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Gold News

Agnico Eagle is reviewing cobalt assets after receiving interest

By: Bloomberg     27th February 2018 Agnico Eagle Mines is dusting off cobalt assets in Ontario for potential sale as a global search for the rechargeable-battery ingredient expands amid surging demand. The gold producer is doing an analysis of its Canadian cobalt holdings after receiving five or six inquiries, CEO Sean Boyd said... 

Anaconda lifts Point Rousse resource estimate

By: Henry Lazenby     27th February 2018 Junior gold producer Anaconda Mining has filed a new resource estimate for its Point Rousse gold project, located near Baie Verte, in Newfoundland and Labrador. Effective from December 31, the latest resource estimate for the project comprise the Pine Cove, Stog'er Tight and Argyle deposits,... 

Osisko cuts more high-grade intercepts at Lynx

By: Henry Lazenby     27th February 2018 Gold explorer Osisko Mining has reported more high-grade intercepts as it progresses an 800 000 m drill programme at its Windfall Lake project, located in the Abitibi greenstone belt of Quebec, the company announced on Tuesday. The Toronto-based explorer announced significant new analytical... 

Precious metals miner Fresnillo's 2017 profit rises on silver output

By: Reuters     27th February 2018 Precious metals miner Fresnillo on Tuesday posted a 3.2% rise in annual profit, helped mainly by a record silver production. Silver production rose 16.6% to 58.7-million ounces in the year ended December 31, as the first phase of San Julian silver and gold mine in Mexico operated at full... 

Precious metals miner Fresnillo's 2017 profit rises on silver output

Zimbabwe expects mineral revenue to rise to $1.78bn in 2018

By: Reuters     27th February 2018 Zimbabwe expects to earn $1.78-billion from mineral sales in 2018, up from $1.5-billion last year, Masimba Chandavengerwa, chief executive of the government marketing agency, told a mining conference on Tuesday. Political changes that saw former president Robert Mugabe step down last year after... 

EganStreet drilling programme delivers high-grade gold

By: Megan van Wyngaardt     27th February 2018 Western Australia is set to gain a new high-grade gold mine, after drilling results show ASX-listed EganStreet Resources' Rothsay project to have a 0.3 m seam containing about 159 g/t. The average grade per tonne discovered during the drilling programme hovered around 30 g/t; however, another 1.1... 

Resounding welcome for Gwede, who declines opportunity to comment

By: Martin Creamer     27th February 2018 New South African Mineral Resources Minister Gwede Mantashe has received a resounding welcome from the Chamber of Mines of South Africa, Business Leadership South Africa (BLSA) and mining luminaries. The Chamber of Mines of South Africa has welcomed the appointment of Mantashe, 62, describing him... 

Resounding welcome for Gwede, who declines opportunity to comment
Photo by Duane Daws
Incoming Mineral Resources Minister Gwede Mantashe

AngloGold seeks Tanzania talks to break impasse on mine laws

By: Bloomberg     27th February 2018 AngloGold Ashanti is seeking talks with the Tanzanian government to break a deadlock over changes to mining laws that the firm has said it will challenge through arbitration. “We have reached out to the government for negotiations,” Chief Executive Officer Srinivasan Venkatakrishnan said in an... 

BC establishes mining task force to grow jobs

By: Henry Lazenby     27th February 2018 The British Columbia government has established the long-awaited Mining Jobs Task Force on Monday. The task force has its roots in the 2014 Mount Polley mine tailings pond failure in the Cariboo region of the province, and is established amid intensifying disputes with Alaska over downstream... 

BC establishes mining task force to grow jobs
Photo by British Columbia Government
BC Minister of Energy, Mines and Petroleum Resources Michelle Mungall announces the provincial Mining Jobs Task Force

#DisruptMining competition heats up as four finalists named

By: Henry Lazenby     27th February 2018 The #DisruptMining mining innovation challenge has named the four finalists who will compete against each other during the grand finale to be held during the Prospectors and Developers Association of Canada's yearly convention early in March. The yearly competition, hosted by gold miner... 

Endeavour Silver rises 6% as it swings back into the black

By: Henry Lazenby     27th February 2018 Dual-listed precious metals producer Endeavour Silver has swung to a fourth-quarter profit on the back of stronger output and higher metals prices. Headquartered in Vancouver, and maintaining equity listings on the TSX and NYSE, Endeavour announced net earnings of $2.7-million, or $0.02 a... 

Hecla enters toll-milling accord with Excellon

By: Henry Lazenby     27th February 2018 US gold producer Hecla Mining has signed a toll milling agreement with Mexico's highest-grade silver miner Excellon Resources, to process sulphide ore from the San Sebastian mine, in Mexico, at Excellon's Miguel Auza flotation mill facility. The ore will be trucked 42 km between the two... 

Miners report some infrastructure damage after Papua quake

By: Reuters     27th February 2018 Miners in northwest Papua New Guinea reported some damage to infrastructure following a powerful magnitude 7.5 earthquake on the weekend, as projects in the resource-rich region assess the impact on their operations. Barrick Gold said a power station that supplies its Porgera gold mine had been... 

Structural change needed to arrest mining's decline - analysts

By: Martin Creamer     26th February 2018 Structural change, with government and labour playing central roles, is needed to arrest the decline in South African mining, say Nedbank CIB mining analysts Leon Esterhuizen and Arnold van Graan. In comprehensive note, Esterhuizen and Van Graan describe South Africa's labour-intensive mining... 

Structural change needed to arrest mining's decline - analysts
Photo by Duane Daws
Leon Esterhuizen, Arnold van Graan and Martin Creamer

Goldplat reports £1.58m H1 operating profit

By: Simone Liedtke     26th February 2018 Aim-listed Goldplat reported an operating profit of £1.58-million for the six months ended December 31, with its Goldplat Recovery operations, in South Africa, performing "exceptionally well" and Kilimapesa Gold (KPG), in Kenya, showing major improvements. Gold Recovery Ghana (GRG), however,... 

Aforo shifts focus to Burkina Faso

By: Megan van Wyngaardt     26th February 2018 Australian gold miner Aforo Resources has signed a joint venture option agreement for two gold projects in Burkina Faso, including Nordgold's Niare gold project where a non-Joint Ore Reserves Committee-compliant gold resource of 98 000 oz at 1.36 g/t gold has been defined. Minor shareholder... 

Sibanye says clears most illegal miners from gold shafts

By: Reuters     26th February 2018 Precious metals producer Sibanye-Stillwater arrested nearly 1 400 illegal miners at its South African gold shafts last year in a blitz the company says has mostly ended the practice at its mines. Illegal gold mining has plagued South Africa for decades and it costs the government and the industry... 

Connemara restructures board, raises £900 000

By: Mariaan Webb     26th February 2018 rish gold and zinc explorer Connemara Mining on Monday announced that it had raised £900 000 and that it had restructured its board as the company seeks to accelerate its operational growth. Forty-six-year old Patrick Cullen, who was appointed CEO last year, has been made an executive director... 

Beadell secures $60m credit facility

By: Creamer Media Reporter      26th February 2018 Gold miner Beadell Resources has secured a credit facility of up to $60-million for the ongoing development of the Tucano gold mine, in Ampa, Brazil. Sprott Private Resource Lending will provide the four-year credit facility, which Beadell will also use for the retirement of its existing secured... 

Vector to proceed with Kibali and Nizi gold project JVs

By: Anine Kilian     26th February 2018 ASX-listed Vector Resources has announced that will proceed with the Kibali South and Nizi gold project joint venture (JV) acquisitions in the Democratic Republic of Congo (DRC). The company completed technical and legal due diligence and has notified Société Miniere de Kilo Moto (Sokimo) of its... 

New Gold completes withdrawal from Australia

By: Creamer Media Reporter      26th February 2018 Canadian intermediate gold producer New Gold has withdrawn from the exploration earn-in at the Fifield project, in central New South Wales, thereby completing its withdrawal from Australia. New Gold spent more than $2-million in the Fifield project area in the 12 months to the end of December.... 

NUM says 1 722 jobs to go at Evander gold mine

By: Reuters     26th February 2018 South Africa's National Union of Mineworkers (NUM) on Sunday said that Pan African Resources would cut 1 722 jobs at its Evander Gold Mine in the country's Mpumalanga province. The NUM said the company, which has a total workforce of 1 812 people at the mine, informed the union that the job cuts... 

Millennium grows Nullagine reserves by 20%

By: Creamer Media Reporter      26th February 2018 Western Australian gold miner Millennium Minerals has completed the first step in its strategy to establish a plus-five-year mine life at its Nullagine gold project in the Pilbara, with a 20% increase in ore reserves to 221 600 oz. Following a 246 000 m drilling campaign in 2017, the company... 

Chalice to explore ‘highly prospective’ northern Bendigo region

By: Mariaan Webb     26th February 2018 ASX- and TSX-listed Chalice Gold Mines has set its sights on prospective ground in the northern Bendigo gold field, in north-western Victoria, where it has submitted applications for two exploration licences covering 1 300 km2. The Bendigo Zone, north of the 18-million ounce Bendigo gold field,... 

Ramelius H1 revenue surges 36%

By: Creamer Media Reporter      26th February 2018 Gold miner Ramelius Resources on Monday reported half-year revenue of A$106.3-million, a 36%, or A$38.5-million, increase in the corresponding period, largely thanks to A$28.3-million in sales revenue coming from the recently acquired Edna May operations, in Western Australia. The miner achieved... 

Newcrest eyes Ecuador gold project with $250m stake in Lundin

By: Mariaan Webb     26th February 2018 Australia’s largest gold miner Newcrest Mining is buying a 27.1% interest for $250-million in Canada-listed Lundin Gold, which is building the Fruta del Norte gold mine, in Ecuador. The investment, announced on Monday, is part of a $400-million equity private placement by Lundin for the... 

Newcrest eyes Ecuador gold project with $250m stake in Lundin
Newcrest CEO Sandeep Biswas says the equity investment is part of a strategy to be exposed to tier-one orebodies.

Tahoe suffers $18m Q4 loss as Escobal shutdown saga drags on 

By: Henry Lazenby     24th February 2018 Precious metals producer Tahoe Resources has recorded an $18-million loss for the fourth quarter ended December 31, as its flagship Escobal silver mine, in Guatemala, lingers on care and maintenance. The TSX- and NYSE-listed miner reported an adjusted comparative loss of $17.7-million, or $0.06 a... 

Tahoe suffers $18m Q4 loss as Escobal shutdown saga drags on
Photo by Tahoe Resources
Escobal, Guatemala

Centerra equity rises on strong Q4 earnings, revenue

By: Henry Lazenby     24th February 2018 Midtier miner Centerra Gold's TSX-listed equity gained more than 8% on Friday after it reported much stronger-than-expected earnings and revenues for the three months ended December 31. The Toronto-headquartered company reported adjusted profit, which typically excludes special items in a given... 

Centerra equity rises on strong Q4 earnings, revenue
Photo by Reuters
Centerra Gold's Kumtor mine, Kyrgyzstan

Dragon Mining updates ore reserves

By: Anine Kilian     23rd February 2018 ASX-listed Dragon Mining has completed an update of its ore reserves, increasing its total proved and probable reserves to 2.32-million tonnes, grading 3.1 g/t gold for 232 000 oz – the highest tonnage level since Dragon started activities in the Nordic region. The updated reserve represents an... 

WPG accesses Challenger Deeps

By: Anine Kilian     23rd February 2018 ASX-listed WPG Resources on Thursday undertook the first stope firing of Challenger Deeps development, at its Challenger mine, in Western Australia. This milestone marks the transition from mining in the upper areas of the mine, which has been dominated by remnant mining, to mining of virgin... 

Finland takes top spot for mining-friendly investment 

By: Henry Lazenby     23rd February 2018 Finland has ousted Saskatchewan as the top international jurisdiction for mining investment, Canada's Fraser Institute announced on Thursday. Canada's leading independent think-tank, the Fraser Institute, administers its Annual Survey of Mining Companies and ranks jurisdictions around the world... 

Finland takes top spot for mining-friendly investment

Hudbay swings back into black as higher copper, zinc prices lift Q4 profit

By: Henry Lazenby     23rd February 2018 Canadian base metals producer Hudbay Minerals has reported higher fourth-quarter earnings and sales as higher copper and zinc prices pushed the miner back into the black, the company reported on Wednesday. The TSX- and NYSE-listed miner said a 32% year-on-year rise in copper prices and 29% higher... 

Torex ramps up ELG throughput; reports Q4 loss

By: Henry Lazenby     23rd February 2018 TSX-listed intermediate Canadian gold producer Torex Gold has reported a net loss of $25-million, or $0.31 a share for the three months ended December, after the flagship El Limón Guajes mining complex (ELG) was forced to shutter following a road blockade. In what can very well be termed an... 

OceanaGold shares rise on record output, revenues, profit

By: Henry Lazenby     23rd February 2018 TSX- and ASX-listed gold producer OceanaGold has reported record profit for 2017, as record output and subsequent record revenues lifted the bottom line. The Melbourne, Australia-based company reported a full-year net profit of $172-million, or $0.28 a share, up 26% year-on-year from... 

Digitalisation to impact on every aspect of mining – Schneider

By: Dylan Slater     23rd February 2018 Of all the trends impacting on the mining industry, none will be as critical as digitalisation, says power management and automation systems Schneider Electric South Africa mining, minerals and metals (MMM) Africa business VP Wilhelm Swart.  

Newmont beats Q4 earnings forecast; output on par with largest gold producer Barrick

By: Henry Lazenby     22nd February 2018 US gold miner Newmont Mining has reported market-beating earnings for the three months ended December 31, and reported production that is on par with that of leading gold producer Barrick Gold. The Denver, Colorado-based miner reported headline earnings for the fourth quarter of $216-million, or... 

Newmont beats Q4 earnings forecast; output on par with largest gold producer Barrick

Barrick guides for lower output for longer as it works to bolster production profile

By: Henry Lazenby     22nd February 2018 Major miner Barrick Gold has outlined a lower production profile in the coming years as it focuses on developing four major new projects that are expected to lift output by about one-million ounces from 2021 onwards. The Toronto-based company expects to produce between 4.2-million and 4.6-million... 

Solidarity still seeking payment for former Aurora employees from liquidators

By: Megan van Wyngaardt     22nd February 2018 Trade union Solidarity on Thursday raked up old grievances when it directed a letter to the joint liquidators of Aurora Empowerment Systems expressing its dissatisfaction with the delays in payment to its members and other former Aurora gold mineworkers. General secretary Gideon du Plessis noted... 

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