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Gold News

Zimbabwe set to retrieve trapped illegal miners, more casualties expected

By: Reuters     15th February 2019 Zimbabwean authorities are expected to start retrieving trapped illegal gold miners on Friday but none are expected to have survived flooding in the shafts and the number of casualties could be about 50, State media reported. The accident in Battlefields, 175 km (109 miles) west of Harare, has... 

Gruyere only months away from first production

By: Esmarie Iannucci     15th February 2019 Gold miner Gold Road Resources is expecting the Gruyere joint venture (JV) with Gold Fields to produce between 100 000 oz and 120 000 oz this year, the company said on Friday. The Western Australia-located project is expected to produce its first gold during the June quarter, with commercial... 

Gold Fields FY profit slumps as production drops

By: Reuters     15th February 2019 South Africa's Gold Fields Ltd said on Friday its full-year profit slumped 73%, dented by a decline in bullion production led by its South Deep operations. Headline earnings per share (HEPS) fell to $0.07 per share, for the full year ended Dec. 31, 2018, from $0.26 in the previous year. 

Gold Fields FY profit slumps as production drops
Photo by Creamer Media
Gold Fields CEO Nick Holland

Company confirms presence of substantial gold zone

15th February 2019 Exploration company Tudor Gold has confirmed the presence of a substantial new gold zone, which has been named Goldstorm, at Treaty Creek, in the Golden Triangle region – one of the most important mineral districts of northwestern British Columbia, Canada. It was previously thought that gold... 

Company confirms  presence of substantial gold zone
Photo by Bloomberg
GOLD Over the coming months, Tudor Gold hopes to gain a better understanding of aspects that control gold mineralisation

Nico project positioned to help meet growing cobalt demand

By: Jessica Oosthuizen     15th February 2019 Development-stage mining company Fortune Minerals’ Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories, is one of the few cobalt development stage projects situated outside of the Democratic Republic of Congo (DRC) that can support near-term accelerating demand for cobalt,... 

Nico project positioned to help meet growing cobalt demand
ROBIN GOAD Fortune Minerals’ Nico asset is unique, as the cobalt produced is the primary metal in the deposit and the byproducts are gold and bismuth

Barrick Gold faces challenges to develop Latin America mines

By: Bloomberg     14th February 2019 Just seven weeks into the job, Barrick Gold’s new boss has already discovered, first hand, the challenges of developing and mining giant deposits in Latin America. Barrick’s main project, the Veladero joint venture with Shandong Gold in Argentina, isn’t performing like a tier one asset, Mark... 

Premier agrees to amended terms for KME acquisition, welcomes Ministry’s financial assistance

By: Simone Liedtke     14th February 2019 The board of Aim-listed Premier African Minerals has agreed to amended terms with KME Holdings for the proposed acquisition of KME’s assets and has, in addition, agreed to terms for the acquisition of 50% of the equity in the Zimbabwe-based near-term gold producer Honey Badger Resources (HBR).... 

Gold, operational costs drag down South Africa’s December mining production

By: Marleny Arnoldi     14th February 2019 South Africa’s mining production decreased by 1.6% year-on-year in 2018, following a 3.9% year-on-year increase in 2017 and a decrease of 3.7% year-on-year in 2016, Statistics South Africa (Stats SA) revealed on Thursday. In December, mining production decreased by 4.8% year-on-year, with the... 

GoldStone expects definitive economic plan for Ghana mine to be completed in Q2

By: Marleny Arnoldi     14th February 2019 Aim-listed GoldStone Resources expects the definitive economic plan (DEP) for its Akrokeri-Homase gold project, in Ghana, to be completed during the second quarter. The DEP assesses the capital requirements, operating costs and timelines in respect of developing an operational mine on the... 

At least 23 illegal Zimbabwean gold miners feared dead after shafts flooded

By: Reuters     14th February 2019 At least 23 illegal miners are trapped and feared dead in Zimbabwe after shafts and underground tunnels they were working in were flooded by water from a burst dam, a state-owned daily newspaper reported on Thursday. The southern African nation has been working to regulate thousands of people who... 

Sibanye considers restructuring gold operations; says FY loss to narrow to R1bn  

By: Marleny Arnoldi     14th February 2019 JSE- and NYSE-listed Sibanye-Stillwater will consult with stakeholders about the possible restructuring of its gold operations and associated services, as a result of ongoing financial losses. In a trading statement released on Thursday, the miner said it expects to report an attributable loss... 

Sibanye considers restructuring gold operations; says FY loss to narrow to R1bn
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Kinross meets FY guidance, but posts lower earnings

By: Mariaan Webb     14th February 2019 Gold miner Kinross has reported a drop in adjusted earnings and also posted weaker production results, but the miner pointed out that its output and costs were in line with its guidance. Kinross produced 2.45-million gold-equivalent ounces (GEO) at an all-in-sustaining cost (AISC) of $965/oz,... 

Goldcorp reports Q4 adjusted profit

By: Mariaan Webb     14th February 2019 Midtier miner Goldcorp posted fourth-quarter adjusted earnings of $61-million, or $0.07 a share, compared with $116-million, or $0.14 a share, a year earlier, the soon-to-be-bought company announced late on Wednesday. Goldcorp, which is being taken over by Newmont in a $10-billion stock-for-stock... 

Barrick’s Loulo gold mine going solar

By: Martin Creamer     14th February 2019 As part of its cost-reduction me and drive to manage its carbon footprint, the Loulo-Gounkoto gold mine is to install a 24 MW off-grid solar hybrid plant to support its existing 63 MW thermal power station, by harnessing Mali’s abundant solar resource. The 24MW off-grid solar plant has the... 

Barrick’s Loulo gold mine going solar
Loulo gold mine introducing solar power

Barrick advancing autonomous gold production – Bristow 

By: Martin Creamer     14th February 2019 Autonomous production systems and projects are being advanced across Barrick Gold as the group focuses on boosting mining efficiency, new Barrick president and CEO Dr Mark Bristow tells Mining Weekly Online. This is part of an all-out drive by Bristow to ensure that Barrick, into which Randgold... 

Barrick advancing autonomous gold production – Bristow
Barrick Gold CEO Dr Mark Bristow

Ramelius settles Marda buy

By: Esmarie Iannucci     14th February 2019 Gold miner Ramelius Resources has completed the acquisition of the Marda gold project, in Western Australia, from the creditors of Black Oak Minerals. Ramelius in September of last year announced plans to purchase the Marda gold project from the liquidators of Black Oak Minerals, for A$13-million. 

Newcrest profits soar in first half

By: Esmarie Iannucci     14th February 2019 Gold miner Newcrest Mining has reported a 142% surge in profits for the first half of 2019, while underlying profits increased by 104% on the previous corresponding period. Newcrest on Thursday reported a statutory profit of $237-million and an underlying profit of $237-million, while cash flow... 

Bristow snaps into fast action wearing Barrick crown 

By: Martin Creamer     13th February 2019 Dr Mark Bristow has snapped into fast action wearing the Barrick crown. His Randgold Resources, which now falls under the Barrick Gold umbrella, on Wednesday bowed out with panache when it declared a 35% dividend increase to $2.69 a share, buoyed by record production of 807 000 oz of gold at the... 

Bristow snaps into fast action wearing Barrick crown
Barrick CEO Mark Bristow in the field.

Eskom grid upkeep increasingly problematic – DRDGold  

By: Martin Creamer     13th February 2019 The quality of maintenance of the Eskom distribution infrastructure is becoming increasingly problematic, DRDGold CEO Niël Pretorius said on Wednesday. At the company's presentation of power-hit interim results for the six months to December 31, Pretorius said that although DRDGold's own power... 

Eskom grid upkeep increasingly problematic – DRDGold
DRDGold CEO Niël Pretorius discusses poor electricity infrastructure risk with Mining Weekly Online’s Martin Creamer. Video and video editing: Creamer Media’s Darlene Creamer.

Sierra Metals wins EIA approval for Yauricocha

By: Mariaan Webb     13th February 2019 The National Environmental Certification Service of Peru has now granted Toronto-headquartered Sierra Metals environmental approval for its Youricocha tailings expansion project, reversing a previous rejection of the environmental impact assessment (EIA). With an approved EIA study in hand, the... 

Serabi off to a good start with January production of 3 671 oz

By: Marleny Arnoldi     13th February 2019 Aim- and TSX-listed Serabi Gold has set its 2019 production guidance at between 40 000 oz and 44 000 oz, with 3 671 oz already produced in January. CEO Mike Hodgson said in a statement on Wednesday that the step up from the production levels achieved in 2017 and 2018 will be driven by improved... 

Pan African Resources expects up to 126% increase in H1 HEPS

By: Marleny Arnoldi     13th February 2019 Aim- and JSE-listed Pan African Resources expects its earnings per share (EPS) for the six months to December 31, 2018, to be between 116% and 126% higher year-on-year at between 6.98c and 7.30c . This compares with the EPS of 3.23c reported for the six months ended December 31, 2017.  

Alaska mine boosts Northern Star financials

By: Esmarie Iannucci     13th February 2019 Gold miner Northern Star has reported increased revenue and profit for the half-year ended December on the back of the acquisition of the Pogo gold mine, in Alaska. Revenue for the six months under review was reported at A$633.5-million, up 43% on the previous corresponding period, while... 

Noncash items brings down Evolution H1 profit

By: Esmarie Iannucci     13th February 2019 Gold miner Evolution Mining is expecting a stronger financial result in the second half of the 2019 financial year, after reporting a 26% fall in after-tax net profit during the six months to December. Evolution on Wednesday reported a net profit of A$91.1-million, compared with the... 

DRDGold profit down, gold reserves up 

By: Martin Creamer     13th February 2019 Surface gold mining company DRDGold on Wednesday reported a 54% fall in operating profit to R102.2-million in the six months to December 31, but a major jump in mineral reserves. Reserves shot up by 83% to six-million ounces of gold from a former 3.28-million ounces but gold production in the... 

DRDGold profit down, gold reserves up
Photo by Creamer Media
DRDGold CEO Niël Pretorius

Harmony exploring Target North, Kalgold 

By: Martin Creamer     12th February 2019 Harmony Gold is currently adjudicating a tender for the drilling of the Target North greenfield exploration project in the Free State and is engaged in near mine brownfield exploration at Kalgold in the North West. Harmony Gold CEO Peter Steenkamp on Tuesday described the Target North prospect as... 

Harmony exploring Target North, Kalgold
Harmony Gold outlines exploration plans to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Creamer Media’s Darlene Creamer

Probe drilling confirms Val-d’Or expansion, new discoveries

By: Simone Liedtke     12th February 2019 Canadian gold exploration company Probe Metals on Tuesday reported new results from the 2018 drill programme on the Val-d’Or East Courvan property area, in Quebec, which identified both new discoveries, as well as confirmed significant expansion of previous discoveries north and west of the... 

Serabi reports fatality at Palito gold mine

By: Simone Liedtke     12th February 2019 Dual-listed Serabi Gold on Tuesday confirmed a fatality at its Palito gold mine, in Brazil, in a mining-related accident on February 11. The accident involved one of the company’s employees who sustained a crush-related injury and died from his injuries. 

Harmony cuts energy consumption, ushering in solar, mulling biofuels  

By: Martin Creamer     12th February 2019 Gold mining and exploration company Harmony Gold is intensifying its efforts to cut electricity consumption to a minimum while also looking at introducing solar power and biofuel energy. CEO Peter Steenkamp said on Tuesday when the company issued its half-year results that Eskom’s problems could... 

Harmony cuts energy consumption, ushering in solar, mulling biofuels
Harmony Gold executives talk to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Creamer Media’s Darlene Creamer

Harmony’s Steenkamp rising to President Ramaphosa’s ten-point challenge  

By: Martin Creamer     12th February 2019 Harmony Gold CEO Peter Steenkamp is rising to President Cyril Ramaphosa’s ten point mining challenge by striving to pay meaningful social dividends across a broad front and answering the call to beneficiate, which is no mean feat when it comes to gold. The executive head of the million-ounce-plus... 

Harmony’s Steenkamp rising to President Ramaphosa’s ten-point challenge
Harmony Gold CEO Peter Steenkamp talks to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Creamer Media’s Darlene Creamer

Sibanye considers closing unprofitable shafts at gold mines 

By: Bloomberg     12th February 2019 Sibanye Gold is considering shutting unprofitable shafts and cutting jobs at its South African gold mines amid a three-month-old wage strike that’s curbing output. The nation’s largest gold producer has talked with some labor unions about a potential restructuring, which could lead to job cuts,... 

Sibanye considers closing unprofitable shafts at gold mines

Mandalay raises C$60m to stabilise liquidity position

By: Simone Liedtke     12th February 2019 TSX-listed Mandalay Resources has announced plans to raise C$60-million to address its short-term liquidity requirements. The financing will be raised through a marketed public offering of up to about C$50-million of subscription receipts and an $8-million convertible bridge loan from a CE Mining... 

Bezant outlines mining options for Mankayan project

By: Simone Liedtke     12th February 2019 Aim-listed Bezant Resources on Tuesday said that an independent study had found that the Mankayan copper/gold porphyry supported different robust routes for the future development of its Philippines-based project. This included, for the first time, a sub-level caving (SLC) ‘stepping stone’... 

Roxgold snaps up Newcrest’s Séguéla project

By: Esmarie Iannucci     12th February 2019 Gold miner Newcrest Mining has struck a deal with TSX-listed Roxgold to divest of its Séguéla project and regional exploration tenements, in Cote d’Ivoire, in a deal valued at $30-million. “Following a strategic review, we are pleased to announce the sale of the Séguéla project to Roxgold. This... 

Roxgold snaps up Newcrest’s Séguéla project

Rothsay expected to deliver more gold

By: Esmarie Iannucci     12th February 2019 An updated definitive feasibility study (DFS) on the Rothsay gold project, in Western Australia, has increased the project’s projected gold production from 250 000 oz to 289 000 oz. ASX-listed EganStreet Resources on Tuesday told shareholders that the forecast increase in production, which came... 

Snake Well sale completed

By: Esmarie Iannucci     12th February 2019 ASX-listed junior Kalamazoo Resources has completed the A$7-million sale of its Snake Well gold project, in Western Australia. The company in November of last year reached an agreement with privately-held Adaman Resources to divest of the project, while maintaining a 2.5% net smelter royalty on... 

Shareholders approve Beadell takeover

By: Esmarie Iannucci     12th February 2019 The shareholders of both ASX-listed Beadell Resources and its suitor Great Panther Silver have approved a takeover of Beadell. Great Silver Panther in September last year launched a friendly $105-million takeover for gold miner Beadell, which owns the Tucano gold mine, in Brazil. 

Detour, Paulson settle last item from proxy battle

By: Marleny Arnoldi     12th February 2019 Canadian miner Detour Gold and investment firm Paulson & Co have agreed to the dismissal of court action that the mining company issued on July 24 last year. As part of the agreement, both companies will provide re-leases of certain claims in respect of the proxy contest, complaints made by... 

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