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Gold News

Shanta starts Illunga decline development ahead of schedule

By: Marleny Arnoldi     3rd September 2018 Development of the Illunga underground decline at Aim-listed Shanta Gold’s New Luika gold mine, in Tanzania, has started three months ahead of schedule, with first ore expected in mid-2019. "We will shortly have three active sources of high-grade ore following the start of underground... 

Shareholders approve Dalradian takeover

By: Creamer Media Reporter      3rd September 2018 Shareholders in dual-listed Dalradian Resources have voted in favour of a takeover by private equity firm Orion Mine Finance, paving the way for the transaction to close by the end of this week. Shareholders will receive C$1.47 a share for their interest in Dalradian, which is developing a... 

Beacon raises A$18m for Jaurdi restart

By: Esmarie Swanepoel     3rd September 2018 ASX-listed Beacon Minerals will raise A$18-million through a debenture issue to professional and sophisticated investors to fund the restart of its Jaurdi gold project, in Western Australia, in the first quarter of 2019. A prefeasibility study released last week found that the project could... 

Australian gold production on the rise

3rd September 2018 Australian gold production in the 2017/18 financial year was its highest since 1997/98, totaling 310 t, mining consultancy Surbiton Associates has reported. In the three months to June, gold production reached 81 t, a 9%, or 6.5 t increase on the previous quarter, and 8%, or 6 t more than the... 

Evolution signs up for Andromeda project

By: Esmarie Swanepoel     3rd September 2018 Gold miner Evolution Mining has struck an earn-in agreement with fellow-listed Andromeda Metals over its Drummond gold exploration project, in Queensland. Under the terms of the agreement, Evolution would earn an initial 51% interest in the project by making a cash payment of A$300 000 to... 

Hundreds of Mazowe Mine employees in Zimbabwe reportedly to be retrenched

By: African News Agency      3rd September 2018 Hundreds of Mazowe Mine employees will reportedly lose their jobs after the company was put under care and maintenance in Zimbabwe. Mazowe Mine is part of the Metallon Corporation group which includes How Mine, Mazowe Mine, Shamva, and Redwing Mine. The employees have reportedly been given three... 

Northern Star raises cash for Pogo buy

By: Esmarie Swanepoel     3rd September 2018 Gold miner Northern Star Resources has completed a A$175-million capital raise to fund the acquisition of the Pogo underground gold mine, in Alaska. The company on Monday said that the placement was completed at A$6.70 a share, with some 26.1-million new shares placed with institutional... 

Beadell's plant uprade heading on trend

By: Esmarie Swanepoel     3rd September 2018 Gold miner Beadell Resources has completed the installation and commissioning of the ball mill at its Tucano plant, in Brazil, two weeks ahead of schedule. The installation of the ball mill is one of four key areas being undertaken as part of the Tucano plant upgrade, along with the installation... 

Tahoe reports community protest at Peru mine

By: Creamer Media Reporter      3rd September 2018 Canada-based Tahoe Resources on Thursday evening suspended mining operations at the La Arena mine, in Peru, in response to a protest over the impact of the mine on the nearby community of La Ramada. A group of between 80 and 100 people had trespassed onto the mine property, disrupted operations... 

Monarques to idle Beaufor in Quebec

By: Mariaan Webb     31st August 2018 The Beaufor gold mine, near Val-d’Or, Quebec, will be temporarily suspended on December 14 and placed on care-and-maintenance, TSX-V-listed Monarques Gold announced on Thursday, citing persistent weakness in the gold price and lower-than-expected grades. As a result, the workforce will be cut to... 

NUM serves Harmony Phakisa mines with 48 hours strike notice

By: African News Agency      31st August 2018 The National Union of Mineworkers (NUM) in the Free State region served Harmony Phakisa mines with a 48-hour strike notice to Harmony mines, the union said on Thursday.  Thousands of NUM members are ready to strike. 

Gold's dismal run sets half-decade mark as dollar and stocks win

By: Bloomberg     31st August 2018 Gold is set for a fifth straight monthly decline, the longest losing run in half a decade, as the dollar gets a twin boost from trade tensions and the Federal Reserve’s path for higher interest rates, while inflation remains stuck in hibernation and US equities notch record after record. Bullion... 

Orinoco secures A$8m to fast-track Brazil project

By: Esmarie Swanepoel     31st August 2018 Gold miner Orinoco Gold has secured a A$8-million convertible note agreement with Magna to fast track the development of its Rio Do Ouru project, in Brazil. A$2-million of the convertible not will be immediately available, with three further tranches of A$2-million each available within the next... 

UK-based gold miner secures local investors for its Ethiopian project

By: Rebecca Campbell     31st August 2018 London AIM-listed gold exploration and development company KEFI Minerals has announced that has signed a Detailed Heads of Agreement with investors in Ethiopia, for the latter to take a significant (but minority) stake in KEFI subsidiary Tulu Kapi Gold Mines Share Company Limited (TKGM), which is... 

Lack of regulatory guidance stymies Climate Change Bill preparations

By: Nadine James     31st August 2018 While industry and environmental practitioners have welcomed the first draft of the Climate Change Bill, there is mounting impatience at the absence of the regulatory detail that organisations need to guide their preparations to comply, mining and environmental consultants SRK Consulting noted in... 

Lack of regulatory guidance stymies  Climate Change Bill preparations
ASHLEIGH MARITZ & ESTIE RETIEF Large carbon emitters face immense technical and financial challenges in repurposing their operations to meet new carbon emission requirements – a process that is hindered by a lack of regulatory clarity

Orosur in ‘difficult’ financial position, shuts Uruguay mine

By: Mariaan Webb     30th August 2018 Dual-listed Orosur Mining has swung to a pretax loss of $27.18-million in the 2018 financial year, as the closing down of its operations in Uruguay, following lower-than-expected grades at its San Gregorio (SG) underground mine, put the company in a “difficult” financial position. The loss... 

Detour Gold refreshes board with three new appointments

By: Mariaan Webb     30th August 2018 TSX-listed Detour Gold has appointed three new directors in a move to augment its board’s experience and expertise in large-scale openpit mining ahead of a December 11 shareholders meeting to vote on a replacement of the company’s board. The new board members include Alan Edwards, a former... 

AngloGold's Guinea mine resumes operations after one-day strike

By: Reuters     30th August 2018 Operations have resumed at AngloGold Ashanti's Siguiri gold mine, in Guinea, after a workers strike halted activities for a day, a company vice president said on Thursday. "There was a day-long stoppage, which has since ended. No impact on full-year production," Chris Nthite told Reuters. 

IDM’s Red Mountain referred to provincial Ministers for decision

By: Creamer Media Reporter      30th August 2018 Vancouver-based IDM Mining is one step closer to building British Columbia’s next underground gold mine, with the Environmental Assessment Office having referred the Red Mountain project’s environmental certificate application to provincial Ministers for a decision. The Minister of Environment... 

Resources Watch  

30th August 2018 Rapid Moab integration boosts Harmony Gold’s cash flow; Nothing comes before safe production, says Sibanye-Stillwater; and, Free gold on cards at Harmony’s Wafi-Golpu project 

Resources Watch
Resources Watch

Constantine assembles team for Alaska project PEA

By: Creamer Media Reporter      30th August 2018 TSX-V-listed Constantine Metal Resources has selected engineering, project and construction management firm JDS Energy and Mining to prepare a preliminary economic assessment (PEA) of the potential viability of the mineral resources at the Palmer copper/zinc/gold/silver project, in south-east... 

Coolgardie starts mining, lists on ASX

By: Esmarie Swanepoel     30th August 2018 Mining at newly listed Coolgardie Minerals’ Geko gold project, in Western Australia, has started, with first ore expected in early October. The project hosts a mineral resource of 136 000 oz, grading at 1.6 g.t gold. 

Doray narrows losses in 2018

By: Esmarie Swanepoel     30th August 2018 Gold miner Doray Minerals has narrowed its net losses for the 2018 financial year after the closure of its Andy Well operation, in Western Australia, in 2017. Doray on Thursday reported a net loss of A$14.7-million for the 2018 financial year, compared with a net loss of A$74.2-million in the... 

Ramelius earnings surge in 2018

By: Esmarie Swanepoel     30th August 2018 Gold miner Ramelius Resources has reported a 50% surge in earnings before interest, tax, depreciation and amortization (Ebitda) for the 2018 financial year, and a 74% increase in net profits after tax, as gold production rose by 66%. Ebitda for the full year reached A$127-million, compared with... 

Sandfire delivers record profits

By: Esmarie Swanepoel     30th August 2018 Copper/gold miner Sandfire Resources has delivered a record net profit in the 12 months ending June, on the back of record sales revenues. Net profit after tax for the full year ended June reached A$123-million, compared with the A$77.5-million reported in the previous financial year, while... 

Northern Star buys 300 000 oz/y Alaska gold mine

By: Esmarie Swanepoel     30th August 2018 Gold miner Northern Star Resources will spend $260-million to acquire the 4.1-million ounce Pogo underground gold mine, in Alaska. The ASX-listed company on Thursday told shareholders that the acquisition will be funded from existing cash and a fully underwritten A$175-million placement to... 

Northern Star buys 300 000 oz/y Alaska gold mine
Photo by Bloomberg
Northern Star executive chairperson Bill Beament

Tahoe reports theft attempt at Peru mine, says pipeline cut open

By: Creamer Media Reporter      30th August 2018 Canada-based precious metals miner Tahoe Resources on Wednesday reported a theft attempt at the La Arena mine, stating that it appeared that there was an attempt to illegally extract gold from a pipeline at the Peru operation. An internal investigation shows that holes were cut into the top of... 

Tahoe reports theft attempt at Peru mine, says pipeline cut open
The La Arena mine in Peru.

Worker strike halts operations at AngloGold's Guinea mine

By: Reuters     29th August 2018 A strike at AngloGold Ashanti's Siguiri gold mine in Guinea has halted operations there, mines ministry secretary-general Saadou Nimaga said on Wednesday. The Société aurifère de Guinée, in which AngloGold holds an 85% stake, confirmed in a statement that a strike was underway and encouraged... 

Unions declare dispute over wage talks with gold firms

By: Reuters     29th August 2018 Three South African unions said on Wednesday that wage negotiations in the gold sector had hit a deadlock and they had declared a dispute, a move that is one step short of a strike. Solidarity, the Association of Mineworkers and Construction Union (AMCU) and UASA said their wage talks with... 

Armenia tells Lydian to stop mining activities for ecological study

By: Creamer Media Reporter      29th August 2018 The Armenia Environmental and Mining Inspection Body has directed Canada-listed Lydian International to stop mining-related activities at its Amulsar mine, after red-listed plants and animal species have been identified at the project for the first time. The Ministry of Nature Protection has to... 

Goldcorp and OceanaGold invest in explorer Gold Standard

By: Creamer Media Reporter      29th August 2018 Vancouver-headquartered exploration company Gold Standard Ventures announced on Tuesday that mining firms Goldcorp and OceanaGold would participate in the company’s C$10.5-million private placement. TSX-listed Goldcorp would spend about C$6-million to acquire 2 926 829 shares in the... 

Perseus’ production increases 45% y/y, costs fall 22%

By: Marleny Arnoldi     29th August 2018 ASX-listed West African gold producer Perseus Mining produced 255 916 oz of gold in the financial year ended June 30, which is a 45% increase compared with the prior financial year. The weighted average all-in site costs including the cost of production, royalties and sustaining capital,... 

New Prosperity ruling important for future BC resource projects – Taseko CEO

By: Mariaan Webb     29th August 2018 Last week’s Supreme Court of British Columbia ruling denying a First Nation’s legal challenge seeking to overturn an exploration permit for the New Prosperity project is seen as important for future resource projects in the province, base metals miner Taseko Mines president and CEO Russell... 

New Prosperity ruling important for future BC resource projects – Taseko CEO

Acacia appoints interim chair ahead of Dushnisky’s departure

By: Creamer Media Reporter      29th August 2018 Gold miner Acacia Mining has appointed independent nonexecutive director Rachel English as interim chairperson of the board, effective September 1. Outgoing chairperson Kelvin Dushnisky has tendered his resignation, effective August 31, following his resignation as president and CEO of Acacia’s... 

Automated Syama underground offering opportunities

By: Esmarie Swanepoel     29th August 2018 Gold miner Resolute Mining on Wednesday said that sub-level cave ore production from the world’s first purpose-built, purpose-designed fully automated underground mine was still on track for December this year. Resolute MD and CEO John Welborn told delegates at the first day of the Africa... 

Sanbrado financing to be in place by year-end

By: Esmarie Swanepoel     29th August 2018 Gold developer West African Resources will secure financing for its 90%-owned Sanbrado gold project, in Burkina Faso, by the fourth quarter of this year, with first gold pour targeted for the back-end of 2020. Speaking at the first day of the Africa Downunder conference, West African MD Richard... 

Higher production lifts DRDGold full-year HEPS

By: Marleny Arnoldi     29th August 2018 Dual-listed gold recovery company DRDGold expects to report earnings per share (EPS) of between 1.18c and 1.82c apiece for the financial year ended June 30, compared with earnings of 3.2c in the prior comparable period, which represents a decrease of between 43% and 63%. The company expects... 

Paulson scorns 'inexcusable' delay in Detour holder meeting

By: Bloomberg     29th August 2018 Billionaire John Paulson’s hedge fund said Detour Gold’s plan to hold a shareholders meeting in December to vote on its slate of nominees to replace the miner’s board was “inexcusable". On Monday, Detour said it would hold a special shareholders meeting on December 11 after it was requisitioned... 

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