R/€ = 16.82 Change: 0.00
R/$ = 14.32 Change: -0.01
Au 1199.53 $/oz Change: -8.69
Pt 829.00 $/oz Change: -7.99

Gold News

Updated study increases Frieda River mine life, production forecast

By: Esmarie Swanepoel     6th August 2018 The Frieda River copper/gold project, in Papua New Guinea, could produce more copper and gold over a longer period than previously thought, ASX-listed Highlands Pacific reported on Monday. Highlands, which owns a 20% interest in the joint venture (JV) project, told shareholders that partner... 

Dacian adds to Mt Morgans resource

By: Esmarie Swanepoel     6th August 2018 Junior gold miner Dacian Gold has reported an 11% increase in the indicated resource at its Mt Morgans gold project, in Western Australia. A maiden mineral resource estimate of 245 000 oz has been declared at the Cameron Well deposit, with the project’s total measured and indicated resource now... 

Beadell raises funds for Tucano plant

By: Esmarie Swanepoel     6th August 2018 Gold miner Beadell Resources will raise some A$11.8-million through a share placement to international institutional and sophisticated investors to fund the ongoing mill expansion at the Tucano project, in Brazil. The ASX-listed company will issue some 218.3-million fully paid ordinary shares,... 

Sihayo to cost $58.7m

By: Esmarie Swanepoel     6th August 2018 An updated feasibility study (FS) into the Sihayo gold project, in Indonesia, has increased the expected capital cost from the $58.7-million estimated in the start of 2014, to $153-million. However, with an increase in the mineral resource estimate, the project is now expected to recover some... 

Yandal Stage 1 gets approved

By: Esmarie Swanepoel     6th August 2018 The board of ASX-listed Echo Resources has conditionally approved the development of the Stage 1 Yandal gold project, in Western Australia, following a positive bankable feasibility study (BFS). The BFS considered a staged approach to develop the Yandal mine, allowing Echo to mine the... 

Condor completes permitting process for new mine in Nicaragua

By: Mariaan Webb     6th August 2018 Despite the political protests in Nicaragua, in which more than 300 people have died since mid-April, British firm Condor Gold has reiterated its commitment to building and operating a $120-million gold mine, announcing on Monday that it had completed a three-year permitting process. The Aim-... 

Condor completes permitting process for new mine in Nicaragua
Condor's La India project, in Nicaragua

Gold may hit $1 300 by end of year, ICBC says

By: Bloomberg     6th August 2018 Gold’s plunge to the lowest level in more than a year may be close to ending, and prices could climb back to $1 300 by December, according to ICBC Standard Bank. Bullion is set to average $1 26/oz in the third quarter and rise further in the following three months as interest rate increases are... 

Completion of Back Forty feasibility study signals significant milestone for Aquila

By: Simone Liedtke     3rd August 2018 A feasibility study, compiled by Lycopodium Minerals Canada, has been completed on TSX-listed Aquila Resources’ 100%-owned zinc- and gold-rich Back Forty project, in Michigan, in the US. Citing the completion of the Back Forty project’s feasibility study as a “significant milestone for Aquila”,... 

First Mining grants Gainey option over Mexico property

By: Marleny Arnoldi     3rd August 2018 TSX-V-listed Gainey Capital has signed an option agreement to earn a 100% interest in TSX-listed First Mining Gold’s Las Margaritas gold prospect, in Mexico. The project comprises two mineral concessions encompassing a total of 500 ha.  

Equinox’s Brazil mine on track to pour gold before year-end

By: Marleny Arnoldi     3rd August 2018 Vancouver-based Equinox’s Aurizona gold mine, in Brazil, is on track to achieve year-end 2018 gold pour, with the overall project being 60% complete and plant construction being 51% complete at the end of June. Installation of semi-autogenous grinding and ball mills is under way and ore... 

Sibanye-Stillwater to swing to H1 profit

By: Marleny Arnoldi     3rd August 2018 Precious metals producer Sibanye-Stillwater’s Southern Africa platinum group metals (PGMs) operations have produced about 569 000 oz of platinum, palladium, rhodium and gold (4E) PGMs at an all-in sustaining cost (AISC) of about R10 110/oz for the six months ended June 30. This means Sibanye is... 

Kabwe project on track despite cancellation of BMR’s share trading

By: Anine Kilian     3rd August 2018 The cancellation of admission to trading on Aim of BMR’s shares does not impact the execution of the Kabwe project, Jubilee Metals said on Friday.   BMR and Jubilee have entered into discussions, with Jubilee having offered to fully fund the completion of the Kabwe project against an immediate... 

Managem seeks additional 30% of Avocet's Tri-K project

By: Anine Kilian     3rd August 2018 Aim-listed Avocet is assessing whether the conditions for the second closing of its Tri-K transaction with Managem have been met. Avocet announced in October 2016 that it had entered into an agreement with Managem for Managem to ultimately earn a 70% interest in the Tri-K gold project, in Guinea,... 

Erudite adopts a fresh approach to transformation 

By: Nadine James     3rd August 2018 Becoming a sustainable and relevant mining industry service provider requires a genuine effort to meet and address issues of localisation and transformation, while fostering local partnerships to develop extractive projects in African countries, suggests engineering, procurement and construction... 

Erudite adopts a fresh approach to transformation
Erudite chairperson Vince Raseroka and CE Johann de Bruin discuss the need for an African-focused EPCM mining services provider. Video: Darlene Creamer; Editing: Nicholas Boyd

Gold rout takes prices near $1 200 as investors favour dollar

By: Bloomberg     3rd August 2018 Investors are turning their backs on gold. The metal is near the lowest in more than a year, edging closer to a key $1 200/oz level, and is heading for the longest run of weekly losses since October. Gold’s appeal has waned, even amid ongoing trade-war tensions, partly because of an upbeat... 

Regis goes underground at Rosemont

By: Esmarie Swanepoel     3rd August 2018 The board of gold miner Regis Resources has approved a A$29.4-million investment to develop an underground mining operation beneath the current Rosemont openpit mine, in Western Australia. Regis on Friday said that the underground component of the expanded operation would exploit a mineral... 

Russian gold miner Polyus posts 10% rise in Q2 net profit

By: Reuters     3rd August 2018 Polyus, Russia's largest gold producer, on Friday reported second-quarter net profit of $114-million, up 10% year on year, due to higher gold sales. Excluding non-cash items, such as a foreign exchange loss, its adjusted net profit, jumped 68% to $457-million and matched its adjusted earnings... 

Russian gold miner Polyus posts 10% rise in Q2 net profit
Polyus CEO Pavel Grachev

Drilling results confirm continued high-grade mineralisation

3rd August 2018 Exploration and development company Algold Resources – focusing extensively on gold deposits in West Africa – recently announced its preliminary assay results from its Phase IV 15 000 m drilling campaign, which was carried out on its Tijirit property, in Mauritania. Algold is developing the... 

Drilling results confirm continued high-grade  mineralisation
ANALYSIS PENDING Algold Resources states that assay results from deeper intersections at its Phase IV 15 000 m drilling campaign are still pending with results expected in the coming weeks

Number of female mineworkers gradually increasing as technology and conducive policies are introduced

By: Nadine James     3rd August 2018 The mining industry remains male dominated and much can still be done to address issues that specifically affect women. However, policies aimed at attracting, supporting and retaining women have led to a gradual, but steady increase in the number of women in core roles, as well as the industry in... 

Number of female mineworkers gradually increasing  as technology and conducive policies are introduced

Gold's outback outperformers urged to turn M&A firepower on US

By: Bloomberg     2nd August 2018 Gold producers in Australia are outperforming their global competitors, prompting investors to encourage them to expand their horizons and acquire struggling North American rivals. Boosted by some of the sector’s best margins, low debt and swelling cash piles, miners in the world’s No. 2... 

Gold's outback outperformers urged to turn M&A firepower on US

1 300 jobs affected as Lydian responds to illegal Armenia demonstrations

By: Mariaan Webb     2nd August 2018 It has been more than a month since Lydian International first reported that illegal road blockages are preventing access to the Amulsar site and the Canadian company has now issued termination notices to about 30% of its workforce, idled construction contractors and warned of more job cuts to... 

1 300 jobs affected as Lydian responds to illegal Armenia demonstrations
A December 2017 photo of the Amulsar site, in Armenia.

Coeur expands historical Nevada focus with Northern Empire buy

By: Mariaan Webb     2nd August 2018 NYSE-listed Coeur Mining on Thursday announced that it would buy Northern Empire, which owns high-grade heap-leachable deposits in Nevada, in a recommended transaction that values the TSX-V-listed junior at about $90-million, or C$117-million. Northern Empire’s principal asset is the fully... 

Solidarity, NUM not satisfied with latest gold industry wage increase offer

By: Creamer Media Reporter      2nd August 2018 Trade union Solidarity on Thursday said the latest wage increase offer made by the Minerals Council South Africa on Thursday was lower than its members expected. It pointed out that the council, which is negotiating on behalf of gold mining companies, had offered between a 3.5% and a 4.5%... 

La Mancha buys 30% stake in Golden Star for $126m

By: Creamer Media Reporter      2nd August 2018 Private gold investment company La Mancha Holding, which is chaired by Naguib Sawiris, will acquire a 30% stake in TSX-listed Golden Star Resources for $125.7-million. Golden Star owns the Wassa and Prestea underground mines, in Ghana. 

Centamin's core earnings beat expectations, shares rise

By: Reuters     2nd August 2018 Gold miner Centamin's quarterly core earnings topped market expectations as lower-than-estimated mine site costs and inventory-driven sales volumes offset a drop in production. Shares of the Egypt-focused company climbed 4% in morning trading on the London Stock Exchange. 

Resources Watch  

2nd August 2018 Kumba ‘very bullish’ on exploration prospects; Premium prices being paid for Kumba’s quality iron-ore; And, Anglo Platinum taking steps to reverse unjustified investor bearishness 

Resources Watch
Resources Watch

Northern Star sets A$60m exploration budget

By: Esmarie Swanepoel     2nd August 2018 Gold miner Northern Star Resources has unveiled a A$60-million exploration budget for 2019, in a bid to convert some of its 15.9-million ounce resource to reserves. The miner on Thursday said that the strategy for 2019 is designed to lay the foundations for the next round of growth in both... 

Red 5 expecting more in 2019

By: Esmarie Swanepoel     2nd August 2018 Gold miner Red 5 is expecting to produce between 100 000 oz and 115 000 oz from its Western Australian operations in the 2019 financial year. The company on Thursday announced a 64% increase to the reserve estimate at its Darlot mine, which now stood at 1.92-million tonnes, at 3.5 g/t gold, for... 

Randgold secures four-year 50% tax concession for Mali mine

By: Creamer Media Reporter      2nd August 2018 The Malian government has granted Randgold Resources’ Gounkoto mine a 50% corporate tax reduction for the next four years to support the development of a superpit at the mine. The agreement, which is a concession under Gounkoto’s original mining convention that gave Gounkoto the right to apply... 

AngloGold to swing to H1 profit on higher output, lower costs

By: Simone Liedtke     2nd August 2018 Gold miner AngloGold Ashanti expects to report headline earnings of between $91-million and $108-million for the six months ended June 30, compared with a headline loss of $89-million in the first half of 2017. Headline earnings a share for the six months under review are expected to be between... 

Gold demand falls 4% y/y in Q2

By: Anine Kilian     2nd August 2018 Global gold demand remained muted at 964 t in the second quarter, 4% lower year-on-year, according to the World Gold Council’s (WGC’s) latest ‘Gold Demand Trends’ report. Speaking to Mining Weekly Online, WGC member and market relations head John Mulligan said mine production in the second... 

Gold demand falls 4% y/y in Q2

Barrick Gold makes China investor push as markets slump

By: Reuters     1st August 2018 Barrick Gold Corp will make a bigger push to attract institutional investors in China under a new deeper-ties pact with Shandong Gold, aimed at bolstering its shareholder base, executives told Reuters. Bruised by a strong US dollar, the price of gold is nearing a one-year low, with speculators... 

Endeavour on track to meet full-year production, cost guidance

By: Simone Liedtke     1st August 2018 TSX-listed Endeavour Mining produced 147 000 oz of gold in the second quarter, taking output for the first half of the year to 299 000 oz. The gold miner on Wednesday reported that it is on track to meet its full-year guidance of between 555 000 oz and 590 000 oz. 

McEwen appoints new COO as Ochoa resigns

By: Creamer Media Reporter      1st August 2018 Gold and silver miner McEwen Mining has appointed senior executive Chris Stewart as president and COO with effect from September 1, succeeding Xavier Ochoa who resigned last month to pursue an opportunity closer to his family in South America. Stewart has 25 years of diversified experience in... 

Gold pinned near one-year lows on dollar strength

By: Reuters     1st August 2018 Gold was stable near one-year lows on Wednesday on a stronger dollar, as the market waited for signals on the direction of US monetary policy from a Federal Reserve meeting later in the day. Spot gold edged down 0.1% to $1 223.08 per ounce by 1045 GMT, close to a one-year low of $1 211.08 reached... 

Centerra trims production expectations on Mt Milligan water risks

By: Mariaan Webb     1st August 2018 Continued water supply issues at the Mount Milligan mine, in British Columbia, have forced gold and copper producer Centerra Gold to trim its gold production guidance by 20 000 oz and its copper forecast by about five-million pounds. The Mount Milligan mine continues to suffer from limited water... 

Centerra trims production expectations on Mt Milligan water risks
The Mount Milligan mine in British Columbia.

Kirkland Lake chases higher FY target

By: Mariaan Webb     1st August 2018 A strong first-half performance from the Fosterville and Macassa mines has provided Toronto-based Kirkland Lake Gold with enough confidence to increase its consolidated full-year production guidance by 15 000 oz to more than 635 000 oz. The miner produced 312 329 oz in the first six months of... 

Cradle Arc buys back convertible loan notes

By: Anine Kilian     1st August 2018 Aim-listed Cradle Arc plans to redeem all of its £1.28-million outstanding convertible loan notes for £1.59-million in cash, by way of staged and back-end weighted payments up to their scheduled maturity date of December 31.  Funding for such redemption, alongside additional working capital for... 

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