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Gold News

B2Gold sets record straight as Mali mulls mining code amendments

By: Henry Lazenby     22nd March 2018 Canadian miner B2Gold has issued a statement confirming that the full details of any proposed new Mali mining code and the timing for its implementation are not known at this time. The miner responded to recent media reports attributing statements to a government minister at a joint news... 

Oyu Tolgoi completes sinking Shaft 5

By: Henry Lazenby     21st March 2018 Mongolia’s massive Oyu Tolgoi copper/gold mine has achieved its latest important milestone after sinking of the new Shaft 5 has been completed. The shaft has a final depth of 1 178 m. 

Emgold outlines nearly 300 000 oz of gold, plans 2-phased approach to develop Golden Arrow

By: Henry Lazenby     21st March 2018 A technical report on the Golden Arrow deposit, in Nevada, has outlined compliant indicated and measured resources of nearly 300 000 oz of gold, showing the project is deserving of further work to determine its financial viability, a news release by junior explorer Emgold Mining advised this... 

First Quantum steadies as CEO hopeful of escaping giant tax bill 

By: Bloomberg     21st March 2018 First Quantum Minerals recovered from what was shaping up to be its worst two-day drop in two years as its chief executive officer said he’s hoping to talk his way out of a $7.9-billion tax bill in Zambia - which includes $5.7-billion in interest. First Quantum received a letter from the Zambia... 

Eco Oro pursues $764m suit against Colombia as Angostura project postures to perish

By: Henry Lazenby     20th March 2018 Junior project developer Eco Oro Minerals is pursuing a $764-million judgement against Colombia after a court ruling has cancelled exploration over half its concession as part of national efforts to preserve high-altitude wetlands, known as the Páramos. The Vancouver-headquartered company has... 

Eco Oro pursues $764m suit against Colombia as Angostura project postures to perish
Photo by Eco Oro Minerals
Angostura project, Colombia

Katoro suspends Imweru feasibility work as it assesses project’s economic viability

By: Anine Kilian     20th March 2018 Aim-listed Katoro Gold is assessing the economic viability of its Tanzania-based Imweru gold project, based on the results of a prefeasibility study and the new mining legislation and regulations being implemented in Tanzania.   The company said in a statement on Tuesday that an integral part of... 

Polyus adds new metal, more gold to shake 'Russian discount'

By: Bloomberg     20th March 2018 Polyus is targeting more than just gold to help challenge the “Russian discount” it says is tainting its share price. The Russian precious metals miner plans to sell shares on the market and boost gold production, which could vault it into the top five biggest miners in the world as early as... 

Polyus adds new metal, more gold to shake 'Russian discount'
Polyus CEO Pavel Grachev

Darlot restarts production - Red 5

By: Esmarie Swanepoel     20th March 2018 Gold miner Red 5 has restarted production at the Darlot Gold mine, at a reduced production rate. The company earlier this month reported operational issues at the Darlot mill, in Western Australia, warning shareholders that production for the March quarter would be lower than expected. 

Anaconda turns hostile in bid to buy Maritime Resources

By: Henry Lazenby     19th March 2018 The TSX-V-listed stock of junior explorer Maritime Resources jumped by 20% on Monday morning following an announcement by Atlantic Canada-focused project consolidator Anaconda Mining that it intends to take a takeover deal directly to shareholders following inaction by the Maritime board.... 

Alio to lift output 65% this year through Rye Patch Gold buy priced at C$128m

By: Henry Lazenby     19th March 2018 The TSX-V-listed equity of Rye Patch Gold jumped more than 11% on Monday following a joint announcement with junior explorer Alio Gold that the companies have agreed to execute a plan of arrangement through which Alio will acquire Rye Patch. Vancouver-based Alio, which is operating the San... 

Dalradian continues to move Northern Ireland project towards production

By: Creamer Media Reporter      19th March 2018 With the planning application for the Curraghinalt mine submitted, dual-listed Dalradian Resources’ primary goal is to progress the Northern Ireland project to production. This goal will be advanced this year through drilling, engineering and geological studies, as well as environmental and... 

DRC curbs expectations of miners about concessions on code

By: Bloomberg     19th March 2018 Mining companies in the Democratic Republic of Congo (DRC) won’t secure substantial concessions in talks with the state about changes to the industry code, a senior mining official said. The operators, including Glencore Plc and Randgold Resources, are pressing the government to row back on some... 

Beadell gains Canadian listing for Tucano through Golden Harp merger

By: Esmarie Swanepoel     19th March 2018 ASX-listed gold miner Beadell Resources has inked a definitive agreement with TSX-V listed Golden Harp Resources to merge the companies. The new merged entity will be renamed Americano Mining, and will be listed on both the ASX and the TSX-V. 

South African junior to earn into Scotgold’s Portugal licence

By: Mariaan Webb     19th March 2018 South African exploration company PanEx Resources has signed an agreement to earn into the Portuguese subsidiary of Scotgold Resources, under which it will spend €6.6-million in several phases. The Portuguese subsidiary owns the Pomar exploration licence, covering 264 km2 and includes the... 

South African junior to earn into Scotgold’s Portugal licence

Updated study lowers Wafi-Golpu project cost by A$1bn

By: Esmarie Swanepoel     19th March 2018 A feasibility study into the Wafi-Golpu gold project, in Papua New Guinea, has decreased the expected total project costs by nearly A$1-billion, project partners Newcrest Mining and Harmony Gold reported on Monday. While the preproduction capital costs increased from the A$2.6-billion estimated... 

Updated study lowers Wafi-Golpu project cost by A$1bn
Harmony CEO Peter Steenkamp

Blackham extends mine life at Golden Age

By: Esmarie Swanepoel     19th March 2018 Gold miner Blackham Resources has extended the mine plan for its Golden Age underground mine, in Western Australia, by another six months. The company said on Monday that after successfully moving to an owner-operator model at Golden Age in October last year to reduce mining costs and risks,... 

Mining starts at Dalgaranga

By: Esmarie Swanepoel     19th March 2018 Mining has started at the Dalgaranga gold project, in Western Australia, ahead of targeted gold production in May. Project owner Gascoyne Resources told shareholders on Monday that mining was currently under way at the Sly Fox, Gilbeys and Golden Wings deposits, with a run-of-mine stockpile... 

Wheaton Precious Metals portfolio biased to gold as organic growth pipeline lags

By: Henry Lazenby     19th March 2018 Canadian streaming firm Wheaton Precious Metals (WPM) has seen the proportion of precious metals in its production profile shift, with about two-thirds weighted to gold, as several of its silver-focused organic growth projects languish behind plan. The Vancouver-based company expects to have... 

Wheaton Precious Metals portfolio biased to gold as organic growth pipeline lags
Photo by Bloomberg
Wheaton Precious Metals CEO Randy Smallwood smiles during an interview at the Prospectors & Developers Association of Canada Convention, in Toronto

Papua Mining awarded exploration permit in Australia

By: Marleny Arnoldi     16th March 2018 London-listed exploration company Papua Mining has been granted, through its subsidiary BGM Investments, the Monarch exploration permit to mine in Queensland, Australia. The five-year exploration permit covers an area 10 km south of Charters Towers, where six-million ounces of gold has been... 

Avocet sells Norwegian subsidiary Wega

By: Simone Liedtke     16th March 2018 Gold mining and exploration company Avocet Mining has sold its wholly-owned Norwegian subsidiary Wega Mining and certain intercompany receivables to Natholmen for $400 000 in cash. The sale forms part of a larger restructuring effort involving its overdue loans totalling $29.2-billion to creditor... 

Lonmin transaction filed with South Africa’s competition body

By: Marleny Arnoldi     16th March 2018 Precious metals producer Sibanye-Stillwater has filed a submission with the South African competition authorities regarding the proposed R5.15-billion acquisition of platinum group metals (PGMs) producer Lonmin.  

Lonmin transaction filed with South Africa’s competition body
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

African Rainbow Minerals ups earnings, declares dividend

By: Martin Creamer     16th March 2018 Diversified black-led mining company African Rainbow Minerals (ARM) on Friday announced a 15% increase in headline earnings for the six months to December 31 to R1 945 million. This increase was mainly as a result of improved headline earnings from the manganese division, ARM Coal, Modikwa... 

Iron-ore gives South Africa’s January mining output a boost

By: Marleny Arnoldi     16th March 2018 Mining production increased by 2.4% year-on-year in January, bolstered by strong growth in iron-ore production and “other” non-metallic minerals, Statistics South Africa figures how. The January growth compares with a contraction of 0.5% in December. 

Kingsrose swings back to profit as revenue triples

By: Esmarie Swanepoel     16th March 2018 Gold miner Kingsrose Mining has tripled its revenue for the six months to December, as gold production at the Way Linggo project, in Indonesia, increased. Revenue for the interim period reached A$26.9-million, up from the A$8.96-million reported in the previous corresponding period, as gold... 

Kingsrose swings back to profit as revenue triples

Mincor approves A$2.2m WA gold project

By: Esmarie Swanepoel     16th March 2018 The board of ASX-listed Mincor has approved the A$2.2-million development of the Widgiemooltha gold project, in Western Australia, following the completion of an enhanced feasibility study. The project is expected to recover 71 700 oz of gold over an initial two-and-a-half year mine life, with... 

Draig raises cash for Bellevue project

By: Esmarie Swanepoel     16th March 2018 Gold developer Draig Resources has raised A$8-million through a share placement to advance its Bellevue gold project, in Western Australia. The company has placed 40-million shares, at a price of 20c each, to raise the capital. The shares were placed under the company’s existing capacity. 

Venezuela gold reserve value falls 14% in 2017

By: Reuters     16th March 2018 Gold held by Venezuela's central bank fell 14% in value in 2017 compared with the previous year, according to the bank's financial statement. Gold represents just under 70% of the bank's international reserves, which at the end of 2017 totaled $9.67-billion. 

Glencore, Randgold mines quit Congolese industry body ahead of govt talks

By: Reuters     16th March 2018 Mines run by Glencore, Randgold Resources and three other international companies have quit the Democratic Republic of Congo's chamber of commerce, saying the industry body does not adequately represent their interests after the introduction of a new mining law. The miners said in a joint... 

Rare earths company acquires critical metals portfolio in Namibia

     16th March 2018 Heavy rare earth elements project developer Namibia Rare Earths (NRE) has completed the acquisition of a portfolio of critical metal properties from private firm Gecko Namibia, which will see NRE obtain a controlling interest in a portfolio of seven metals properties, thereby expanding its focus... 

Rare earths company  acquires critical metals portfolio in Namibia
RARE MINERALS Namibia Rare Earths has started exploring several mineral deposits across the country

Despite bitcoin craze, bullion unlikely to lose its status as a major investment vehicle – economist

By: Nadine James     16th March 2018 Although some economists regard cryptocurrencies – Bitcoin being the most popular – as a fad, others, such as Nascence Advisory director and economist Xhanti Payi, remain open-minded, unwilling to write off a potentially disruptive technology with massive implications for global economic... 

Despite bitcoin craze, bullion unlikely to lose its  status as a major investment vehicle – economist

Gaps in measures against mineral resource misreporting

By: Nadine James     16th March 2018 Addressing delegates at a seminar at SRK’s Johannesburg office last month, corporate consultant and SRK Australia chairman Mark Noppe advised that there are still surprisingly large gaps in the assurance systems that companies use to protect against inaccuracy of reporting mineral resources and... 

South Africa discount no longer warranted, say analysts

By: Martin Creamer     15th March 2018 The so-called 'South Africa discount' that has dogged and diminished the share prices of mining companies operating in South Africa for decades, has been declared "unwarranted" by Goldman Sachs Europe Metals & Mining Equity Research analysts, against the backdrop of the winds of political change... 

South Africa discount no longer warranted, say analysts
Photo by Goldman Sachs
Share prices of Glencore and Anglo at 2013 levels, despite higher earnings, lower debt

Georgian agrees terms for Kvemo Bolnisi development

By: Creamer Media Reporter      15th March 2018 London-listed Georgian Mining and its joint venture (JV) partner Caucasian Mining have agreed on terms for the development of the Kvemo Bolnisi (KB) copper/gold project, in the Tehtyan Belt in Georgia. The parties have settled on funding the JV company, Georgian Copper and Gold (GCG), on a 50:50... 

Production resumes at St Barbara’s Simberi as strike is resolved

By: Esmarie Swanepoel     15th March 2018 Gold miner St Barbara has resumed production at its Simberi operations, in Papua New Guinea, after resolving an illegal industrial action at the mine site. Work at Simberi halted on March 7, with some 60% of the workforce taking part in the industrial action. 

Aruma buys Tojan deposit from Westgold

By: Esmarie Swanepoel     15th March 2018 Junior Aruma Resources has entered into a sales and purchase agreement with fellow-listed Westgold Resources to expand its Slate Dam project area, in Western Australia. Aruma will acquire the Trojan gold project from Westgold, expanding the Slate Dam project area by 8.75 km2, and integrating a... 

Oliphant talks up Mantashe's mining pedigree in Toronto

By: Henry Lazenby     15th March 2018 South Africa's Deputy Mineral Resources Minister Godfrey Oliphant talked up the mining pedigree of newly installed Minister Gwede Mantashe during the recent Prospectors and Developers Association of Canada's annual convention, held in Toronto. "His previous mining experience is an advantage for... 

Oliphant talks up Mantashe's mining pedigree in Toronto
Photo by Henry Lazenby
SA Deputy Mining Minister Godfrey Oliphant holds a gold casting of former President Nelson Mandela's hand during the 2018 PDAC convention, in Toronto

Polymetal and partner sell Kazakhstan gold project for $33.5m

By: Mariaan Webb     14th March 2018 Gold miner Polymetal and its partner Dolfinflip have agreed to sell the Dolinnoye property in the Aktogay district of Kazakhstan to local miner Altynalmas for $33.5-million. Polymetal and Dolfinflip owned equal shares in the gold project and would split the consideration receivable, the... 

Mineral resource declared at Lancefield North

By: Esmarie Swanepoel     14th March 2018 Junior metals developer Duketon Mining has reported a maiden Joint Ore Reserves Committee compliant mineral resource of 1.9-million tonnes, grading 1.5 g/t gold at the Lancefield North deposit, within the Duketon project, in Western Australia. The project is estimated to host some 96 000 oz of... 

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