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Gold News

West Wits breathes life into old gold mine

By: Marleny Arnoldi     26th July 2018 ASX-listed exploration and development company West Wits Mining is reinvigorating the goldfield known as the Witwatersrand basin, near Roodepoort, which has a revised Joint Ore Reserves Committee-compliant mineral resource estimate of 3.67-million ounces of gold. The company has restarted openpit... 

Barrick Gold cuts jobs and offices in decentralisation push

By: Bloomberg     26th July 2018 Barrick Gold, the world’s largest gold producer, cut jobs and closed offices in the second quarter as part of its strategy to decentraliSe operations. “We completed an extensive review of all positions sitting above operations, reallocating roles where appropriate, eliminating those no longer... 

Newmont buys 50% of large Canada copper/gold project, forges partnership with Teck

By: Mariaan Webb     26th July 2018 Gold major Newmont on Thursday announced that it would pay $275-million for a 50% interest in the Galore Creek project, which with resources of eight-million ounces of gold and nine-billion pounds of copper is one of the world’s largest undeveloped projects of its kind. Newmont is buying half of... 

Newmont buys 50% of large Canada copper/gold project, forges partnership with Teck
Newmont CEO Gary Goldberg

Russia's Polymetal sees improved Q3 due to rising sales - CFO

By: Reuters     26th July 2018 Russian gold and silver producer Polymetal expects its financial performance to be better in the third quarter than in the second quarter due to seasonally higher production and sales, Maxim Nazimok, its CFO, told Reuters. In April, Polymetal said it was unlikely to pay a special dividend this... 

Tanzania targets setting up mineral exchange by end of 2018

By: Bloomberg     26th July 2018 Tanzania plans to establish a minerals exchange by the end of this year, in a bid to ensure the East African nation reaps the most from its resources, Minerals Minister Angellah Kairuki said. The nation’s resources including gold, diamonds, iron, silver, copper, graphite and other rare earth... 

Harmony’s Hidden Valley mine reaches commercial production

By: Anine Kilian     26th July 2018 JSE-listed Harmony Gold’s Hidden Valley operation, in Papua New Guinea reached commercial levels of production in June. “The investment in the Stage 5 and 6 cutback was delivered safely, on schedule and below budget and we are confident that Hidden Valley will produce more than 180 000 oz in the... 

Penny's Find delivers on promise

By: Esmarie Swanepoel     26th July 2018 The Penny’s Find gold mine, in Western Australia, delivered more than 18 300 oz of gold, generating higher than expected revenues, ASX-listed Empire Resources reported this week. Final accounting for the openpit mine, which has now completed production, has shown that Penny’s Find generated 5%... 

644 workers rescued after fire at Gold One’s Modder East mine

By: Schalk Burger     26th July 2018 An early morning rescue operation on Wednesday saw 644 miners, who were underground when a fire broke out at miner Gold One’s Modder East operations, brought to the surface. All the employees evacuated to the mine's refuge bays from where they were rescued. 

Strong Q2 puts Newcrest only 2% below original FY target

By: Esmarie Swanepoel     26th July 2018 Gold miner Newcrest Mining has reported a strong June quarter, resulting in the company missing its original full-year production guidance by only 2%. Newcrest in April adjusted full-year production forecasts from between 2.4-million and 2.7-million ounces, to between 2.25-million and... 

Huge developments for Amplats, AngloGold, Kumba 

26th July 2018 Amplats is taking steps to reverse what it calls unjustified investor bearishness, AngloGold Ashanti is getting a new CEO and Kumba Iron-Ore is receiving strong premiums for high-grade ore. Mining Weekly Editor Martin Creamer unpacks the headlines. 

Huge developments for Amplats, AngloGold, Kumba
Huge developments for Amplats, AngloGold, Kumba

Barrick’s adjusted earnings miss estimates

By: Mariaan Webb     26th July 2018 Gold major Barrick Gold posted second-quarter adjusted earnings that missed analysts’ estimates as gold sales declined in the three months ended June. The Toronto-headquartered company’s adjusted net earnings came to $81-million, or $0.07 a share, compared with $261-million, or $0.22 a share in... 

India readying to lift ban on gold imports from South Korea

By: Ajoy K Das     25th July 2018 A sharp fall in gold imported into the country during the first quarter of the current financial year has prompted the Indian government to move toward an early lifting of the import ban of the precious metal from South Korea. With gold imports down 25% during first quarter at $8.43-billion and... 

Alamos shares gain on Turkey permit news

By: Creamer Media Reporter      25th July 2018 TSX-listed Alamos Gold said on Wednesday that it would be mobilising for full construction activities at its Kirazli project, in Turkey, in the next two months after it was granted the final permit needed for the development of the gold project. News that the Çanakkale governorship had granted a... 

Alamos shares gain on Turkey permit news

Freeport remains positive about copper despite trade tensions

By: Mariaan Webb     25th July 2018 US-based Freeport-McMoRan remains positive on the outlook for copper, despite the recent decline in prices associated with international trade developments, CEO Richard Adkerson affirmed on Wednesday. Copper has been caught up on the trade war rhetoric between the US and China, while at the same... 

Freeport remains positive about copper despite trade tensions
Photo by Bloomberg
Freeport McMoRan CEO Richard Adkerson

Minerals Council grilled over gold mining sector stats, low wage increase offer

By: Marleny Arnoldi     25th July 2018 The third round of gold mining sector wage negotiations took place on Wednesday, at which the Minerals Council South Africa was peppered with questions by gold sector unions seeking to gain clarity about feedback on the unions’ demands, especially the low opening offer, said trade union... 

Sibanye-Stillwater concludes $500m gold, palladium stream agreement with Wheaton

By: Marleny Arnoldi     25th July 2018 JSE- and NYSE-listed precious metals miner Sibanye-Stillwater has concluded its gold and palladium stream agreement with Wheaton Precious Metals International. Sibanye has received $500-million from Wheaton in exchange for an amount of gold and palladium equal to a percentage of gold and... 

Kibali mine targets record production following underground ramp-up

By: Nadine James     25th July 2018 Gold production at Randgold Resources’ Kibali mine, in the Democratic Republic of Congo (DRC), is rising steadily on the back of the optimisation of its automated underground operation, and it is on track to beat its guidance of 730 000 oz for 2018, Randgold CE Mark Bristow said on Wednesday.... 

Fresnillo clips FY silver guidance

By: Mariaan Webb     25th July 2018 Precious metals miner Fresnillo on Wednesday reported second-quarter production results and adjusted its silver and gold guidance for the full year. The world’s largest primary silver miner produced 15.34-million ounces of the precious metal in the second quarter, taking half-year output to... 

Fresnillo clips FY silver guidance
Fresnillo's Saucito mine.

Troy sets new target for 2019

By: Esmarie Swanepoel     25th July 2018 Gold miner Troy Resources has set a production target of between 65 000 oz and 75 000 oz for the 2019 financial year, after beating its production expectations in 2018. The miner earlier reported that gold production at its Karouni operation, in Guyana, had reached a record 70 207 oz during the... 

Mincor pours first gold

By: Esmarie Swanepoel     25th July 2018 The Widgiemooltha gold project, in Western Australia, has poured its first gold, owner Mincor Resources reported. The first parcel of ore comprised material sourced from the start-up upper benches of the Flinders and Bass pits, with Mincor telling shareholders that mining remained on track to... 

Trade unions to respond to wage offer in the gold sector

By: African News Agency      25th July 2018 Trade unions are expected to formally respond to wage offer tabled by gold producers when the third round of negotiations resume on Wednesday in Boksburg east of Johannesburg. Gold producers tabled an opening offer of a three-year wage proposal ranging from 5.5% and 6.5% for underground... 

Polyus Q2 production results shine

By: Mariaan Webb     24th July 2018 Russian gold miner Polyus on Tuesday reported strong second-quarter production results, with output climbing by 23% year-on-year to 602 000 oz, taking half-year production to 1.12-million ounces. The second quarter’s production is also a 19% improvement on the previous quarter, the miner said in... 

Polyus Q2 production results shine
The Natalka operation.

Rising profits meet trade fears as commodity producers report

By: Bloomberg     24th July 2018 Investors will probably like most of what they see when energy, mining and farm-products companies report earnings for the most recent quarter. It’s the rest of the year they’re worried about. Commodity bellwethers including Exxon Mobil, Freeport-McMoRan, and Archer-Daniels-Midland are among a... 

Barrick exit raises power questions at biggest gold miner

By: Bloomberg     23rd July 2018 Kelvin Dushnisky’s departure as president of Barrick Gold raises the question of whether his replacement will get more, or less, power at the world’s largest gold producer under executive chairman John Thornton. Dushnisky, 54, is set to take over as CEO of Johannesburg-based AngloGold Ashanti as... 

RNC selects preferred bidder for WA mine

By: Creamer Media Reporter      23rd July 2018 Canadian miner RNC has completed the second phase of the sales process of its Beta Hunt gold and nickel mine, in Western Australia, with the selection of a preferred bidder. RNC has granted exclusivity to the bidder, which was not named, to allow for completion of the final phase of the sale... 

Dushnisky resigns as Barrick president to take over the reins at AngloGold

By: Marleny Arnoldi     23rd July 2018 Gold miner AngloGold Ashanti has appointed outgoing Barrick Gold president Kelvin Dushnisky as CEO and executive director, effective September 1. “Following a competitive global search, we are pleased to [appoint] someone of Dushnisky’s calibre to lead this organisation,” AngloGold chairperson... 

Dushnisky resigns as Barrick president to take over the reins at AngloGold
Photo by Bloomberg
Outgoing Barrick president Kelvin Dushnisky to become AngloGold Ashanti CEO from September

Nordgold exploration programme to further increase Guinea mine’s reserves

By: Marleny Arnoldi     23rd July 2018 Gold producer Nordgold’s exploration programme at its Lefa mine, in Guinea, is on track to deliver on its target to replace mined gold and increase resources this year, with 85 km of drilling planned. This exploration plan builds on strong progress made in 2017, where exploration activity added... 

AngloGold says there's no escaping demise of South African gold

By: Bloomberg     23rd July 2018 South Africa’s gold industry, once the world’s largest, faces an inevitable decline, according to the chairperson of the country’s biggest producer of the metal by market value. Output will continue to shrink as miners chase ever-deeper ore bodies while struggling to keep costs down, said... 

Hecla wraps up Klondex acquisition, Havilah to list this week

By: Mariaan Webb     23rd July 2018 Newly formed Havilah Mining, which was created following the spinout of Klondex Mines’ Canadian assets, will list on the TSX-V this week, US-based precious metals producer Hecla Mining said on Monday, announcing the completion of its Klondex acquisition. Havilah will own the True North mining... 

Doray forecasts higher production at Deflector, resource increased by 34%

By: Esmarie Swanepoel     23rd July 2018 Gold miner Doray Minerals has extended the life-of-mine (LoM) plan for its Deflector operation to the end of 2022, with the Western Australia-based mine now expected to deliver 43% more gold than the previous plan. The updated Deflector LoM plan is expected to produce an additional 340 000 oz of... 

Ark shares sink on sales talk

By: Esmarie Swanepoel     23rd July 2018 The share price of ASX-listed Ark Mines tumbled more than 15% on Monday, after the company announced the sale of its Mt Porter and Frances Creek tenements, in the Northern Territory. Ark told shareholders that it had inked a binding term sheet with Territory Iron to divest of the Pine Creek... 

Sanbrado permit adjusted for underground mining

By: Esmarie Swanepoel     23rd July 2018 The government of Burkina Faso has updated the mining permit for the Sanbrado gold project, allowing for both underground and openpit mining, and for the use of carbon-in-leach as a processing method. ASX-listed West African Resources in June this year updated the feasibility study for the... 

Harmony exceeds annual production guidance

By: Simone Liedtke     23rd July 2018 Gold miner Harmony Gold has exceeded its production guidance for the financial year ended June 30 by 4%. The miner produced just over 1.2-million ounces of gold for the full-year, marking the third consecutive year of meeting its guidance. 

Harmony exceeds annual production guidance
Harmony CEO Peter Steenkamp

Barrick Gold is the undisclosed bidder for Detour Gold

By: Bloomberg     23rd July 2018 Barrick Gold is the undisclosed gold miner that was asked to sign a confidentiality agreement alongside activist investor John Paulson to discuss potentially buying Detour Gold, according to people familiar with the matter. While Barrick’s level of interest in Detour is unclear, neither Paulson... 

Detour Gold to enhance board, outlines 'next steps' in building value

By: Mariaan Webb     20th July 2018 Fresh from a week of public disagreements with hedge fund Paulson & Co, Ontario miner Detour Gold on Friday issued a statement detailing the “next steps” in building value for its shareholders, addressing issues around potential offers, an update on the CEO search and enhancements to the board.... 

Detour Gold to enhance board, outlines 'next steps' in building value
The Detour Lake mine

Acacia boss is getting frustrated waiting for Barrick solution

By: Bloomberg     20th July 2018 It’s been a year since Acacia Mining’s majority shareholder started talks on its behalf to end a standoff with the Tanzanian government and interim CEO Peter Geleta is getting frustrated. Barrick Gold, which owns about 64% of London-based Acacia, last month withdrew a timetable to resolve the... 

Acacia boss is getting frustrated waiting for Barrick solution

Acacia H1 net earnings fall 51% y/y

By: Marleny Arnoldi     20th July 2018 Tanzanian gold miner Acacia Mining’s net earnings for the first half of this year, ended June 30, decreased by 51% to $30.9-million, compared with the net earnings of $62.5-million recorded in the first half of 2017. Net earnings were impacted on by a $24.2-million impairment at Nyanzaga mine.  

Nordgold plans to rapidly advance exploration at Burkina Faso mine

By: Marleny Arnoldi     20th July 2018 The exploration programme at gold producer Nordgold’s Taparko mine, in Burkina Faso, is advancing rapidly and is on track to achieve its objectives of replacing mined gold and increasing resources. In 2017, exploration activity added more than 200 000 oz to Taparko’s mineral resources and some... 

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