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Alamos rises on positive exploration results at Mulatos satellite deposits

By: Henry Lazenby     13th September 2016 The TSX-listed stock of Canadian gold producer Alamos Gold on Monday rose nearly 12% after it reported positive exploration results on the 100%-owned La Yaqui and Cerro Pelon satellite deposits, located near the Mulatos mine, in Mexico. The Toronto-headquartered company advised that the compliant... 

Klondex rises 8% on Manitoba-based True North production decision

By: Henry Lazenby     12th September 2016 The TSX-listed stock of gold producer Klondex Mines on Monday morning jumped more than 8% after it announced a positive production decision on the True North (formerly Rice Lake) project, in Manitoba. While the Vancouver-based miner expects to produce between 8 000 oz and 12 000 oz of gold from... 

Deeper gets deadly for workers in ageing South Africa gold mines

By: Bloomberg     9th September 2016 Finding minerals in South Africa after more than a century of digging often means going deeper than ever before. Now, it’s also becoming deadlier. In a country that remains one of the biggest producers of gold, platinum and diamonds, 60 mining deaths this year through August was 20 percent higher... 

Aureus starts transition to owner-operator mining model at New Liberty

By: Creamer Media Reporter      6th September 2016 West African gold producer Aureus Mining has taken the first steps to transition its New Liberty gold mine, in Liberia, to an owner-operated mine. Aureus believes the adoption of owner-operator mining will significantly reduce the ongoing costs of mining operations and improve the company’s... 

Perseus one step closer to achieving strategic transformation goals

By: Anine Kilian     5th September 2016 Dual-listed West Africa-focused gold producer Perseus Mining has reached several more milestones on the path to implementing its strategy of transforming into a multijurisdictional, multimine producer of more than 500 000 oz/y by 2021. In a statement released on Monday, the company said that full... 

With no debt due till 2020, cashed-up Kinross looks towards four years of expansion

By: Henry Lazenby     2nd September 2016 With no debt maturing in the next four years, a strong balance sheet and excellent liquidity, Canadian gold producer Kinross Gold expects to have the financial flexibility to fund organic growth opportunities within its global portfolio. The TSX- and NYSE-listed miner announced Thursday that it... 

Zimbabwe mining potential not fully realised

By: Victor Moolman     2nd September 2016 The full potential of gold mining in Zimbabwe has yet to be reached, says gold producer Metallon Corporation, which believes the future of the country’s mining industry is bright. 

Iamgold acquires Suriname property that could extend Rosebel mine life

By: Henry Lazenby     1st September 2016 Canadian gold producer Iamgold has acquired an interest in the Saramacca property, in Suriname, on which it plans to define a National Instrument 43-101-compliant mineral resource within the next 24 months that could potentially prolong the Rosebel mine life. The Toronto-based miner advised on... 

Barrick appoints first chief investment officer

By: Henry Lazenby     30th August 2016 While the world’s largest gold producer Barrick Gold makes headway in reducing its excessive debt and atoning for its vagaries of the past, it has appointed Mark Hill as its first chief investment officer, effective September 12, to oversee all capital allocation decisions at the company. Barrick... 

Nordgold reports y/y profit loss, lowers production guidance

By: Anine Kilian     30th August 2016 Diversified low-cost gold producer Nordgold’s net profit for the six months ended June 30 was down 30% year-on-year to $94.1-million, compared with the corresponding period in 2015, while half-year revenue decreased by 19% to $520.4-million for the year ended June 30. This could be attributed to... 

Orca Gold reunites Red Back senior management in executive shakeup

By: Henry Lazenby     30th August 2016 Canadian junior explorer Orca Gold has reunited the senior management of erstwhile Red Back Mining in an executive shakeup announced Monday, which the company believes will set it on a path to regional dominance in North and West Africa. The Orca board has appointed chairperson Richard Clark its... 

Perseus swings to FY2016 loss, banks on brighter outlook

By: Henry Lazenby     30th August 2016 West African gold producer Perseus Mining has swung to a full-year net loss for the period ended June 30, as lower output grades, fewer foreign exchange gains and exploration write-off impacted the balance sheet. The Perth, Western Australia-based company reported a net loss after tax of... 

Schwalbe

     26th August 2016 Focused on providing products and services whilst ensuring competitiveness in quality, reliability and price, South Africa-based drilling equipment supplier Schwalbe’s product lines have been supplied to and tested, with favourable results, by companies such as gold producer AngloGold Ashanti,... 

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry

By: Mariaan Webb     24th August 2016 In line with its strategy to build a globally relevant, midtier Australian gold producer, Evolution Mining has moved to buy an economic stake in a large-scale, long-life copper/gold mine near Cloncurry, Queensland, for A$880-million. Evolution will buy a 30% economic stake in diversified miner... 

Eldorado diversifies exploration portfolio

By: Henry Lazenby     23rd August 2016 Canadian gold producer Eldorado Gold has added four new exploration properties located in Romania, Serbia and Brazil to its portfolio, the miner said on Monday. Eldorado VP of of exploration Peter Lewis said the company was excited by the addition of the projects, since they all included defined... 

Moody’s restates Barrick’s Baa3 rating and revises outlook to stable

By: Henry Lazenby     19th August 2016 Credit ratings agency Moody’s Investors Service has confirmed the Baa3 ratings of the world’s largest gold producer by volume Barrick Gold and revised the ratings outlook to stable from negative. "The outlook revision to stable reflects Barrick's reducing leverage and management's commitment to... 

Blackham to fast-track Matilda expansion with A$25m raising

By: Mariaan Webb     19th August 2016 Near-term gold producer Blackham Resources has raised A$25-million through an oversubscribed placement, which received strong institutional support. Blackham would use the proceeds of the placement to fast-track development at its 5.1-million-ounce Matilda gold project, where production is set to... 

Kinross makes senior management appointments

By: Henry Lazenby     18th August 2016 Canadian gold producer Kinross Gold has appointed 25-year veteran of the gold mining industry Lauren Roberts as COO, to replace executive VP and COO Warwick Morley-Jepson effective January 1, 2017. Kinross also announced the appointment of Paul Tomory to the company's senior leadership team in... 

Canadian CEO paid $1 a year bets smaller miners to reap bigger gains

By: Bloomberg     16th August 2016 Rob McEwen is paid $1 a year, doesn’t receive bonuses, yet his financial success is tied more closely to his company than any other mining chief executive in Canada. Now the largest shareholder in C$1.7-billion McEwen Mining is betting his gold producer and other smaller competitors will reap... 

Asanko reports maiden cash-flow positive quarter

By: Henry Lazenby     16th August 2016 West Africa-focused gold producer Asanko Gold has reported a cash-flow positive quarter for the three months ended June 30, the first quarter of commercial production at its flagship eponymous mine, in Ghana. The Vancouver-based company reported Monday that Mining operations continued exclusively... 

Iamgold launches $200m financing to strengthen balance sheet

By: Henry Lazenby     10th August 2016 Toronto-based gold producer Iamgold has entered into an agreement with a syndicate of underwriters that has agreed to buy 38.85-million common shares of the company on a bought-deal basis at a price of $5.15 each, for gross proceeds of about $200-million. Should the overallotment option be... 

Copper Mountain swings to Q2 loss

By: Henry Lazenby     8th August 2016 Midtier copper and gold producer Copper Mountain Mining has recorded a second-quarter loss, missing analyst earnings forecasts by C$0.02 a share, as cash margins for copper sold fell 41% during the period.The Vancouver-based company reported a loss attributable to shareholders of C$1.9-million,... 

B2Gold reports record production for H1

By: Natasha Odendaal     4th August 2016 Vancouver-headquartered gold producer B2Gold expects 2016 to be another year of record gold production as it concludes the half-year to June. Consolidated gold production from the TSX-listed company’s operations in 2016 is expected to be between 510 000 oz and 550 000 oz, weighted to the second... 

Doray meets production expectations

By: Megan van Wyngaardt     29th July 2016 High-grade gold producer Doray Minerals delivered 16 812 oz from its Andy Well mine, near Meekatharra in Western Australia, in the June quarter, bringing its full-year production to 84 135 oz. This was in line with, and at the top end of, the company’s full-year guidance of 78 000 oz to 85 000 oz. 

AMCU assists beleaguered Lily mineworkers

By: Ilan Solomons     29th July 2016 The Association of Mineworkers and Construction Union (AMCU) has been sending food parcels to assist its members at the Lily gold mine, in Barberton, Mpumalanga. South African gold miner Vantage Goldfields, which owns the Barbrook and Lily gold mines, entered into business rescue in April after... 

Beatrix social and labour plan delivers R6.2m investment

By: Sascha Solomons     29th July 2016 South African gold producer Sibanye Gold has funded, project managed and delivered a R6.2-million multipurpose hall to the Free State Department of Education (DoE), as part of its social and labour plan (SLP) agreements with the Department of Mineral Resources (DMR). Sibanye CEO Neal Froneman... 

Newcrest meets FY16 production guidance, cuts debt to $2.1bn

By: Mariaan Webb     25th July 2016 Australia’s largest gold producer Newcrest has met its production target for a third year, producing 2.4-million ounces of gold in the 12 months to June 30. The group increased its production by 0.7% year-on-year in 2016, but its fourth quarter production slid by 6% quarter-on-quarter to 598 037... 

Regis to step up gold production in FY17

By: Megan van Wyngaardt     22nd July 2016 Australian gold producer and explorer Regis Resources has increased its production guidance for the 2017 financial year to between 305 000 oz and 330 000 oz, after a strong operational performance in 2016. The company produced 78 741 oz in the three months ended June, from its Duketon gold mine,... 

Galane stock rockets on Galaxy restart decision

By: Henry Lazenby     18th July 2016 The board of Southern Africa-focused gold producer Galane Gold has made a development decision for the first-phase restart of production at the Galaxy gold mine, in South Africa, up to a target of 60 000 oz/y, the company advised on Monday. The TSX-V-listed miner, which operates the Mupane mine,... 

Richmont’s quarterly output falls 31% on planned lower grades, looks for more gold

By: Henry Lazenby     12th July 2016 Boutique gold producer Richmont Mines has recorded a near-31% drop in gold output during the three months ended June 30, as it worked through planned lower grades at its flagship Island Gold mine in Ontario. Toronto-based Richmont early on Tuesday reported consolidated output of 23 320 oz of gold... 

Banro sets new production records at DRC gold mines

By: Henry Lazenby     12th July 2016 Canadian gold producer Banro has achieved new production records at both its operating assets in the Democratic Republic of Congo (DRC), producing a combined 49 673 oz of gold during the second quarter ended June 30. So far this year, total production stood at 93 865 oz of gold, in-line with the... 

Southern Gold’s international expansion strategy takes it to South Korea

By: Creamer Media Reporter      8th July 2016 Australian gold producer Southern Gold on Friday announced the acquisition of a suite of high-grade gold assets in South Korea, most of them historic underground or artisinal gold and silver workings. The acquisition formed part of the Adelaide-based miner’s international expansion strategy. 

Perseus improves operating performance at Edikan, first gold at Sissingué expected in 2017

By: Mia Breytenbach     7th July 2016 Dual-listed West African gold producer Perseus Mining’s intensive work programme implemented earlier this year to improve operating performance at its Edikan operation, in Ghana, has successfully improved operating performance at the mine in recent months. With the strong performance at Edikan,... 

Caledonia firing on all cylinders as output ramps up at Zimbabwe-based Blanket

By: Henry Lazenby     5th July 2016 Zimbabwe-focused gold producer Caledonia Mines raised its annualised dividend by 22% to $0.055 a share on Monday, underpinned by increased output as a result of the company’s turnaround strategy at the flagship Blanket mine. “We have increased the dividend not based on improved gold prices, but... 

Vantage to ‘hold AfroCan to account’ on Lily mine deal withdrawal

By: Ilan Solomons     5th July 2016 Canadian gold producer and investment company AfroCan Resources Gold, which committed to investing $11.3-million in South African gold miner Vantage Goldfields has breached the agreement and failed to remedy the breach, Vantage confirmed on Tuesday. The company said the anticipated investment... 

Uncertainty surrounds Lily mine investment status, AfroCan responds to allegations

By: Ilan Solomons     4th July 2016 Canadian gold producer and investment company AfroCan Resources Gold has missed the June 30 deadline to pay South African gold miner Vantage Goldfields an agreed $2.5-million as part of an $11-million investment in the Lily gold mine, in Mpumalanga, trade union Solidarity reported on Monday. In... 

Exploration success at New Gold’s New Afton C-zone could boost mine life beyond current plan

By: Henry Lazenby     29th June 2016 TSX- and NYSE MKT-listed gold producer New Gold late on Monday reported that exploration results from its British Columbia-based New Afton mine’s C-Zone could potentially add a further five years to the mine’s life at current throughput rates. The company announced that results from the C-Zone... 

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