R/€ = 16.36 Change: -0.05
R/$ = 14.45 Change: -0.06
Au 1302.44 $/oz Change: -1.30
Pt 834.24 $/oz Change: 1.99

Gold News

Connemara mulls name change to ‘Arkle Resources’

By: Simone Liedtke     12th February 2019 Gold and zinc explorer Connemara Mining on Tuesday announced a proposed name change to Arkle Resources. The name change, while reflecting the company’s heritage as an Ireland-based business established to focus on zinc assets, would better reflect its diversified position in gold and zinc... 

Harmony Gold net profit plunges, operational cash soars

By: Martin Creamer     12th February 2019 The net profit of Harmony Gold plunged in the six months to December 31, dropping from R897-million for the corresponding period of last year to R75-million. However, production soared by 34% and operations generated R1.1-billion in free cash flow on the inclusion of the acquired Moab Khotsong... 

Harmony Gold net profit plunges, operational cash soars
Photo by Creamer Media Chief Photographer Dylan Slater
Harmony Gold CEO Peter Steenkamp

Great Panther shareholders OK Beadell acquisition

By: Mariaan Webb     11th February 2019 The $105-million all-scrip acquisition of Beadell Resources by Great Panther ticked a key box on Monday, as shareholders of the TSX-listed miner approved the transaction. Shareholders in Beadell, which has a listing on the ASX, will meet in Perth on Tuesday and should they approve the... 

Gran Colombia ups stake in Sandspring

By: Creamer Media Reporter      11th February 2019 Midtier miner Gran Colombia has bought an additional 2.5-million shares in TSX-V-listed gold junior Sandspring Resources for a total cash consideration of $528 000. The shares were bought at a price of C$0.28 a share and were acquired for investment purposes, Grand Colombia said on Monday. 

Russia's central bank to pay less for domestic gold from May

By: Reuters     11th February 2019 Russia's central bank will pay less than an industry benchmark for gold that it buys on the domestic market, it said on Monday. The central bank said that from May 1 it would add a discount to a purchase price currently based on the daily London Bullion Market Association (LBMA) gold price. The... 

Russia's central bank to pay less for domestic gold from May

Semafo mulls Savary Gold shares purchase

By: Simone Liedtke     11th February 2019 TSX-listed gold miner Semafo and TSX-V-listed Savary Gold have entered into a nonbinding letter of intent (LoI) contemplating the acquisition by Semafo of all the outstanding common shares of Savary. Under the terms of the LoI, all the issued and outstanding Savary shares will be exchanged on the... 

Bonterra moves HQ to Val D’Or

By: Creamer Media Reporter      11th February 2019 Gold explorer Bonterra Resources has announced that its corporate headquarters will move from Vancouver, British Columbia, to Val D’Or, Quebec, to bring its management closer to its main projects in the Urban Barry Camp. Chairperson and interim CEO Greg Gibson said on Monday that combining... 

Xolobeni judgment continues to confound 

By: Martin Creamer     11th February 2019 Mining must take place with a strong focus on the interests of those who live in mining areas, says Mineral Resources Minister Gwede Mantashe, a standpoint that supports the notion that a mining right and a land right can co-exist, without pleasing one party at the expense of the other.  But the... 

Xolobeni judgment continues to confound
Mineral Resources Minister Gwede Mantashe

Obuasi development on track for end-2019 gold pour  

By: Marleny Arnoldi     11th February 2019 AngloGold Ashanti’s Obuasi redevelopment project has completed its first week of underground development blasting, as the work to pour first gold by the end of the year gathers momentum. The first blast, on February 1, advanced development by around 4.2 m on the 2 700-level, which is accessed... 

Obuasi development on track for end-2019 gold pour
Obuasi, Ghana

Ontario’s Madsen mine could be in production by May next year

By: Mariaan Webb     11th February 2019 The past-producing Madsen gold mine could be back in production by as early as May next year, current owner Pure Gold Mining reported on Monday, announcing the outcomes of a feasibility study for the project in Ontario’s Red Lake mining district. The study contemplates an 800 t/d underground... 

Ontario’s Madsen mine could be in production by May next year

Galantas intersects Kearney vein on second mining level

By: Creamer Media Reporter      11th February 2019 Gold junior Galantas Gold is continuing to advance the Omagh underground mine in Northern Ireland and has now intersected the Kearney vein on a second mining level. The miner has progressed the main decline development tunnel to 52 m past a 50-m long access branch on the 1 084 level (second... 

Acacia maintains strong cost discipline in FY18  

By: Tasneem Bulbulia     11th February 2019 Gold miner Acacia Mining maintained strong cost discipline in the financial year ended December 31, achieving an all-in sustaining cost (AISC) of $905/oz, well below the guidance range of $935/oz to $985/oz, interim CEO Peter Geleta said in a statement on Monday. He added that the company had... 

Acacia maintains strong cost discipline in FY18

Polyus reports jump in profit on rising gold sales

By: Reuters     11th February 2019 Russia's largest gold producer, Polyus, on Monday reported a 20% jump in fourth-quarter adjusted net profit to $291-million compared with last year, lifted by increased production and rising sales of the metal. Adjusted net profit for the full year rose to $1.33-billion, Polyus said, up from... 

Polymetal approves $431m POX-2 project

By: Mariaan Webb     11th February 2019 Russian gold miner Polymetal on Monday announced the approval of the POX-2 project and authorised the immediate start of construction, with the aim of commissioning the plant by the third quarter of 2023. The company’s second pressure oxidisation facility is immediately adjacent to the current... 

Polymetal approves $431m POX-2 project
The Amursk POX hub

Intermin in exclusivity deal to buy Focus gold project

By: Esmarie Iannucci     11th February 2019 ASX-listed Intermin Resources has struck an exclusivity agreement with fellow-listed Focus Minerals over the Coolgardie gold project, in Western Australia. The five-month exclusivity period will allow the two companies to finalise formal documentation, and to secure all the necessary approvals,... 

Intermin in exclusivity deal to buy Focus gold project

Resolute hedges more gold as Ravenswood makes it through the rain

By: Esmarie Iannucci     11th February 2019 Gold miner Resolute Mining on Monday reported that the extreme weather conditions in far north Queensland has not had any detrimental effect on its Ravenswood operation. The Ravenswood mine operated on a partial shut-down basis during the Monsoon, which started in late January, and which... 

Laneway gets a mining lease

By: Esmarie Iannucci     11th February 2019 Gold developer Laneway Resources has been granted a mining lease for its Agate Creek project, by the Queensland Department of Natural Resources, Mines and Energy. The start date of the mining lease is March 1, 2019, and Laneway is required to make rental payments and lodge financial assurances... 

Spanish gold tempts Black Dragon

By: Esmarie Iannucci     11th February 2019 The Salave gold project, in Spain, could produce some 1.1-million ounces of gold in concentrate over a mine life of 14 years, according to the preliminary economic assessment released on Monday. ASX- and TSX-V-listed Black Dragon Gold said that the project would likely require a capital... 

Spanish gold tempts Black Dragon

Semafo forecasts 68% production increase for 2019

By: Nadine James     8th February 2019 TSX-listed West Africa-focused gold miner Semafo produced 244 600 oz of gold at its Boungou and Mana mines, in Burkina Faso, in 2018 – in line with its guidance of producing 235 000 oz to 265 000 oz. The company achieved a consolidated all-in sustaining cost (AISC) of $951/oz for the year. 

Labour Court rejects Sibanye’s application to halt strike again

By: Marleny Arnoldi     8th February 2019 Sibanye-Stillwater on Friday said the Labour Court had rejected its application to stop the ongoing strike that the Association of Mineworkers and Construction Union (Amcu) started at its gold operations in November 2018, on technical legal grounds. The court stated res judicata, which means... 

Katoro issues shares to settle fees, creates option for management

By: Nadine James     8th February 2019 Aim-listed Tanzania-focused gold exploration company Katoro Gold on Friday announced the issue of options to its board of directors and the company’s management, as well as the settlement of certain fees through the issue of new ordinary shares. The board has resolved to issue 14.94-million new... 

Wallbridge reports positive results from Fenelon bulk sample

By: Creamer Media Reporter      8th February 2019 TSX-listed Wallbridge Mining reported on Thursday that it has produced and sold more than 13 300 oz of gold from the 35 000 t bulk sample under way at its Fenelon gold project, in Quebec. To date, about 25 000 t of ore with a reconciled average grade of 17.34 g/t gold containing more than 14 000... 

SolGold disappointed by Cornerstone’s quick snub

By: Mariaan Webb     8th February 2019 Australian company SolGold on Friday expressed its frustration at the rejection of its planned bid for Canadian firm Cornerstone – a company that holds 15% of the Cascabel copper/gold project in Ecuador. Cornerstone rejected the intended offer meant to consolidate SolGold’s ownership in Cascabel... 

SolGold disappointed by Cornerstone’s quick snub
SolGold CEO Nick Mather

Hidden Valley supports Harmony’s H1 production, but drags down HEPS

By: Marleny Arnoldi     8th February 2019 Leading up to the release of its interim results for the six months ended December 31, on February 12, Harmony Gold on Friday said its headline earnings per share (HEPS) would be up to 97% lower year-on-year. Harmony reported gold production for the period of 751 000 oz, which is a 34%... 

Mining Indaba 2019 highlights 

8th February 2019 The 25th Investing in African Mining Indaba took place this week. Mining Weekly editor Martin Creamer attended the indaba and unpacks the highlights. 

Mining Indaba 2019 highlights
Mining Indaba 2019 highlights

RioZim halts output as central bank fails to make payments

By: Bloomberg     8th February 2019 RioZim halted production at its three gold mines after Zimbabwe’s central bank failed to provide foreign currency the company needs to keep operating. The shutdown is the second by RioZim since October. It’s the latest indication of how businesses are struggling to keep going as a dearth of... 

DRC’s new President an ‘unknown factor’ as far as mining is concerned

By: Rebecca Campbell     8th February 2019 The Democratic Republic of Congo (DRC), lying pretty much in the centre of Africa, is geographically the 11th biggest country in the world and is well-known for its mineral riches. In its most recent (2014) report “The Mineral Industry of Congo (Kinshasa)”, the US Geological Survey (USGS) noted... 

DRC’s new President an ‘unknown factor’ as far as mining is concerned

Sandvik, Resolute gear up for the fully automated Syama gold mine

By: Kim Cloete     7th February 2019 Global engineering group, Sandvik, is looking forward to moving full steam ahead in its partnership with Resolute Mining to fully automate the Syama underground gold mine.  The Syama underground mine is set to be the world’s first purpose-built, fully automated sublevel cave gold mine. 

Polymetal reports sizeable increase in Mayskoye gold reserve

By: Creamer Media Reporter      7th February 2019 Russian miner Polymetal has announced a 778 000 oz increase in the ore reserves at its Mayskoye gold deposit, which adds five years to the operation’s mine life. The updated Joint Ore Reserve Committee-compliant reserves comprise ten-million tonnes of ore with an average grade of 6.9 g/t... 

Indiana Resources enters into JV with Altus for majority stake in Mali gold projects

By: Nadine James     7th February 2019 Aim-listed exploration company Altus Strategies on Thursday announced that it has signed a nonbinding term sheet for a joint venture (JV) with ASX-listed Indiana Resources. Subject to entering into a definitive agreement with Altus, Indiana will have the option to earn up to an 85% interest in... 

Anglo Asian announces highest-ever production guidance

By: Creamer Media Reporter      7th February 2019 Aim-listed gold, copper and silver producer Anglo Asian has announced its highest-ever production guidance, forecasting metal production of between 82 000 and 86 000 of gold-equivalent ounces (GEOs) for 2019. The guidance compares with a target range of 78 000 GEOs to 84 000 GEOs in 2018 and... 

Nordgold’s new Lefa mining permit effective from March 21

By: Nadine James     7th February 2019 Aim-listed gold producer Nordgold announced on Thursday that a new mining permit for its Lefa mine – one of Guinea’s largest gold producing mines – will be effective from March 21. The permit, as well as the convention that was renewed last year, were extended for 15 years, in line with Lefa’s... 

VGSA encourages SSC to conclude business rescue process for Lily, Barbrook mines

By: Simone Liedtke     7th February 2019 Vantage Goldfields South Africa (VGSA) says it is keen to complete the sales agreement with Flaming Silver and Siyakhula Sonke Empowerment Corporation (SSC) “as a matter of urgency in order to provide clarity and finality for all affected parties, but particularly former employees, creditors and... 

Maduro sold 40% of Venezuela's gold last year amid cash crunch

By: Reuters     7th February 2019 President Nicolas Maduro blew through more than 40% of Venezuela’s gold reserves last year in a desperate bid to fund government programs and pay millions to bondholders. The government sold a total of 73 t of gold to two firms in the United Arab Emirates and another in Turkey, opposition... 

Intermin gains back Menzies and Goongarrie

By: Esmarie Iannucci     7th February 2019 ASX-listed Intermin Resources has struck a settlement agreement with the administrators of Eastern Goldfields over the Menzies and Goongarrie farm-in joint venture projects in Western Australia. The settlement would see both the Menzies and Goongarrie projects return to the full ownership of... 

Precious metal refiners face new LBMA environmental standard  

By: Martin Creamer     7th February 2019 The London Bullion Market Association (LBMA) has launched a new standard that addresses environmental as well as sustainability issues in gold and silver markets. To do that in a credible way, LBMA has been actively engaging with mining companies and producer nations. 

Precious metal refiners face new LBMA environmental standard
LBMA CE Ruth Crowell tells Mining Weekly's Martin Creamer about the association's efforts to improve environmental and sustainability within the gold and silver mining and refining sectors. Video and editing: Nicholas Boyd.

North America boosts global gold-backed ETF inflows to 72 t in January

By: Marleny Arnoldi     6th February 2019 Holdings in global gold-backed exchange traded funds (ETFs) and similar products rose by 72 t in January to 2 513 t, which is equivalent to $3.1-billion in inflows. This marked the fourth consecutive month of net inflows, said a monthly report by Gold Hub, which is an initiative of the World... 

Gold Fields anticipates lower FY18 HEPS

By: Tasneem Bulbulia     6th February 2019 Dual-listed Gold Fields expects its headline earnings per share (HEPS) for the 12 months ended December 31, 2018 to be 65% to 81% lower year-on-year at between $0.05 to $0.09. In a trading update published on Wednesday, the gold producer said its basic loss a share would widen to between $0.40 to... 

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