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Topic

AuRico picks up boutique royalty streamer Kiska Metals

By: Henry Lazenby     23rd December 2016 TSX-listed gold producer AuRico Metals will buy royalty and project generator firm Kiska Metals in a cash-and-stock deal valued at C$9.6-million. AuRico will acquire all the issued and outstanding securities of Kiska, paying about 0.0667 of an AuRico common share, plus C$0.016 in cash for each... 

Ontario OKs Richmont’s Island Gold expansion permit

By: Henry Lazenby     19th December 2016 Boutique gold producer Richmont Mines has received the amendments for both Air and Wastewater Environmental Compliance Approvals (ECAs) from the Ontario Ministry of Environment and Climate Change for its 100%-owned and operated Island Gold mine, in northern Ontario. These amendments allow for... 

Mandalay lifts Björkdal gold reserves, resources

By: Henry Lazenby     16th December 2016 Canadian gold producer Mandalay Resources has reported significant exploration success at its 100%-owned Björkdal mine, in Sweden, lifting the measured and indicated resource estimate 52% from 598 000 oz gold, to 911 000 oz as at September 30. The Toronto-based company, which acquired the mine in... 

Agnico to buy Sonoro’s Chipriona project in Mexico

By: Henry Lazenby     15th December 2016 Canadian gold producer Agnico Eagle has agreed to buy the Chipriona gold project, in Mexico, from TSX-V-listed Sonoro Metals for $4-million and a 1% net smelter return (NSR) royalty. The NSR royalty may be bought by Agnico at any time for an additional $1.5-million. Chipriona comprises 515 ha of... 

Goldsource lifts loan facility to buy more plant equipment

By: Henry Lazenby     15th December 2016 Vancouver-headquartered gold producer Goldsource Mines has increased its existing $1-million loan facility with Mitan Holdings, a company controlled and directed by a director of the company, by a further $300 000. The funds will be used for the purchase, delivery and installation, early in the... 

OceanaGold rises on improved 2017 outlook

By: Henry Lazenby     13th December 2016 The TSX-listed stock of multinational gold producer OceanaGold on Monday rose as much as 3.54% to C$3.80 apiece following a company announcement stating that it had lifted expected 2017 output by 35% over the current year and reduced all-in sustaining costs (AISC) by 15%. Melbourne,... 

Perseus settles Amara mining contractor dispute

By: Henry Lazenby     2nd December 2016 West African gold producer Perseus Mining has inked a settlement agreement with mining contractor BCM International and its subsidiaries over a dispute between BCM and various members of the Amara Mining group, which Perseus acquired earlier this year. The dispute with BCM related to outstanding... 

Gold tormented by mighty dollar as price sinks to nine-month low

By: Bloomberg     25th November 2016 Gold is being tormented by the mighty dollar, with the precious metal sinking to a nine-month low as the prospect for higher interest rates from the Federal Reserve next month and in 2017 lifts the US currency. Bullion for immediate delivery tumbled as much as 0.9% to $1,171.18/oz, the lowest... 

R10-million laboratory commissioned in DRC

By: Simone Liedtke     25th November 2016 Turnkey laboratory solutions provider Tramecon has commissioned the R10-million Kinsenda laboratory, a project headed by midtier mining group Metorex, near the border town of Kasumbalesa, in the Democratic Republic of Congo (DRC). 

Barrick announces early tender offer results

By: Henry Lazenby     18th November 2016 The world’s largest gold producer Barrick Gold has announced the results of the early tender offer to buy a certain amount of its 4.4% notes with maturity in 2021, 4.1% notes with maturity in 2023 and 3.85% notes with maturity in 2022. The Toronto-based company also announced an increase in the... 

Shanta receives $5.25m silver streaming payment

By: Anine Kilian     17th November 2016 East Africa-focused gold producer Shanta Gold has received an advanced payment of $5.25-million as part of a silver streaming agreement (SSA) with privately held Guernsey-based investment company Silverback. The SSA was signed in May. 

New Gold starts construction of Rainy River tailings, lowers risk with copper hedges

By: Henry Lazenby     16th November 2016 Intermediate gold producer New Gold has been given permission by the Ontario Ministry of Natural Resources and Forestry (MNRF) to start construction on the tailings management facility at Rainy River, with construction to start immediately. New Gold stated Tuesday that it continues to expect... 

Decade of gold mine declines poised to spur deals, prices

By: Bloomberg     16th November 2016 Gold’s dwindling pipeline of new mines is poised to usher in a decade-long output slump, spurring prices and delivering a new impetus for dealmaking and industry consolidation, according to Goldcorp, the third-largest gold producer. Mine supply may fall about a third in the ten years to 2025,... 

Goldsource slashes guidance by more than half as equipment failure, drought hamper expansion

By: Henry Lazenby     15th November 2016 Canadian gold producer Goldsource Mines has deferred its Phase 2 expansion plans at its Guyana-based flagship Eagle Mountain gold mine, to address issues with an underperforming plant and a water shortage. The Vancouver-based company on Monday cut guidance from between 1 400 oz to 2 100 oz gold... 

Ecuador says BHP, billionaire Rinehart seek to join metals chase

By: Bloomberg     8th November 2016 BHP Billiton, the world’s largest miner, and billionaire Gina Rinehart’s Hancock Prospecting, are among commodity producers to have held talks over a potential entry into mining and exploration projects in Ecuador, according to the nation’s government. Both producers had discussions with... 

McEwen Mining closes strong week; appoints Xavier Ochoa as president, COO

By: Henry Lazenby     5th November 2016 Owner-led gold producer McEwen Mining was up 13.5% on the TSX by Friday, ending somewhat of a roller coaster week on a positive note. The stock started the week at C$3.12 a share, before climbing 18% to an intraweek high of C$3.68 a share on Wednesday, and falling again 13% to C$3.20 apiece on... 

Mines turn to off-grid power amid low commodity prices, revenue

By: Simone Liedtke     28th October 2016 More companies are considering the use of an independent power producer (IPP) to meet their mines’ energy needs, as many projects are under pressure to achieve capital savings to weather the current operating environment comprising low commodity prices and diminished revenue streams. 

Patented mining technology to be released month-end

By: Aarifah Nosarka     28th October 2016 Local ultra-low-profile mining machinery and equipment supplier CMTI Consulting expects to release its patented MT100, MT1000 and automated brake tester technologies for mines by the end of this month. The technology, developed by CMTI Consulting, in Pretoria, comprises 70% local content and is... 

Goldplat sees positive production and financial quarter, projects progressing

By: Ilan Solomons     27th October 2016 Africa-focused gold producer Goldplat produced a total of 9 129 oz of gold and gold equivalents from all its operations during the three months to September 30, with improvements in operating profitability at its recovery operations. Goldplat CEO Gerard Kisbey-Green said on Thursday that good... 

Gold majors report upbeat Q3 earnings as costs continue to fall

By: Henry Lazenby     27th October 2016 The world's major gold producers on Wednesday reported mostly positive results for the three months ended September, saying profits increased while costs continued to fall in a higher gold price environment. The world’s largest gold producer by output Barrick Gold reported adjusted earnings of... 

Randgold to pay $25m advance towards resolving Mali tax dispute

By: Henry Lazenby     26th October 2016 Africa-focused Randgold Resources has agreed to pay the Mali government $25-million (CFAfr15-billion) on the understanding that the parties will soon sit down to resolve all Randgold group tax issues. The gold miner, which operates three mines in Mali, is disputing the tax assessments for 2011,... 

Galane upbeat on potential Tau extension at depth

By: Henry Lazenby     25th October 2016 Southern Africa-focused gold producer Galane Gold says it plans to undertake an exploration programme next year to investigate if there is a down dip and to note the possible extent of the ‘C Reef’ strike beyond the current mined area within the active underground working areas of the Mupane... 

Centerra’s Thompson Creek takeover establishes ‘leading low-cost gold producer’

By: Megan van Wyngaardt     21st October 2016 TSX-listed miner Centerra Gold has completed its acquisition of US-based Thompson Creek Metals, establishing a geographically diversified gold producer with a high-quality producing platform and a strong growth pipeline. The companies announced Thursday that they had completed a plan of... 

Matilda pours first gold

By: Esmarie Swanepoel     18th October 2016 The Matilda gold project, in Western Australia, has poured its first gold, making Blackham Resources Western Australia's newest gold producer. “We are delighted at reaching the milestone in just 16 months from completing our funding deal with Orion Mine Finance,” Blackham CEO Alan Thom said on... 

Silver miner Fresnillo pushes San Julián Phase 2 expansion out to Q2 2017

By: Henry Lazenby     12th October 2016 LSE- and Mexican Stock Exchange-listed silver miner Fresnillo has pushed the Phase 2 plant expansion at its San Julián mine out to the second quarter of 2017, citing a combination of external factors. The London-headquartered company said Wednesday that unusually high rainfall compared with 2015... 

Mali miners call strike with Randgold, Resolute affected

By: Bloomberg     12th October 2016 Mine workers in Mali will go on strike this month for five days as the biggest union accuse employers of treating its members unfairly due to their affiliation with the employee organisation. Workers will go on strike from October 24 at mines belonging to gold producers including Resolute Mining... 

Copper Mountain’s yearly guidance slightly ahead for 2016

By: Samantha Herbst     7th October 2016 Annual production is on track at TSX-listed copper and gold producer Copper Mountain Mining’s eponymous mine, in southern British Columbia, which produced 22-million pounds of copper, 8 170 oz of gold and 81 540 oz of silver in the third quarter, bringing production guidance slightly ahead for... 

New mine plan for New Luika expected in Q1 2017

By: Simone Liedtke     7th October 2016 Low-cost Tanzanian gold producer Shanta Gold has significant growth potential across its assets and expects to release an updated mine plan for its New Luika gold mine in the first quarter of 2017. 

Newmont executes production at Suriname-based Merian mine

By: Henry Lazenby     3rd October 2016 US gold producer Newmont has declared commercial production at the Merian gold mine, in Suriname, saying the project was completed on time and $150-million, or 20% under budget. “We took an optimised approach to project development and benefitted from being one of the only gold producers... 

Yamana raises $178m for debt repayment through Mercedes, warrant sales

By: Henry Lazenby     3rd October 2016 Canadian gold producer Yamana Gold has raised about $178-million to cut its debt load, the company said Monday. The Toronto-headquartered company received $122.5-million in cash from the sale of its Mercedes mine, in Mexico, to Premier Gold, as well as shares, equity securities and net smelter... 

Barrick says Argentina mine may resume within two weeks

By: Reuters     19th September 2016 Barrick Gold's Veladero gold mine, in Argentina, one of its five core mines, could resume operations in the next two weeks, Barrick president Kelvin Dushnisky said in an interview on Monday. "I am hopeful that it could be up and going in that kind of two-week window depending on how the... 

Asanko lifts H2 guidance

By: Henry Lazenby     17th September 2016 Since declaring commercial production on April 1, Canadian gold producer Asanko Gold has maintained steady-state production at its eponymous mine, in Ghana. The strong performance prompted the company on Friday to lift production guidance for the second half of the year to between 100 000 oz and... 

Indicated resources at Tanzania gold prospect up 409% to 205 347 oz

By: Mia Breytenbach     16th September 2016 East Africa-focused gold producer, developer and explorer Shanta Gold has upgraded its Joint Ore Reserves Committee-compliant resource estimate at the Ilunga satellite deposit at the New Luika Gold Mine (NLGM), in south-west Tanzania, with indicated resources increasing by 409% – from 40 352 oz... 

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... 

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