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Gold News

Kefi's Ethiopian exploration tenements to be expanded

By: Creamer Media Reporter      6th November 2018 Aim-listed Kefi Minerals' Ethiopian exploration tenements will be expanded to about 1 900 square kilometres to encompass the wider Tulu Kapi gold project district surrounding the 7 square kilometres mining licence area already held by subsidiary Tulu Kapi Gold Mines Share Company (TKGM). "The... 

Moab Khotsong, Hidden Valley lift Harmony’s Q1 output by 30% y/y 

By: Simone Liedtke     6th November 2018 Precious metals miner Harmony Gold’s production increased by 30% to 378 510 oz of gold in its first fiscal quarter ended September 30, compared with the 290 644 oz produced in the first quarter of the prior financial year. The boost in the group’s production and cash flow generation, CEO Peter... 

Another Richmont Mines exec joins New Gold

By: Mariaan Webb     6th November 2018 Canadian intermediate producer New Gold has appointed another former executive of Richmont Mines to join its team, announcing on Monday that Robert Chausse has been made executive VP and CFO. Chausse was CFO of Richmont until the sale of the company to Alamos Gold in November 2017, prior to which... 

Franco-Nevada reports Q3 results

By: Creamer Media Reporter      6th November 2018 Precious metals royalty and streaming firm Franco-Nevada on Monday reported lower adjusted third-quarter net income of $54.6-million, or $0.29 a share, on relatively flat revenue of $170.6-million. The Toronto-headquartered company’s adjusted net income for the September quarter compares with... 

Barrick chairperson says miner eyes nimble future after Randgold deal 

By: Reuters     6th November 2018 If all goes according to plan, Barrick Gold will have fewer mines and workers one year after acquiring Africa-focused Randgold Resources, the Canadian miner's executive chairman said on Monday, as its investors approved the deal. Votes were 99.8% in favor of the $6.1-billion, no-premium... 

Barrick chairperson says miner eyes nimble future after Randgold deal
Photo by Bloomberg
Barrick chairperson John Thornton

West African makes inroads at Sanbrado

By: Esmarie Iannucci     6th November 2018 ASX-listed West African Resources has awarded an engineering, procurement and construction management (EPCM) contract for the process plant and associated infrastructure at its Sanbrado gold project, in Burkina Faso, with first gold production still scheduled for the second half of 2020. West... 

Fund managers say don't count on US election to revive gold rally

By: Bloomberg     5th November 2018 It would take more than US election upheaval to restart gold’s rally. That’s the view of money managers including Stephen Land of Franklin Templeton Investments, who say concerns that the Federal Reserve will continue raising interest rates will overshadow any short-term boost to haven demand... 

Randgold merger gets big thumbs-up from Barrick shareholders

By: Mariaan Webb     5th November 2018 The shareholders of Barrick Gold on Monday voted to approve the acquisition of Randgold Resources in a $6.1-billion deal. NYSE- and TSX-listed Barrick said that 99.8% of votes at a special meeting of shareholders were in favour of the share-for-share transaction, which would create a gold leader... 

Randgold merger gets big thumbs-up from Barrick shareholders
Barrick executive chairperson John Thornton

Copper, gold mines now likely cheaper to construct than to buy

By: Reuters     5th November 2018 The cost of building a copper or gold mine is likely to be cheaper than buying an existing one, dampening the prospect of big merger activity in the mining sector, S&P Global Market Intelligence said, citing in-house research. Data shared with Reuters support comments from major miners,... 

After Alaska's 'Burning Man for salmon', fishermen wary of mine proposal outcome

By: Reuters     5th November 2018 As the commercial fishermen who ply salmon-rich, southwestern Alaska pack away their fishing gear for the winter, many are watching anxiously as a controversial mine proposal moves through the federal permitting process. On Tuesday, Alaskans will vote on an initiative that, if passed, would set... 

After Alaska's 'Burning Man for salmon', fishermen wary of mine proposal outcome

Barrick in talks with Newmont to combine Nevada gold operations – source

By: Reuters     5th November 2018 Barrick Gold, which is being formed by Barrick's $6.1-billion takeover of Randgold Resources, is in talks with Newmont Mining to combine their Nevada gold mining operations, sources told Reuters. Last month's tie-up between Barrick and Africa-focused Randgold Resources revived speculation about... 

Barrick in talks with Newmont to combine Nevada gold operations – source
Barrick's Nevada operations

Zimbabwe to announce winning bidders for mining assets in two weeks

By: Reuters     5th November 2018 Zimbabwe will announce in two weeks the successful bidders for assets owned by state-owned mining company ZMDC, including gold mines, the mines minister said on Monday, adding more companies would be put on sale at the end of November. Selling struggling State-owned companies, known locally as... 

Galantas ships first concentrate from Omagh underground

By: Creamer Media Reporter      5th November 2018 Gold mine developer and explorer Galantas Gold has sent off the first consignment of concentrate derived from underground feedstock from the Omagh gold mine, in Northern Ireland, the company announced on Monday, The shipment of 25 t was produced from underground development on the Kearney vein... 

Gold Fields obtains interdict against strike at South Deep

By: Marleny Arnoldi     5th November 2018 JSE-listed gold miner Gold Fields says members of the National Union of Mineworkers (NUM) continued with strike action at the miner’s South Deep operation, in Johannesburg, on Sunday, in reaction to planned retrenchments at the mine. This despite the fact that the company had obtained a court... 

Navarre gets more time at Tandarra

By: Esmarie Iannucci     5th November 2018 The Victorian government has granted ASX-listed Navarre Minerals a ten-year retention licence for its Tandarra gold project. The retention licence will replace the existing exploration licence and would require Navarre to spend A$3.1-million on the project area during the ten-year period. 

Edna Beryl gets pipeline approval

By: Esmarie Iannucci     5th November 2018 The Edna Beryl gold mine, in the Northern Territory, is one step closer to starting after plans for a dewatering pipeline was approved, which will extend the life of the mine by allowing access to the deeper reaches of the deposit. The Northern Territory’s Primary Industry and Resource Minister... 

Yaouré underground feasible – Perseus

By: Esmarie Iannucci     5th November 2018 A scoping study into a potential underground mine at the Yaouré gold project, in Cote d’Ivoire, has proved that the operation could be feasible. “The results of the Yaouré underground mining scoping study highlights one further avenue for Persues to expand its already technically feasible and... 

AngloGold Ashanti debt falls, Mponeng stands out

By: Martin Creamer     5th November 2018 Production of 851 000 oz and a drop in costs helped gold-mining company AngloGold Ashanti to drive net debt down by 15% year-on-year in the three months to September 30, with net debt now 44% lower in six years. Third-quarter production of 851 000 oz was at a 14%-lower all-in sustaining cost... 

AngloGold Ashanti debt falls, Mponeng stands out
Photo by AngloGold Anshanti
The debt reduction path of AngloGold Ashanti

Indonesian firm Merdeka becomes Lion’s JV partner at Pani

By: Esmarie Iannucci     5th November 2018 The share price of ASX-listed Lion Selection Group rose by 25% on Monday after the company’s joint venture (JV) partner in the Pani gold project, in Indonesia, struck a $55-million deal to divest of its 66.6% interest in the project. Lion told shareholders that the purchase price paid by PT... 

Commitments for continued spending in South Africa – AngloGold  

By: Martin Creamer     5th November 2018 There are commitments for continued spending in South Africa next year related to the Phase 2 development of the Mponeng gold mine, new AngloGold Ashanti CEO Kelvin Dushnisky told Mining Weekly Online on Monday. The proposed Phase 2 expansion of the Mponeng mine in Gauteng involves deepening the... 

Commitments for continued spending in South Africa – AngloGold
Photo by Bloomberg
AngloGold Ashanti CEO Kelvin Dushnisky

Barrick shareholders set to approve Randgold acquisition – sources

By: Reuters     4th November 2018 Barrick Gold shareholders have voted overwhelmingly in favor of the Canadian miner's $6.1-billion acquisition of Africa-focused Randgold Resources, three people familiar with the preliminary vote count told Reuters on Friday. Around 99% of the votes tendered so far by Barrick investors are in... 

Barrick shareholders set to approve Randgold acquisition – sources
Mark Bristow will be CEO of the merged Barrick-Randgold entity.

Armenia job losses stack up as Lydian lets more staff go

By: Mariaan Webb     2nd November 2018 Another 115 dismissals are on the cards at Lydian International’s Amulsar project, in Armenia, as road blockages continue to prevent access to the site, forcing the Canada-listed company to enter into a forbearance agreement with its lenders. About 130 employees have already been dismissed since... 

Armenia job losses stack up as Lydian lets more staff go
A December 2017 photo of the Amulsar site.

Goldplat shares fall on lower Q1 output, sales 

By: Creamer Media Reporter      2nd November 2018 The share price of Aim-listed Goldplat fell by more than 20% on Friday after the company announced a 40% year-on-year decrease in its production to 6 138 oz for the quarter ended September 30. This compares with the 10 277 oz produced in the quarter ended September 30, 2017. 

Vast places shares to raise cash

By: Creamer Media Reporter      2nd November 2018 Aim-listed Vast Resources has raised £1-million before costs through a placing of 1 88 697 245 shares at 0.53p each, the Romania- and Zimbabwe-focused miner reported on Friday. The announcement comes days after Vast reported that it had secured the previously indicated investment by an... 

Sibanye-Stillwater getting closer to reaching a wage settlement with unions

By: Simone Liedtke     2nd November 2018 JSE- and NYSE-listed Sibanye-Stillwater CEO Neal Froneman has said the company is “much closer” to reaching a reasonable settlement with the National Union of Mineworkers (NUM), Solidarity and Uasa in respect of wages and conditions of service for employees for the period from July 1, 2018, to... 

Alamos meets quarterly guidance

By: Mariaan Webb     2nd November 2018 Canada-based Alamos Gold produced 124 000 oz of gold in the third quarter, which is in line with its guidance and 16% above the third quarter of 2017, reflecting the inclusion of the Island Gold mine, which it bought earlier this year. Year-to-date production hit a record of 379 400 oz – 23%... 

Trump orders sanctions on Venezuela gold to pressure Maduro

By: Bloomberg     2nd November 2018 President Donald Trump signed an executive order authorizing new sanctions on Venezuela’s gold sector, in a bid to disrupt trade with Turkey that US officials fear is undermining efforts to pressure the South American nation’s president, Nicolas Maduro. The order, signed Wednesday by Trump and... 

Gold Fields’ Holland stresses importance of engaging near-mine communities

By: Nadine James     2nd November 2018 If mining companies are going to be successful and sustainable they have to work closely with governments, and especially communities, Gold Fields CEO Nick Holland told African Mining Network attendees last month. He noted that most of the gold companies in the gold space had a mix of assets... 

Brazilian, Indian groups report coal performance and plans in Mozambique

By: Rebecca Campbell     2nd November 2018 Brazilian mining major Vale has reported that its coal business, which is composed almost entirely of its Moatize coal operation in the Tete province of Mozambique, increased its net operating revenues during the third quarter of this year (3Q18) by $69-million in comparison to the second quarter... 

Centamin reports sharp drop in Q3 profit

By: Mariaan Webb     1st November 2018 Gold miner Centamin, which operates the Sukari mine in Egypt, has reported sharply lower third-quarter profit, as its revenue decreased by 35% year-on-year, reflecting lower gold production and sales. The London- and Toronto-listed miner posted profit of $10.23-million, compared with $34-million... 

Conroy intersects ‘extensive’ gold at Clay Lake

By: Creamer Media Reporter      1st November 2018 Aim-listed Conroy Gold and Natural Resources on Thursday reported an “extensive gold intersection” at a drill hole completed in the north-eastern end of its Clay Lake gold target, in Ireland. The gold intersection extends for 150.5 m at 0.3 g/t gold. The gold intersection adds to previous... 

Shipping delay hits Copper Mountain Q3 results

By: Creamer Media Reporter      1st November 2018 The share price of Vancouver-based miner Copper Mountain fell to a 52-week low on Wednesday, after the company posted a third-quarter adjusted loss of C$8.31-million, after a shipping delay and lower prices hit revenue. The company explained that its revenue fell from C$77.15-million in the... 

Centerra posts $6m net earnings, revises guidance

By: Creamer Media Reporter      1st November 2018 Canadian gold miner Centerra Gold has posted net earnings of $6-million, on revenue of $259.1-million in the third quarter and also improved its previously lowered gold guidance for the year. The third-quarter results include an impairment charge of $8.5-million to write down the net assets of... 

Ongoing interventions improve Sibanye-Stillwater safety 

By: Martin Creamer     1st November 2018 The safety performance of precious-metals mining company Sibanye-Stillwater improved markedly in the three months ended September 30 owing to ongoing safety interventions gaining traction at all operations, the company said on Thursday. The tragic safety incidents in the first half of the year,... 

Ongoing interventions improve Sibanye-Stillwater safety
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Emerald raises A$27m for Cambodian gold project

By: Esmarie Iannucci     1st November 2018 ASX-listed Emerald Resources has raised A$27-million through a share placement to fund development activities at its Okvau gold project, in Cambodia. The company on Thursday said the share placement, priced at 3c a share, will take place in two tranches, with the first tranche consisting of... 

Marda buy a step closer for Ramelius

By: Esmarie Iannucci     1st November 2018 Gold miner Ramelius Resources has on Thursday reported that the creditors of Black Oak Minerals had approved the sale of the Marda gold project, in Western Australia. Ramelius in September announced plans to purchase the Marda gold project from the liquidators of Black Oak Minerals, for... 

Hudbay buys Nevada copper deposit despite shareholder pushback

By: Mariaan Webb     1st November 2018 Toronto-headquartered Hudbay Minerals has announced the acquisition of Mason Resources – the owner of the Mason Ann copper project in Nevada – for C$31-million, despite shareholder Waterton Global Resource Management previously requesting a moratorium on any near-term acquisitions. Announcing... 

Hudbay buys Nevada copper deposit despite shareholder pushback
Hudbay CEO Alan Hair

South Africa’s Competition Tribunal approves Randgold, Barrick merger

By: Schalk Burger     1st November 2018 The proposed merger between Africa-focused gold miner Randgold Resources and Canadian gold miner Barrick Gold has received unconditional clearance from the South African Competition Tribunal, Randgold announced late on Wednesday. The transaction was approved without conditions, as recommended by... 

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