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Beleaguered Veris Gold reports Q2 loss despite higher sales, revenue

By: Henry Lazenby Canadian gold producer Veris Gold, which is currently operating under protection of the Companies' Creditors Arrangement Act (CCAA), late on Friday reported a net loss was $8.1-million, or $0.05 a share, in the three months ended June, despite reporting increased sales and revenue. The... 

Centamin declares maiden interim dividend, reports lower Q2 earnings

By: Leandi Kolver Egypt-focused gold producer Centamin on Thursday announced that a maiden interim dividend of $0.87 a share would be paid for the six months ended June 30, following the completion of the construction and commissioning of Stage 4 of its Sukari mine plant expansion. Sukari, which increased its... 

Blanket mine retains low-cost producer title in Q2, battles low grades

By: Natalie Greve Reinforcing its position as a low-cost gold producer, on-mine costs for Caledonia Mining’s Blanket mine, in Zimbabwe, fell from $651/oz in first quarter to $624/oz in the second quarter ended June 30, while all-in sustaining costs fell from $924/oz to $881/oz over the same period.  The miner said... 

AngloGold Ashanti output up 17%, earthquake-hit mines restarting

By: Martin Creamer South African gold major AngloGold Ashanti on Monday reported a 17% increase in production for the second quarter compared with the same period a year earlier, with its two new mines continuing to contribute lower-cost ounces, and a strong safety performance helping its South Africa operations... 

Sibanye donates R25m to Wits and UJ, to spend R325m on education and training this year

By: Chantelle Kotze South African gold producer Sibanye Gold donated R25-million to the universities of Johannesburg (UJ) and Witwatersrand (Wits) towards mining and engineering education at an official handover ceremony held last month at its training academy in Westonaria. 

Iamgold to generate 15% of own electricity in 5 yrs – CEO Letwin

By: Creamer Media Reporter Toronto-based gold producer Iamgold president and CEO Steve Letwin is championing the use of renewable energy as an opportunity for gold mines to reduce costs – a proposition that the company is testing through its Rosebel gold mine, in Suriname. Although saving money is an imperative for all... 

Goldcorp positioned for 'prolonged' period of production growth

By: Henry Lazenby Canadian gold producer Goldcorp on Thursday said it was positioned for a “prolonged” period of production growth as three significant construction projects would be completed by 2015. Three new gold projects under construction underpinned Goldcorp's growth profile and continued to advance steadily. 

Newmont OKs $1bn Suriname mine development, lifts Q2 profit

By: Henry Lazenby Denver, Colorado-based gold producer Newmont this week announced that it would proceed with developing the $1-billion Merian gold mine, in Suriname, the first new big gold-mining project announces by a major miner since a wave of project cancellations, deferrals and sell-offs hit the industry,... 

Northern Star shifts focus to profitability, mine-life projects

By: Esmarie Swanepoel Gold miner Northern Star Resources on Thursday said that the company’s focus would shift to extending the mine lives at each of its five operations, and to increase profitability, after it achieved its target of becoming the second largest ASX-listed gold producer, based on production. In the... 

Barrick Gold reports Q2 loss as Saudi impairment charge weighs

By: Henry Lazenby The world largest gold producer Barrick Gold on Wednesday reported a second-quarter loss of $269-million, or $0.23 a share, weighed down in the three months ended June 30 by an impairment charge of $514-million related to the long-delayed Jabal Sayid copper project, in the Kingdom of Saudi... 

Centerra sure of security of tenure as Kyrgyz negotiations drag on

By: Henry Lazenby Canadian gold producer Centerra Gold is confident that the right to own and operate its flagship Kumtor gold mine, in the Kyrgyz Republic, is secured by acts of law, as the company forges ahead in ironing-out issues in 18-month-long negotiations regarding the government’s ownership and... 

Alacer Gold’s Q2 adjusted profit nosedives on lower grades, sales

By: Henry Lazenby Turkey-focused gold producer Alacer Gold on Tuesday reported a 57% year-on-year drop in headline earnings for the three months ended June 30, as lower grades at its 80%-owned Çöpler mine resulted in lower sales. Excluding special items, Toronto-based Alacer reported adjusted net profit of... 

ABG reports net profit for H1 on back of increased production, reduced costs

By: Leandi Kolver London-listed gold producer African Barrick Gold (ABG) reported a net profit of $41-million for the six months ended June 30, driven by increased production and continued cost discipline. ABG CEO Brad Gordon pointed out that the company had now achieved its seventh successive reduction of... 

San Gold to add Kerr Mines to portfolio

By: Henry Lazenby Canadian gold producer San Gold this week signed a nonbinding letter of intent to buy TSX-listed Kerr Mines in an all-scrip deal that would see San Gold take control of the Copperstone gold mine, in Arizona. San Gold president and VP of finance Gestur Kristjansson on Monday said the merger... 

Aurico Gold reports rising output for eighth quarter

By: Henry Lazenby Canadian gold producer Aurico Gold has recorded its eighth consecutive quarter of production growth, underpinned by record production from the cornerstone Young-Davidson mine, in Ontario. For the three months ended June 30, the TSX- and NYSE-listed miner reported total gold output from... 

Barrick CEO Sokalsky to step down

By: Henry Lazenby The world’s largest gold producer Barrick Gold on Wednesday announced that its president and CEO Jamie Sokalsky would step down as part of an executive management shakeup. The TSX- and NYSE-listed miner’s board billed the shakeup necessary to position it to “meet the distinct demands and... 

St Andrew Goldfields reports strong Q2 output

By: Henry Lazenby Ontario-focused gold producer St Andrew Goldfields (SAS) this week reported strong results from its three mines in the world-famous Abitibi greenstone belt of Ontario, placing it well on its way to achieve full-year guidance of between 75 000 oz and 85 000 oz. SAS, which operates the Holt,... 

St Andrew Goldfields drilling returns ‘encouraging’ results at Holloway

By: Henry Lazenby Ontario-focused gold producer St Andrew Goldfields (SAS), which operates the Holt, Holloway and Hislop mines in the Timmins mining district of north-eastern Ontario, which lies within the world famous Abitibi greenstone belt, on Tuesday reported positive results from an ongoing drilling campaign... 

Kirkland Lake Gold closes C$7.5m flow-through financing

By: Henry Lazenby TSX- and Aim-listed Kirkland Lake Gold on Friday reported that it had raised C$7.5-million, which it would use to advance its surface exploration programme. The gold producer, which is focused on the Macassa gold mine, in Ontario’s historic Kirkland Lake gold camp, said it issued 1.92-million... 

Klondex strengthens Nevada operations team

By: Henry Lazenby Nevada-focused gold producer Klondex Mines on Thursday said it had appointed Mike Isaak Fire Creek mine manager, Henry Follman Fire Creek senior geologist and Rosa Whisenand financial manager. Whisenand would also assume the management responsibilities for information technology, purchasing and... 

‘Hot spot’ Ivory Coast may host next new Randgold mine

By: Martin Creamer Under-explored Ivory Coast, which has just introduced what is seen as the most investor-friendly mining code in Africa, may become the site of the sixth mine that the London- and Nasdaq-listed Randgold Resources will build on the continent. Randgold Resources CEO Dr Mark Bristow described the... 

Eldorado Gold stock rallies on positive Kisladag expansion EIA decision

By: Henry Lazenby The TSX-listed stock of Canadian low-cost gold producer Eldorado Gold this week rallied after the company received a positive environmental-impact assessment (EIA) decision from the Environment and Urbanisation Ministry of Turkey for its proposed Kisladag mine expansion. The stock on Friday... 

Alacer reports positive DFS results for Çöpler, in Turkey

By: Henry Lazenby Intermediate gold producer Alacer Gold on Monday reported buoyant results of a definitive feasibility study (DFS) for the addition of a sulphide ore-processing circuit at its Çöpler mine, in Erzincan province, Turkey, extending the life of the mine and boosting current resources and reserves. The... 

Goldplat expects improved results for H2

By: Leandi Kolver Aim-listed African gold producer Goldplat continued to operate profitably during the second half of the 2014 financial year, with a substantial improvement expected compared with the first half of the year’s loss of £694 000, the company said on Friday. Goldplat did, however, state that while it... 

Sibanye to grow uranium output as volatile market improves

By: Natasha Odendaal As gold producer Sibanye Gold moved to optimise its gold resources through the incremental increase in production of uranium, the company could position itself to take advantage of a growing global uranium industry. With existing underground and surface infrastructure in place at its newly... 

Cunningham steps down as Auroch MD

By: Leandi Kolver Mozambique-focused gold producer Auroch Minerals on Monday announced that MD Dean Cunningham would step down with immediate effect as the company’s Manica gold project, in Mozambique, gained momentum and moved into the development and construction phase. He would remain on at the company as a... 

Otjikoto Order Will Showcase Flsmidth’s Gold Extraction Capabilities

FLSmidth’s capabilities in the gold extraction arena will be showcased with the supply of equipment to Vancouver-based gold producer B2Gold’s Otjikoto gold project. FLSmidth is the only company in Africa capable of providing a complete end-to-end gold extraction solution drawn from in-house... 

Creamer Media publishes African Mining Roundup for May 2014 research report

This month’s report includes details of London-listed Weatherly International’s flagship Tschudi opencut copper project, in Namibia, which is likely to cost 10% less than was stated in the 2012 bankable feasibility study; a new investment law, promulgated by the Egyptian government, which may... 

Centerra’s Mongolian ops crippled

By: Henry Lazenby Canadian gold producer Centerra Gold this week reported that its Boroo mill, in Mongolia, would operate at about half its nameplate capacity for two weeks after the mill’s vacuum contractors broke. The Toronto-based firm said that it had implemented a work-around, but that the mill would process... 

Minera Gold advancing Peru plant

By: Esmarie Swanepoel Junior gold producer Minera Gold on Tuesday told shareholders that it was looking at potential third-party toll treatment arrangements at its San Santiago carbon-in-leach plant, in Peru. The San Santiago processing plant, would mainly be used to treat ore from Minera’s own Torrecillas gold... 

Osisko reports strong Q1 results

By: Henry Lazenby Quebec-based gold producer Osisko Mining on Wednesday reported strong results for the three months ended March 31, netting C$24.2-million, or C$0.06 a share, up almost 40% from C$17.4-million, or C$0.04 a share, in the corresponding quarter of 2013. The miner, which recently fended off a hostile... 

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