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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... 

Evolution doubles dividend payout, provides three-year production guidance

By: Mariaan Webb     28th June 2016 Australia’s second-largest gold producer, Evolution Mining, on Tuesday announced that it would double its dividend payout on a strong long-term outlook. From the end of the 2016 financial year, the payout rate would double to 4% of revenue, which the company said compared well with midtier... 

Guyana Goldfields lifts bought deal financing to C$130m, raises guidance

By: Henry Lazenby     28th June 2016 Midtier gold producer Guyana Goldfields has increased its previously announced bought deal financing to C$130-million from C$110-million, citing “strong demand”. The Toronto-headquartered company had signed an agreement with a syndicate of underwriters led by BMO Capital Markets, Scotiabank and... 

Gold rises most since 2008 crisis as investors seek Brexit haven

By: Bloomberg     25th June 2016 Gold surged the most since the height of the 2008 global financial crisis after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand. Bullion jumped as much as 8.1% and futures trading volume was double the average for this time of day. As the pound... 

Nordgold may look at Toronto listing instead of London on Brexit

By: Bloomberg     24th June 2016 Nordgold, the Russian miner controlled by billionaire Alexey Mordashov, may look to get a primary listing of its shares in Toronto instead of London after the UK voted to leave the European Union. "It’s a real shock and nobody yet understands what the final consequences will be," Chief Executive... 

Gold sees biggest gain since 2008 in rush for havens from Brexit

By: Bloomberg     24th June 2016 Gold rallied the most since the global financial meltdown of 2008 after the UK voted to leave the European Union, sending markets into a tailspin and investors piling into haven assets. Bullion for immediate delivery jumped as much as 8.1%, the most since 2008, and traded at $1 322.88 an ounce as... 

African Thunder Platinum appoints new CEO

By: David Oliveira     24th June 2016 Platinum group metals producer African Thunder Platinum (ATP) announced the appointment its new CEO Brett Richards earlier this month. Richards is a well-known mining executive, with more than 30 years' experience in mining and metals. He has CEO experience in publicly listed resource companies... 

Developer attracts partners of proven gold pedigree

     24th June 2016 The joint ventures (JVs) secured by London-headquartered mineral exploration and development company Kodal Minerals with gold producer Resolute Mining and Australia-based mining corporation Newcrest Mining, following its May acquisition of Perth-based precious metals explorer International... 

Credit Suisse maintains outperform rating on Perseus after A$102m equity raise

     22nd June 2016 Financial services group Credit Suisse has maintained its outperform rating and A$0.72 a share price target on West African gold producer Perseus Mining following the company’s A$102-million equity raise. The A$102-million raise at $0.50 a share, which comprised a $A61-million institutional... 

Fresnillo discloses $18.4m in payments to Mexico

By: Henry Lazenby     17th June 2016 LSE- and Mexican Stock Exchange-listed silver miner Fresnillo has disclosed payments made to governments in 2015, as required under the UK Reports on Payments to Governments Regulation. The London-based company said it had paid a net amount of $18.4-million to the Mexican government, where it... 

Essential maintenance supplied despite budget cuts by mines

By: Sebastian Whyle     17th June 2016 Rope access service and equipment provider Skyriders is, to a large extent, immune to the current commodities price slump, as inspection and maintenance is an essential part of keeping sites operational, notes marketing manager Mike Zinn. 

Randgold demonstrates community commitment in DRC

By: David Oliveira     17th June 2016 The successful development of gold producer Randgold Resources’ Kibali gold mine in the north-eastern Orientale province of the Democratic Republic of Congo (DRC) has demonstrated the capacity of mining to boost the economies of African countries and improve the lives of their people, company CEO... 

Klondex expects True North development decision in Q3

By: Henry Lazenby     15th June 2016 Junior gold producer Klondex Mines expects to make a development decision on its recently acquired True North gold mine, formerly known as the Rice Lake mine, in Manitoba, following a mineral resource update expected in the third quarter. The TSX-listed miner advised that it expected to recover... 

Project consolidator Oban rebrands as Osisko Mining, updates Marban resources

By: Henry Lazenby     14th June 2016 A famous name in Canada’s recent gold mining history lives again after project consolidator Oban Mining formally announced Tuesday that it would change its name to Osisko Mining. The company said the rebranding exercise would better reflect the corporation's current management, board and... 

Tyranna reinforces stake in Challenger gold assets

By: Samantha Herbst     14th June 2016 Resource and exploration company Tyranna Resources has initiated a formal dispute process as a result of repeated claims allegedly made by emerging gold producer WPG Resources that part of exploration licence 5661, which surrounds South Australia’s Challenger gold mineral lease, does not form... 

Tahoe’s head of Canadian ops to become Kirkland Lake Gold CEO

By: Henry Lazenby     13th June 2016 Intermediate gold producer Kirkland Lake Gold on Monday announced that president and CEO George Ogilvie resigned from the company and board on Sunday, with Tahoe Resources’ head of Canadian operations Anthony Makuch taking his place in the weeks to come. Current director Barry Olson would assume... 

Heightened mining M&A predicted for Brazil as prices surge, debt-burdened majors seek to offload assets

By: Mia Breytenbach     10th June 2016 There will be elevated investment, and merger and acquisition (M&A) activity in Brazil's mining industry over the coming quarters, supported by vast mineral reserves, stabilising mineral prices and debt-burdened major producers who are keen to offload assets, predicts research firm BMI Research.... 

Richmont closes C$31.1m financing, ups Island Gold exploration budget

By: Henry Lazenby     7th June 2016 Junior gold producer Richmont Mines has closed a common share financing deal for gross proceeds of about C$31.1-million. The Toronto-based miner had issued 2.6-million shares, including an over-allotment of 390 000 shares, at C$10.40 apiece. 

WPG awarded new mineral lease for Challenger

By: Samantha Herbst     6th June 2016 Emerging gold producer WPG Resources was on Monday granted a new mineral lease for its Challenger operation in Central South Australia. South Australia MP Tom Koutsantonis confirmed the grant on behalf of the state. 

Centerra starts Mexican exploration campaign

By: Henry Lazenby     1st June 2016 Canadian gold producer Centerra Gold has started an exploration campaign at TSX-V-listed Millrock Resources’ Los Chinos and Los Cuarentas gold projects in Sonora State, Mexico. The two companies had on March 30 announced an option-to-joint-venture agreement under which Centerra could earn a 70%... 

Metminco completes acquisition of Colombian gold portfolio

By: Creamer Media Reporter      31st May 2016 ASX- and Aim-listed Metminco has completed the acquisition of Minera Seafield, which owns the Quinchia gold asset portfolio, in Colombia, from RMB Australia. Metminco announced in March that it had signed a heads of agreement with RMB Australia to acquire the portfolio in exchange for up to... 

Challenger mine resumes operations, produces first gold

By: Samantha Herbst     31st May 2016 After being temporarily suspended by its former owner in March, the Challenger gold mine, in South Australia, has resumed production and site operations, with the first gold bar produced on Tuesday under the mine’s new owners, ASX-listed gold producer WPG Resources and joint venture partner... 

RNC’s Beta Hunt ramp-up ahead of schedule

By: Henry Lazenby     30th May 2016 Canadian gold producer Royal Nickel Corporation (RNC) is ahead of the ramp-up schedule for its Beta Hunt mine during May, hitting about 65% of the year-end mining rate target, which is ahead of the ramp-up schedule planned in the Beta Hunt preliminary economic assessment, the company reported on... 

Mantle advances strategy to become Australia’s newest gold producer

By: Mariaan Webb     30th May 2016 ASX-listed junior Mantle Mining has developed a detailed plan to bring the historic Morning Star gold mine, in Victoria, into production, MD Ian Kraemer reported on Monday. The mine, which Mantle recently bought, was once the country’s most prolific gold producer and formed a key part of the... 

Australian gold output declines as producers cut grades

     30th May 2016 Although Australian gold output declined slightly in the first three months of 2016, the country’s gold sector is benefiting from higher prices, Melbourne mining consultants Surbiton Associates said in its latest quarterly gold survey, published on Sunday. Australian gold production totalled 71 t... 

Canadian gold producer invests $11m in embattled Vantage Goldfields

By: Samantha Herbst     27th May 2016 Canadian gold producer AfroCan Resources Gold will invest $11-million over the next two months into South African gold miner Vantage Goldfields, effective June 1, following an agreement signed Friday, Vantage confirmed to Mining Weekly Online. The companies noted in a join statement that AfroCan,... 

Sarama acquires Bondi gold deposit

By: Anine Kilian     24th May 2016 TSX-listed Sarama Resources has signed a binding heads of agreement with gold producer Orezone Gold to to acquire its Bondi gold deposit, which is near Sarama’s South Houndé project, in south-western Burkina Faso. The South Houndé and Karankasso projects were located 30 km from Bondi, presenting... 

Venture soothes concern over Thai ops as Kingsgate runs into trouble

By: Esmarie Swanepoel     12th May 2016 Metals explorer Venture Minerals has moved to allay shareholder fears over its operations in Thailand, after gold producer Kingsgate Consolidated encountered issues in the country. Kingsgate this week suspended share trading regarding the uncertainty around the renewal of its metallurgical... 

Eldorado swings to Q1 headline loss, homes in on project pipeline

By: Henry Lazenby     12th May 2016 Geographically diversified Canadian gold producer Eldorado Gold has swung to a first-quarter headline loss of $700 000, or nil per share, as gold sales volumes fell 27% year-on-year, along with slightly lower gold prices, resulting in a 29% drop in gold revenues. The company reported adjusted net... 

Kinross beats Q1 earnings expectations despite lower prices, operating earnings

By: Henry Lazenby     11th May 2016 Canadian gold producer Kinross Gold has reported adjusted net earnings attributable to common shareholders in the first quarter of $1.4-million, or nil per share, compared with adjusted net earnings of $15.3-million, or $0.01 a share, for the comparable period in 2015. The financial performance... 

Thunderbox reaches commercial milestone

By: Esmarie Swanepoel     10th May 2016 The Thunderbox gold mine, in Western Australia, reached its commercial production milestone at the start of April this year, owner Saracen Mineral Holdings reported on Tuesday. The project, which was expected to pour its first gold in June, was now operating at its nameplate capacity of... 

Shanta Gold strengthens financial position through share placing

By: Anine Kilian     6th May 2016 East-Africa focused gold producer Shanta Gold has successfully completed an oversubscribed bookbuild for the conditional placing of about 111-million new ordinary shares. These shares were conditionally placed by stockbroking and advisory house Peel Hunt at 6.5p a share, with certain existing,... 

Crushing circuit commissioned at Côte d’Ivoire gold operation

By: David Oliveira     6th May 2016 Africa-focused gold producer Randgold Resources announced last month that it had commissioned its fourth-stage crushing circuit at its Tongon gold mine, in Côte d’Ivoire, completing an extensive capital project designed to improve throughput and recovery.  The new circuit is being optimised.... 

Power, equipment challenges impede Metallon’s Q1 production

By: Creamer Media Reporter      5th May 2016 Power supply interruptions and equipment breakdowns have contributed to a 15% year-on-year decrease in Zimbabwe-based Metallon Corporation’s production for the quarter ended March 31. The company on Thursday reported production of 20 676 oz for the quarter under review, compared with the 24 386... 

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