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Topic

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... 

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. 

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