raises A$27m for Cambodian gold project

By: Esmarie Iannucci     1st November 2018 ASX-listed Emerald Resources has raised A$27-million through a share placement to fund development activities at its Okvau gold project, in Cambodia. The company on Thursday said the share placement, priced at 3c a share, will take place in two tranches, with the first tranche consisting of... 

Marda buy a step closer for Ramelius

By: Esmarie Iannucci     1st November 2018 Gold miner Ramelius Resources has on Thursday reported that the creditors of Black Oak Minerals had approved the sale of the Marda gold project, in Western Australia. Ramelius in September announced plans to purchase the Marda gold project from the liquidators of Black Oak Minerals, for... 

Hudbay buys Nevada copper deposit despite shareholder pushback

By: Mariaan Webb     1st November 2018 Toronto-headquartered Hudbay Minerals has announced the acquisition of Mason Resources – the owner of the Mason Ann copper project in Nevada – for C$31-million, despite shareholder Waterton Global Resource Management previously requesting a moratorium on any near-term acquisitions. Announcing... 

Hudbay buys Nevada copper deposit despite shareholder pushback
Hudbay CEO Alan Hair

South Africa’s Competition Tribunal approves Randgold, Barrick merger

By: Schalk Burger     1st November 2018 The proposed merger between Africa-focused gold miner Randgold Resources and Canadian gold miner Barrick Gold has received unconditional clearance from the South African Competition Tribunal, Randgold announced late on Wednesday. The transaction was approved without conditions, as recommended by... 

NUM members to strike as Gold Fields confirms retrenchment of 1 100 South Deep employees  

By: Schalk Burger     1st November 2018 JSE-listed gold miner Gold Fields on Thursday announced that it had received a notice from the National Union of Mineworkers (NUM) of the union’s intention to embark on a protected strike at its South Deep operation, in Johannesburg, to protest against planned retrenchments at the mine. The... 

Global gold demand growing across market segments, held back by US ETF outflows

By: Marleny Arnoldi     1st November 2018 World Gold Council (WGC) member and market relations head John Mulligan says the third quarter was a strong one for the global gold industry. Although demand increased by only 1%, or 6 t, compared with the third quarter 2017, the 964 t of gold demand recorded in the third quarter was underpinned... 

Global gold demand growing across market segments, held back by US ETF outflows

Zimplats profit rises on higher 4E output 

By: Marleny Arnoldi     31st October 2018 Impala Platinum (Implats) subsidiary Zimplats has reported a 4% increase in platinum, palladium, rhodium and gold (4E) tonnes mined to 1.6-million tonnes and a 6% increase in tonnes milled to 1.67-million for the quarter ended September 30. This compares with the 1.8-million tonnes of ore mined... 

Randgold, Barrick increase dividends ahead of proposed merger

By: Simone Liedtke     31st October 2018 In connection with the proposed recommended share-for-share merger of Barrick Gold and Randgold Resources, the companies have agreed on increases in the Randgold and the Barrick dividend, as well as an updated dividend policy for the new enlarged Barrick Group. Randgold shareholders will be... 

Sylvania achieves second-highest production quarter

By: Marleny Arnoldi     31st October 2018 Aim-listed Sylvania Platinum started off its new financial year with earnings before interest, taxes, depreciation and amortisation of $7.1-million for the quarter ended September 30. This came on the back of the production of 19 137 platinum, palladium, rhodium and gold (4E) ounces.  

Charaat walks away from Kumtor, withdraws C$2bn offer to buy Centerra

By: Mariaan Webb     31st October 2018 London-listed Chaarat is no longer pursuing any transactions to buy the Kumtor mine, in Kyrgyzstan, from Centerra Gold, after the Canadian firm last month rebuffed a second proposal from the company. Chaarat in April proposed to buy the Kumtor mine as part of a three-way transaction between the... 

Charaat walks away from Kumtor, withdraws C$2bn offer to buy Centerra
The Kumtor mine, in Kyrgyzstan

Growth stock tag possible from Far West surface project –­ DRDGold 

By: Martin Creamer     31st October 2018 When it comes to the gold sector, recovering the precious metal from dumps on surface beats pursuing it in deep, dark and dangerous underground mines. The local gold industry has put many feelers out to access gold on surface and one of the most exciting projects under way is Far West Gold... 

Growth stock tag possible from Far West surface project –­ DRDGold
DRDGold will upgrade this Driefontein 2 plant as part of Phase 1.

Updated PEA forecasts 44% more gold from Marathon’s Valentine Lake

By: Creamer Media Reporter      31st October 2018 Toronto-headquartered Marathon Gold has unveiled an updated preliminary economic assessment (PEA) for the Valentine Lake Gold Camp, in Newfoundland, announcing a 44% increase in the recovered gold and improved economics. Compared with the May 2018 PEA, Valentine Lake will deliver 827 000 oz more... 

Kirkland Lake positioned for a ‘strong finish’ to 2018

By: Creamer Media Reporter      31st October 2018 Mid-tier gold producer Kirkland Lake is positioned for a strong finish to the year, president and CEO Tony Makuch said on Tuesday, announcing another revision to the company’s production guidance for 2018. The miner, which operates in Canada and Australia, increased its full-year guidance to... 

Kirkland Lake positioned for a ‘strong finish’ to 2018
Kirkland Lake's Macassa mine

Gold production starts at Geko

By: Esmarie Iannucci     31st October 2018 Gold ore production has started at the Geko project, in Western Australia. ASX-listed Coolgardie Minerals on Wednesday announced that the sale of the oxide ore will start in mid-November under a sales agreement with gold miner Northern Star. 

Blackham increases Matilda-Wiluna reserves

By: Esmarie Iannucci     31st October 2018 ASX-listed Blackham Resources has reported a 27% increase in its gold reserves at the Matilda-Wiluna operation, in Western Australia. The reserve is now estimated at 26-million tonnes, grading 1.8 g/t gold for 1.53-million ounces of gold, while the free milling ore reserve has increased to 550... 

Victoria poised for new resource boom

By: Esmarie Iannucci     31st October 2018 Victoria’s mineral sector is expected to boom, with Resources Minister Tim Pallas this week announcing mining license extensions at two gold projects, and promising the release of further land for minerals exploration. Speaking at the International Mining and Resources Conference (IMARC) in... 

Xtract, Nexus amend terms of alluvial collaboration agreement

By: Tasneem Bulbulia     30th October 2018 Xtract Resources and Nexus Capital, previously known as Mineral Technologies International, on Tuesday agreed to revise the terms of a collaboration agreement for the exploitation of alluvial gold deposits at Xtract’s Manica deposit, in Mozambique. The parties initially entered into the... 

Alacer gears up for Çöpler autoclave start-up

By: Mariaan Webb     30th October 2018 Turkey-focused, Canada-incorporated Alacer Gold has marked a “significant step change” in the third quarter, as its cornerstone organic growth initiative, the sulphide expansion project at its Çöpler mine, in Turkey, was brought on line and is now being prepared for first autoclave start up. In... 

Alacer gears up for Çöpler autoclave start-up

Trans-Siberian reports operational improvements

By: Creamer Media Reporter      30th October 2018 Russian miner Trans-Siberian Gold (TSG) on Tuesday reported improved third-quarter production results, with quarterly gold dore production rising by 26% to 11 698 oz. The miner, which operates the Asacha gold mine, reported a 24% increase in its gold grade to 7.8 g/t, with the month of September... 

Chaarat gains exclusivity to Polymetal’s Armenia assets as it seals Kapan buy

By: Mariaan Webb     30th October 2018 Acquisitive junior Chaarat Holdings has struck a deal to buy the Kapan polymetallic mine, in Armenia, from fellow-London-listed Polymetal International for $55-million and has been granted an exclusive right to consider its other interests in the south-eastern European country. Announcing the... 

Chaarat gains exclusivity to Polymetal’s Armenia assets as it seals Kapan buy

South African competition authorities consider proposed Barrick, Randgold merger  

By: Tasneem Bulbulia     30th October 2018 South Africa’s Competition Tribunal will, on Wednesday, consider the proposed merger between TSX- and NYSE-listed Barrick Gold and LSE-listed Randgold Resources. The gold miners announced in September that Barrick plans to acquire Randgold in an $18.3-billion share deal. If the buyout is... 

Kefi secures £2m loan to fast-track Tulu Kapi development

By: Marleny Arnoldi     30th October 2018 Aim-listed Kefi Minerals has secured a £2-million loan facility from one of its minority shareholders to progress the Tulu Kapi gold project, in Ethiopia. Kefi’s Ethiopian subsidiary,Tulu Kapi Gold Mines Share Company (TKGM), will soon start certain tasks around community resettlement, project... 

Monarques starts promoting Wasamac as Beaufor heads for closure

By: Mariaan Webb     30th October 2018 As the Beaufor gold mine heads for a temporary shutdown in less than two months’ time, Quebec miner Monarques Gold has begun promoting its Wasamac project – a past producing mine in the heart of the Abitibi gold mining camp – to the mining and financial communities. President and CEO Jean-Marc... 

Bird-in-Hand to cost $34m

By: Esmarie Iannucci     30th October 2018 A scoping study into the Bird-in-Hand gold project, in South Australia, has found that the project could produce some 47 000 oz of gold and 22 000 oz of silver a year, over a five-year mine life. ASX-listed Terramin Australia told shareholders on Tuesday that the scoping study estimated that a... 

Deflector tips the scales for Doray

By: Esmarie Iannucci     30th October 2018 Gold miner Doray Minerals has reported record production from its Deflector operation, in Western Australia, during the three months to September. Some 19 683 oz of gold and 635 t of copper was produced during the three months under review, up from the 18 467 oz of gold produced during the June... 

First Quantum lifts copper guidance, lowers gold forecast

By: Mariaan Webb     30th October 2018 Canada’s First Quantum Mines has upped its 2018 copper production guidance by 5% to 590 000 t, to reflect higher production from its two largest operations – Kansanshi and Sentinel, in Zambia. The Kansanshi mine increased its third-quarter output to 63 687 t, from 58 706 t in the prior-year... 

First Quantum lifts copper guidance, lowers gold forecast
First Quantum chairperson and CEO Philip Pascal

Troy production falls in September quarter

By: Esmarie Iannucci     30th October 2018 Gold production from the Karouni gold mine, in Guyana, fell from 19 510 oz to 18 991 oz in the three months to September, compared with the previous quarter. Gold miner Troy Resources said on Tuesday that production for the September quarter exceeded forecasts. 

Zimbabwe gold producers warn currency shortage threatens output

By: Bloomberg     29th October 2018 Zimbabwean gold producers may suspend operations because a foreign-exchange shortage has left them with insufficient funds to cover production costs, the main industry lobby group said. Curbing output would deprive the country of a key source of export earnings as Finance Minister Mthuli Ncube... 

Resolute adds more ounces to hedgebook

By: Esmarie Iannucci     29th October 2018 Gold miner Resolute Mining has forward sold a further 30 000 oz of gold between January and June 2019, which will be delivered in monthly batches of 5 000 oz. The company told shareholders on Monday that it was taking advantage of the recent strength in the US gold price to add to its US dollar... 

AngloGold Ashanti awards $375m Obuasi contract  

By: Esmarie Iannucci     29th October 2018 Gold miner AngloGold Ashanti has awarded a joint venture (JV) between ASX-listed Ausdrill and Barminco Holdings a $375-million mining services contract at the Obuasi project, in Ghana. A previously published feasibility study on Obuasi found a 5.8-million-ounce ore reserve and 34-million-ounce... 

Alkane takes 12% stake in Ramelius’ takeover target Explaurum

By: Esmarie Iannucci     29th October 2018 ASX-listed Alkane Resources will invest A$8-million into fellow-listed Explaurum, taking a 12.2% stake in that company. Alkane will subscribe for some 66.66-million shares, at a price of 12c each. 

'Blood gold' controversy forces industry transparency push

By: Bloomberg     26th October 2018 It’s been labeled “blood gold,” a jarring phrase that ties one of the world’s most valuable metals with brutal mining practices and illicit profits that legitimate miners and refiners are rushing to end. With miners facing increasing pressure to guarantee the provenance of gold, the group that... 

Eldorado approves $520m mill project in Turkey

By: Creamer Media Reporter      26th October 2018 The board of Vancouver-based miner Eldorado Gold has approved a $520-million investment in a mill project at the Kisladag mine, in Turkey, paving the way for 270 000 oz/y of production over a nine-year mine life. The 13-million-tonne-a-year mill project, which will see Kisladag transition away... 

Eldorado approves $520m mill project in Turkey
The Kisladag mine, in Turkey

Yamana Gold sells Argentina mine, reports lower adjusted earnings

By: Creamer Media Reporter      26th October 2018 Canadian gold and silver miner Yamana Gold will sell its Gualcamayo mine, in San Juan, Argentina, to Colombia-based Latin American gold producer Mineros and has granted that company an option to acquire up to 51% of its La Pepa project in Chile. Yamana will receive $30-million in cash upon... 

Petropavlovsk Q3 output dips; POX ramp-up progresses

By: Creamer Media Reporter      26th October 2018 Russian gold miner Petropavlovsk has maintained its gold production guidance of 420 000 oz to 450 000 oz for the year, despite reporting slightly lower third-quarter output of 102 000 oz. The September quarter output includes 19 700 oz of gold contained in concentrate. 

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