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Topic

World's richest mines slipping from hands of multinationals

By: Bloomberg     5th September 2017 Outnumbered and outflanked, Freeport-McMoRan CEO Richard Adkerson made an about-face. Only months before, Adkerson had dismissed the idea of selling a majority stake in the Phoenix-based company’s flagship Indonesian copper-and-gold mine to local investors. But, seated beside government officials... 

Northern Star eyes Poseidon capacity

By: Esmarie Swanepoel     28th August 2017 Nickel miner Poseidon Nickel has entered into a memorandum of understanding (MoU) with fellow-listed gold miner Northern Star Resources to explore gold processing at the Black Swan operations, in Western Australia. Under the terms of the MoU, the two companies will evaluate commercial options... 

Appointments follow acquisition of only US PGMs miner

     25th August 2017 Independent mining group Sibanye has appointed three executives following its acquisition of the only platinum group metals (PGMs) miner in the US, Stillwater Mining, in May, when its organisational structure subsequently repositioned from a divisional commodity structure to a geographical... 

A cosmic theory and two-inch lump of gold drive Novo's 500% surge

By: Bloomberg     21st August 2017 Quinton Todd Hennigh has spent 13 years scouring the Earth for clues to back a hunch: that the world’s biggest gold resource has lost siblings elsewhere on the planet. Now the president of Novo Resources Corp thinks he may have found a counterpart of South Africa’s Witwatersrand in the ancient... 

Eastern Goldfields winding up order set aside

By: Esmarie Swanepoel     18th August 2017 An order by the Western Australian Supreme Court to wind up ASX-listed Eastern Goldfields has been set aside, with the miner on Friday announcing that the winding up process had been terminated and that the company had been returned to its directors. Assay provider Genalysis Laboratory Services... 

Explorer overcomes funding crunch, targeting first gold pour at Mali project by year-end

By: Ilan Solomons     18th August 2017 It is common knowledge that securing investment for exploration projects, particularly for junior operators, has been “extremely challenging”, owing to the current tepid global economic climate and low commodity prices, emerging gold miner Hummingbird business development head Robert Monro tells... 

Explorer overcomes funding crunch, targeting first gold pour at Mali project by year-end

By: Ilan Solomons     18th August 2017 It is common knowledge that raising investment for exploration projects, particularly for junior operators, has been “extremely challenging”, owing to the current tepid global economic climate and low commodity prices, emerging gold miner Hummingbird business development head Robert Monro tells... 

WA court orders winding up of Eastern Goldfields

By: Esmarie Swanepoel     16th August 2017 The ASX suspended shares of Eastern Goldfields from being traded on Wednesday after the Western Australian Supreme Court ordered that the company be wound up and a liquidator be appointed. Assay provider Genalysis Laboratory Services lodged the winding up case, which was heard on Tuesday. 

TMAC again lowers guidance as mill ramp-up slows

By: Henry Lazenby     15th August 2017 Emerging gold producer TMAC Resources expects to produce even fewer ounces this year at its Dorris mine, in Canada’s Nunavut Territory, as a slower-than-expected ramp-up of the plant impacted on the operation’s most recent quarterly performance. TMAC poured first gold at Dorris – part of the Hope... 

Strong financials keep Polyus on track to meet production guidance

By: Samantha Herbst     14th August 2017 Following positive operational and financial progress during the first half of 2017, London- and Moscow-listed Polyus remains on track to meet its full-year production guidance of between 2.08-million ounces and 2.13-million ounces. 

Polyus delivers solid H1 operational results

By: Samantha Herbst     11th August 2017 Continuing to build on its position as a low-cost gold producer with a clear growth strategy, Russia-based Polyus delivered consistent production in the half year ended June 30, achieving a 12% year-on-year increase to 938 000 oz. The company – Russia’s largest gold producer – attributed this... 

Avesoro maintains positive Ebitda into Q2

By: Natasha Odendaal     11th August 2017 TSX- and Aim-listed Avesoro Resources has achieved positive earnings before interest, taxes, depreciation and amortisation (Ebitda) for the second consecutive quarter. Ebitda reached $900 000 for the quarter ended June 30, after the company achieved positive Ebitda for the first time during the... 

Semafo rallies as Siou grade control trends back on track

By: Henry Lazenby     9th August 2017 Canadian gold producer Semafo on Wednesday rallied strongly in Toronto after it confirmed its revised production guidance for the year, on the back of grade stabilisation at the Siou satellite pit of the Mana mine, in Burkina Faso. The West Africa-focused miner reiterates its 2017 outlook of... 

Mining needs more activist investors, top gold producer says

By: Bloomberg     8th August 2017 Mining companies could benefit from more investor activism in the wake of Elliott Management’s campaign for improved performance at BHP Billiton, according to Australia’s second-largest gold producer. The sector’s record of returns warrants closer scrutiny from shareholders, Evolution Mining... 

Richmont’s Island Gold drives strong quarterly gold production, performance

By: Mia Breytenbach     4th August 2017 Small-scale gold producer Richmont Mines has reported a strong operating and financial performance for the second quarter ending June 30, driven by solid results from its flagship Island Gold mine, in Ontario. The company produced 31 249 oz of gold and sold 35 040 oz in the quarter, with 26 110... 

Eldorado profit narrows on lower sales

By: Henry Lazenby     28th July 2017 Canadian gold producer Eldorado Gold has reported lower adjusted earnings for the second quarter as lower gold sales from continuing operations weighed on the TSX- and NYSE-listed miner’s financial performance. Excluding single items, net earnings for the three months ended June 30 were... 

Gold majors pump profits as costs fall, output rises

By: Henry Lazenby     27th July 2017 Several gold majors reported second-quarter results on Wednesday, showing rising profits amid lower costs and rising or stabilised production profiles. The world’s largest gold producer by output Barrick Gold reported headline earnings after market close on Wednesday of $261-million, or $0.22 a... 

Arbitrator grants some protective relief for Centerra in ongoing Kyrgyz legal saga

By: Henry Lazenby     19th July 2017 Canadian gold producer Centerra Gold has been granted some interim relief in its rolling arbitration against the Kyrgyz Republic and State miner Kyrgyzaltyn, regarding the Kumtor project. The TSX-listed miner reported on Wednesday that the arbitrator sided with the company, finding prima facie... 

Blackham misses production mark

By: Esmarie Swanepoel     17th July 2017 Junior gold producer Blackham Resources on Monday said that it had missed production targets during the three months to June owing to lower grades at its Matilda/Wiluna operation, in Western Australia. Gold production for the quarter ended June reached 15 709 oz, which was higher than the 14 920... 

First gold pour imminent at newly commissioned Davyhurst

By: Esmarie Swanepoel     14th July 2017 Commissioning of the Davyhurst mill, in Western Australia, has been completed, with ASX-listed Eastern Goldfields on Friday reporting that continuous ore processing had started. First gold pour from the gravity circuit is expected on July 19, and the first leach circuit gold pour is scheduled... 

Leagold reports exploration success at Los Filos’ Bermejal deposit

By: Henry Lazenby     14th July 2017 Midtier gold producer Leagold Mining reported on Thursday that ongoing drilling of the Bermejal Undergound deposit at its Los Filos mine, in Mexico, has returned consistent high-grade mineralisation that holds the potential for a significant near-term resource upgrade. The TSX-V-listed company,... 

Liberia makes progress in reporting stakes despite Ebola, Mali also improving

By: Ilan Solomons     14th July 2017 Liberia has undergone its first Extractive Industries Transparency Initiative (EITI) validation in terms of the EITI standard and has demonstrated “meaningful progress” despite a disruption bought about by the Ebola epidemic. The EITI is a global reporting standard aimed at promoting open and... 

Years of gridlock face South Africa as new rules hurt mining 

By: Bloomberg     13th July 2017 Executives from Sibanye Gold Ltd., South Africa’s biggest gold miner, were in Los Angeles in the final stages of a roadshow with U.S. bond fund managers last month when a bombshell hit from back home. The government had introduced shock new rules requiring local mines be 30 percent black-owned in... 

Nicolsons continues to deliver for Pantoro

By: Esmarie Swanepoel     13th July 2017 ASX-listed gold producer Pantoro has continued to increase production at its Nicolsons project, in Western Australia, beating its previous production record during the three months to June. The miner on Thursday reported that the Nicolsons project delivered 11 828 oz of gold during the June... 

Poseidon, Aphrodite enter MOU to assess gold processing at Black Swan

By: Ilan Solomons     10th July 2017 ASX-listed companies Poseidon Nickel and Aphrodite Gold announced on Monday that they had entered into a memorandum of understanding (MOU) to evaluate the processing of Aphrodite’s gold mineral resources at Poseidon’s Black Swan processing facility (BSPF), in Western Australia’s Eastern... 

Semafo’s Q2 output slumps as it grapples with grade control at Mana

By: Henry Lazenby     6th July 2017 West Africa-focused gold producer Semafo reported lower gold output for the second quarter ended June, as grade control issues at the Siou satellite deposit of the company's flagship Mana mine, in Burkina Faso, impacted on output. Montreal, Quebec-based Semafo produced 47 600 oz of gold for the... 

Metanor raises $5.93m for exploration

By: Megan van Wyngaardt     3rd July 2017 TSX-V-listed emerging gold producer Metanor Resources has closed a private placement, raising $5.93-million. A total of 5.25-million flow-through shares have been issued at a price of $1.13 apiece. 

Randgold to make Massawa development decision by mid-2018

By: Henry Lazenby     29th June 2017 LSE- and Nasdaq-listed Randgold Resources on Wednesday said it should be able to make a development decision on the Massawa project, in Senegal, by mid-2018. The London-based miner plans to complete a feasibility study on the multimillion-ounce orebody by the middle of next year. 

OceanaGold narrows 2017 guidance as Haile teething problems dent project progress

By: Henry Lazenby     27th June 2017 Melbourne, Australia-based gold producer OceanaGold on Monday said it has narrowed the top-end of its 2017 gold production guidance as teething problems at its new Haile gold mine, in South Carolina, stymies progress. The TSX- and ASX-listed midtier miner, with assets located in the Philippines,... 

Method leads to increased productivity

By: Marleny Arnoldi     23rd June 2017 Mining industry drilling services provider Rosond has adopted an approach to drilling equipment maintenance which entails identifying trends to assist it in applying engineering fixes, altering maintenance periods and educating operational staff accordingly. “We follow a productive approach, with... 

RNC declares commercial production at Beta Hunt mine in Australia

By: Henry Lazenby     21st June 2017 TSX-listed copper and gold producer RNC Minerals has declared commercial production at the Beta Hunt mine, in Western Australia. The Toronto-headquartered company announced on Tuesday that Beta Hunt has met the commercial criteria of producing at least 3 500 oz of gold over a one-month period,... 

GOLD RUSH

By: Martin Creamer     16th June 2017 Less than two years after delisting from the London Stock Exchange, Russian gold producer Polyus has returned. Listed in Moscow with a market capitalisation of $9.9-billion, Polyus is prepared to sell 7% of its equity, which follows China’s Fosun Group agreed to acquire 15% of the company. CEO... 

S&P's places Polyus ratings on CreditWatch positive

By: Megan van Wyngaardt     9th June 2017 Ratings agency S&P Global Ratings Services has placed its 'BB-' issuer credit ratings on Russian gold miner PJSC Polyus and its controlling shareholder, Polyus Gold, on CreditWatch with positive implications. S&P’s highlighted the company’s strong profitability, positive free operating cash flow... 

Sibanye gets positive boost from ratings agencies

By: Megan van Wyngaardt     7th June 2017 JSE-listed platinum and gold miner Sibanye on Wednesday received a Ba2 rating from Moody’s Investors Service with a stable outlook and a B+ rating with a positive outlook from Standard & Poor’s (S&P’s) Global Ratings. In assigning the Ba2 corporate family rating to Sibanye, Moody’s noted that it... 

Iamgold rises on 30% Côté stake sale, positive PFS results

By: Henry Lazenby     6th June 2017 The TSX-listed stock of Canadian gold producer Iamgold gained nearly 12% on Tuesday following news late on Monday that it has agreed to sell a 30% stake in its Côté gold project, in Ontario, and the publication of a positive prefeasibility study (PFS) for the mine. Tokyo-based Sumitomo Metal... 

Polyus launches secondary share offer in London, Moscow

By: Reuters     5th June 2017 Russia's top gold producer Polyus will offer new and existing shares in a secondary share offering in both London and Moscow, it said on Monday, in a deal that will test investor appetite for Russian assets. 

Leagold focused on delivering catalysts as it looks to expand Los Filos platform

By: Henry Lazenby     3rd June 2017 The focus has turned to delivering on the impending catalysts for newly minted midtier gold producer Leagold Mining, as it assimilates the freshly acquired Mexico-based Los Filos mine and works to enhance and expand the flagship operation. “Los Filos is an ideal cornerstone mine with which to... 

Positive PEA a first step for Richmont in multi-phased Island mine expansion

By: Henry Lazenby     30th May 2017 Boutique gold producer Richmont Mines has published a positive preliminary economic assessment (PEA) examining an expansion case for the flagship Island gold mine, in Ontario, that will push output 22% higher at low cash cost and generate a robust cash flow stream. The Toronto-based miner said on... 

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