R/€ = 14.78 Change: 0.07
R/$ = 12.06 Change: 0.06
Au 1333.23 $/oz Change: 2.57
Pt 1000.50 $/oz Change: -15.70

Gold News

South Africa urged to go back to basics to avoid mining’s demise

By: Mia Breytenbach     8th December 2017 For South Africa's mining industry to return to more successful times, the country will need to go back to basics, says Wits Mining Institute director Professor Fred Cawood, who also suggests that these basics could aid in sidestepping the demise of the mining industry in South Africa. These... 

Mining will only ‘move forward’ if there is a change of guard at Mineral Resources – lawyer

By: Mia Breytenbach     8th December 2017 The mining industry cannot move forward until new leadership is established within the Department of Mineral Resources (DMR), says law firm Cliffe Dekker Hofmeyr (CDH) mining head Allan Reid, who suggests that such a change could re-establish “some degree of optimism and trust in the mining... 

Mining will only ‘move forward’ if there is a change of guard  at Mineral Resources – lawyer
NEW HORIZONS South African mining companies are exploring other African jurisdictions for mining investment

Miner dies at Harmony's Tshepong mine

By: Samantha Herbst     7th December 2017 Gold mining major Harmony Gold confirmed on Thursday that one of its employees was fatally injured in a fall-of-ground incident at its Tshepong mine, near Welkom, in the Free State on Tuesday afternoon. According to the miner, challenging conditions continue to impact the recovery of the deceased. 

Ariana makes further gold discovery in Turkey

By: Creamer Media Reporter      7th December 2017 UK gold explorer Ariana Resources announced on Thursday that it had made a new discovery at its Salinbas gold project, which already has a one-million-ounce resource. The company said it had discovered a significant 550 m by 150 m zone of precious and base-metal anomalism at Salibas North. 

Xtract announces enhanced terms for Manica gold project

By: Anine Kilian     7th December 2017 Aim-listed Xtract Resources’ Mozambique subsidiary Explorator has negotiated enhanced terms for the exploration of alluvial gold deposits in the western portion of its Manica mining concession, in Mozambique, the company announced on Thursday. Explorator initially concluded mining contractor... 

Harmony’s advantages from Moab buy 

     7th December 2017 Mining Weekly editor Martin Creamer speaks to Creamer Media's Sashnee Moodley about the details on Harmony Gold’s investor brief, in which the company declared that the acquisition of Moab Khotsong gold mine held many advantages. 

Harmony’s advantages from Moab buy
Harmony’s advantages from Moab buy

AngloGold’s Tropicana JV commits to Long Island strategy

By: Mariaan Webb     7th December 2017 Joint venture (JV) partners AngloGold Ashanti and Independence Group have committed to the initial phase of the Long Island strategy, which will ultimately add 2.1-million ounces to the Tropicana mine’s business plan and will extend the operation’s mine life by seven years to 2027. The... 

AngloGold’s Tropicana JV commits to Long Island strategy

Vector eyes resource adjacent to world-class Kibali mine

By: Mariaan Webb     7th December 2017 Australian junior Vector Resources is negotiating with the Democratic Republic of Congo’s State miner, Sokimo, to establish two joint ventures (JVs), one of which is adjacent to the large Kibali gold mine of Randgold Resources and AngloGold Ashanti. Vector has signed a binding agreement with... 

Gascoyne executes A$60m debt facility for Dalgaranga project

By: Creamer Media Reporter      7th December 2017 The Commonwealth Bank of Australia and the National Australia Bank will provide A$60-million in debt to Gascoyne Resources to advance the 100 000-oz/y Dalgaranga gold mine in the Murchison province of Western Australia. The debt facility represented a “strong vote of confidence” in the project,... 

Newmont poised to oust Barrick as world's top gold producer

By: Bloomberg     7th December 2017 Newmont Mining’s Gary Goldberg has the title of world’s biggest gold producer within his grasp. The CEO raised his 2018 production forecast to a range of 4.9-million to 5.4-million ounces. That exceeds Barrick Gold’s 2018 guidance of 4.8-million to 5.3-million given in February, which doesn’t... 

Newmont poised to oust Barrick as world's top gold producer

Gold-backed ETFs increased by 9.1 t in November

By: Schalk Burger     6th December 2017 Gold-backed exchange-traded funds (ETFs) grew by 9.1 t during November, World Gold Council (WGC) data showed on Wednesday. With global gold-backed ETFs collectively holding 2 357 t, funds added 198 t of gold, equivalent to $8.5-billion, so far this year, which represents an increase of 8.3% in... 

Gold imports by India are said to drop for third straight month

By: Bloomberg     6th December 2017 Gold imports by India, the world’s second-biggest market, are said to have slumped for a third consecutive month in November from a year earlier as supplies remain elevated in the local market and demand is slow. Overseas purchases dropped to 91.5 metric tons, from 111 tons a year ago, according... 

Stratex invests more in Thani Stratex

By: Mariaan Webb     6th December 2017 London-listed Stratex International on Wednesday announced that it would invest another $200 000 in Thani Stratex Resources (TSR), which is exploring for gold in Africa and the Middle East. The investment will increase Stratex’s holding in TSR from 29.8% to 30.1% and forms part of TSR’s share... 

Sprott backs Kin with A$35m for Leonora gold project

By: Mariaan Webb     6th December 2017 Emerging gold development company Kin Mining has secured A$35-million from Canada’s Sprott Private Resource Lending for the construction of its Leonora gold project, in Western Australia. The three-year loan provides Kin with sufficient funding to carry out preproduction capital works, including... 

Harmony Gold spells out value of Moab investment

By: Martin Creamer     6th December 2017 The acquisition of the Moab Khotsong gold mine represents a significant list of advantages for Harmony Gold, the company outlined in an investor brief on Wednesday. The Johannesburg Stock Exchange-listed gold mining company calculates that inclusion of the Moab Khotsong operations the company... 

Harmony Gold spells out value of Moab investment
Photo by Duane Daws
Harmony Gold CEO Peter Steenkamp

Don't expect fireworks for gold in 2018, just a gentle nudge up

By: Bloomberg     6th December 2017 Gold has its fans for next year, but sparks are probably not going to fly. Even as the Federal Reserve tightens monetary policy and the European Central Bank tapers bond purchases, gold is set to rise marginally as real interest rates stay low and the dollar weakens, according to Bart Melek,... 

Newmont to earn up to 70% stake in Esperance gold discovery in French Guiana

By: Henry Lazenby     6th December 2017 US gold producer Newmont Mining has entered an agreement with French miner Compagnie Miniere Esperance (CME) to earn up to a 70% interest in the Esperance gold discovery, in French Guiana. Newmont will make multi-year investments in the property, which it believes has multi-million ounce potential. 

Record monthly output at Tembang

By: Creamer Media Reporter      5th December 2017 ASX-listed Sumatra Copper and Gold on Tuesday reported record monthly production from its Tembang gold/silver operation in Sumatra, Indonesia. Gold production for the month of November totalled 3 650 oz gold equivalent and is forecast to increase to 4 0000 oz gold equivalent in December. In 2018,... 

Newcrest agrees lower power tariff for Cadia, eyes renewable supply as long-term solution

By: Creamer Media Reporter      5th December 2017 Gold miner Newcrest has negotiated a lower electricity tariff for its Cadia operation, in New South Wales, which will assist in bringing down the New South Wales-based mine’s all-in sustaining costs to the lower-end of its $255-million to $295-million guidance range for the 2018 financial year.... 

B2Gold achieves commercial production at Fekola, ups mine guidance

By: Henry Lazenby     5th December 2017 Canadian gold producer B2Gold has declared commercial production at its Fekola mine, in Mali, last Thursday, achieving the feat four months ahead of the original schedule, and one month ahead of the revised schedule. Vancouver-based B2Gold advised that Fekola remains ahead of schedule, with gold... 

Nevsun expands strongly mineralised trend at Timok

By: Henry Lazenby     5th December 2017 Ongoing exploration drilling on the Lower Zone at Canadian base metals miner Nevsun Resources’ Timok copper/gold project, in Serbia, has expanded the footprint by about 350 m by 750 m and continues to confirm the high grade, continuity and thickness of the mineralisation, the company announced on... 

Change or lose another 100 000 mining jobs – Cutifani

By: Martin Creamer     4th December 2017 Without change, the South African mining industry would lose another 100 000 jobs, said Anglo American CEO Mark Cutifani, who six years ago accurately predicted the recent 100 000 job demise in South African mining. “I'll say it again, absent of change, we’ll lose another 100 000 jobs,” the... 

Change or lose another 100 000 mining jobs – Cutifani
Photo by Duane Daws
Anglo American CEO Mark Cutifani

First doré gold poured at Polyus’ Natalka

By: Mariaan Webb     4th December 2017 Russian gold major Polyus has poured its first doré gold at the Natalka project as part of the hot commissioning process of the 10-million-tonne-a-year mill at the greenfield project in the Magadan region. The Natalka mill is expected to be fully ramped up by the end of next year, delivering... 

Alba aims to reopen Welsh gold mine

By: Mariaan Webb     4th December 2017 Aim-listed Alba Minerals has acquired a 49% interest in the Clogau gold mine, in Wales, which the company aims to bring back into production. The Clogau gold project, which comprises the mine and a number of gold targets over a 106.94 km2 area, is situated in the Dolgellau gold belt, which has... 

GBM scoping study shows economic viability of Mt Coolon project

By: Dylan Slater     4th December 2017 A recent scoping study conducted by junior GBM Resources for its Mt Coolon gold project has indicated that it may be economically viable to redevelop the project, which shows the potential to generate strong positive cash flow 

Change of name for BCI to reflect broader strategy

By: Mariaan Webb     4th December 2017 BCI Iron has changed its name to BCI Minerals to reflect the broadening of the company’s strategy to increase its focus on additional commodities. The ASX-listed company has expanded its focus to also include a presence in gold and base metals and has set out to be an “influential Australian... 

Banro defers December interest payment

By: Henry Lazenby     2nd December 2017 Democratic Republic of Congo- (DRC-) focused miner Banro Corp has decided to defer an interest payment of $4.94-million that was due on Friday for up to 30 days. Under the terms of the indenture governing the 10% notes due 2021, no event of default will occur if the interest payment is made... 

McEwen secures $10m in Timmins exploration funding

By: Henry Lazenby     1st December 2017 Gold producer McEwen Mining has secured a $10-million financing to support a 2018 exploration programme on its newly acquired Black Fox mine and associated assets in Ontario’s Abitibi Gold Belt. The financing comprises a $10-million bought deal of four-million flow-through common shares priced at... 

PNX appoints study manager for Hayes Creek project DFS

By: Natasha Odendaal     1st December 2017 ASX-listed PNX Metals has appointed engineering, consulting and contracting company GR Engineering Services as the study manager for the definitive feasibility study (DFS) of the Hayes Creek zinc/gold/silver project, in the Northern Territory. GR Engineering will be tasked with the process design... 

C$1.17m raised for Northern Ireland’s Omagh mine

By: Mariaan Webb     1st December 2017 The owner of Northern Ireland’s only producing gold mine has raised about C$1.17-million (or £682 859) in a private placement, which the company plans to use to accelerate underground development. TSX-V and Aim-listed Galantas Gold closed the private placement on Thursday for 16 655 099 common... 

Newmont selects preferred bidder for power at remote Australian mine

By: Creamer Media Reporter      1st December 2017 Gold major Newmont Mining has awarded power generation specialist Zenith Energy preferred bidder status to build, own and operate a 62 MW power station for its Tanami gold mine, which is about 520 km north-west of Alice Springs in the remote Tanami desert of the Northern Territory. The power... 

Tyranna announces Kalgoorlie gold mine acquisition

By: Creamer Media Reporter      1st December 2017 ASX-listed gold explorer Tyranna Resources on Friday announced the acquisition of the near-producing Eureka project in Kalgoorlie, Western Australia, from TSX-V-listed Central Iron Ore for $3.2-million consisting of cash and shares. The acquisition of the Eureka project, including the Eureka... 

Novo meets commitment to earn 50% in Karratha JV

By: Mariaan Webb     1st December 2017 Canada’s Novo Resources has satisfied its farm-in and joint venture (JV) expenditure commitment to earn 50% into a venture with Australia’s Artemis Resources focusing on conglomerate gold in the Karratha region of the Pilbara. Three separate unincorporated 50:50 JVs have been formed between Novo... 

Countdown to Mt Morgans production starts as openpit mining contract is awarded

By: Mariaan Webb     1st December 2017 The countdown has started for the biggest gold mine to come on line in Australia in six years, with ASX-listed Dacian Gold awarding the final material contract required for the 200 000 oz/y Mt Morgans mine, near Laverton, Western Australia, to start production. The company awarded the mining... 

Orefinders consolidates prospective Shining Tree district, in Ontario’s famed Abitibi

By: Henry Lazenby     1st December 2017 TSX-V-listed Orefinders Resources has entered into agreements for a series of three acquisitions of adjoining properties from two individual landholders and from private company Premet. Orefinders said in a press release on Thursday that it views the Shining Tree District as a significantly... 

Chairlift system to augment safety at Orkney mine

By: Tasneem Bulbulia     1st December 2017 A 180-m-long, footwall-mounted chairlift system will be installed at gold miner Tau Lekoa Gold Mining Company’s mine near Orkney, in the North West, in January to assist the mine with daily operations and enhance its safety. Energy distribution, automation, communication, transportation and roof... 

Chairlift system to augment safety at Orkney mine
ELEVATING SAFETY Becker’s chairlift systems, with modular, low-maintenance attributes, are designed to transport up to 900 personnel per hour in a quick, efficient and safe manner

Illegal miners posing danger to residents – City of Joburg

By: Nadine James     1st December 2017 The ever-increasing trend of illegal miners using explosives near public infrastructure has seriously compromised the safety of residents and businesses, said City of Johannesburg communications specialist Virgil James. He explained that the City is concerned about the impending threat posed by... 

Orford to capitalise on ‘district-scale’ Qiqavik gold discovery, near-term catalysts in Carolina

By: Henry Lazenby     30th November 2017 Planning is under way for another summer drill campaign at recently-gone-public explorer Orford Mining’s Qiqavik project, in the remote emerging gold belt of Cape Smith, in Northern Quebec. “We’ve discovered a new gold district in Canada. This is like walking into the Timmins Belt for the first... 

Orford to capitalise on ‘district-scale’ Qiqavik gold discovery, near-term catalysts in Carolina
Photo by Orford Mining
Qiqavik prospecting, Northern Quebec

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