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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... 

Agnico Eagle soars on strong Q1 financials

By: Henry Lazenby     29th April 2016 Canadian gold producer Agnico Eagle Mines has recorded a 9.21% bump in its NYSE-listed stock price on Friday, testing new 12-month highs of $47.33 a share after reporting strong first-quarter earnings. For the three months ended March 31, the Toronto-headquartered miner had reported adjusted net... 

Still demand for education in mining

By: Kimberley Smuts     29th April 2016 There is still demand for mining education, the School of Mining Engineering at the University of the Witwatersrand (Wits) tells Mining Weekly, noting that this is demonstrated by the increase in first-year admissions from 103 students in 2005 to 234 students in 2015. Wits School of Mining... 

Despite Otjikoto slope failure, B2Gold gold output on course for another record year

By: Henry Lazenby     28th April 2016 Canadian gold producer B2Gold has exceeded its first-quarter production guidance by 8 966 oz of gold, for company-wide output of 127 844 oz of the yellow metal, an increase of 10% over the same period in 2015. Despite a slope failure on the pit access ramp at the Otjikoto mine, in Namibia, on... 

New Gold reports strong Q1 output

By: Henry Lazenby     27th April 2016 Canadian copper and gold producer New Gold saw strong production results during the first quarter ended March 31, lifting gold output to 90 811 oz, which is in line with 2015 production, as slightly higher output from the company's New Afton, Mesquite and Peak mines partially offset planned lower... 

PanTerra weighs options for Las Lagunas plant, eyes JV in China

By: Esmarie Swanepoel     27th April 2016 Gold producer PanTerra Gold has this week unveiled options to use its Albion/carbon in leach (CIL) processing plant in the Dominican Republic, once gold and silver extractions from the refractory tailings at the Las Lagunas project was completed in mid-2019. The plant has the capacity for... 

Barrick surprises on the upside despite Q1 production loss

By: Henry Lazenby     26th April 2016 Chief gold producer Barrick Gold has delivered a strong financial performance during the first quarter, doubling headline earnings and beating stock market forecasts; all the while making good progress on strategic objectives despite a 7.9% decline in output. The Toronto-based company, whose... 

With first sales under belt, Goldsource eyes adding an excavator at Eagle Mountain

By: Henry Lazenby     20th April 2016 Since starting commissioning activities late January, Guyana-focused gold producer Goldsource Mines has recorded sales of 81.7 oz of the yellow metal on April 14, at $1 240/oz. With a declaration of commercial production imminent, the TSX-V-listed project developer said Wednesday it would add a... 

Goldplat lifts Q1 production

By: Dylan Slater     20th April 2016 Aim-listed Goldplat produced 7 252 oz of gold in the first quarter of this year, thereby contributing to continued profitability and steady progress on priority capital projects. During the quarter under review, the South Africa-based Goldplat Recovery (GPL) produced 4 864 oz of gold, of which 3... 

Excelsior starts mining at Zoroastrian

By: Esmarie Swanepoel     19th April 2016 Mining has started at Excelsior Gold’s Zoroastrian Central openpit mine, within its Kalgoorlie North gold project. The ASX-listed company said on Tuesday that the first Zoroastrian ore was hauled to the Paddington mill earlier in April, following the conclusion of initial start-up mining from... 

Goldsource to accelerate expansion plan at Eagle Mountain

By: Henry Lazenby     18th April 2016 Guyana-focused gold producer Goldsource Mines will use the proceeds from exercised warrants for working capital and accelerating planned expansion of production at its Eagle Mountain gold mine, where it last month started first production. The TSX-listed company on Monday advised that... 

Richmont on the up as output rises and costs decline

By: Henry Lazenby     13th April 2016 Small-scale gold producer Richmont Mines has increased consolidated output in the first three months ended March 31 by 25% year-on-year to 32 369 oz of gold, while simultaneously driving costs per ounce down 18% to C$806, the company announced Tuesday. The TSX- and NYSE MKT-listed miner reported... 

Torex strikes deal with local group blocking access to El Limon-Guajes mine

By: Henry Lazenby     12th April 2016 Canadian gold producer Torex Gold has reached an agreement with local families blocking access to the El Limon-Guajes (ELG) mine, in Mexico, for more than a week, saying operations will be restarted during the night shift on Thursday. Less than a week after declaring commercial production, Torex... 

Coeur reports 15% quarter-on-quarter drop in silver equivalent output

By: Henry Lazenby     8th April 2016 Silver producer Coeur Mining has reported a 15% quarter-on-quarter drop in silver equivalent output during the three months ended March 31, stating the performance was in-line with expectations as a transition to lower-tonnage, higher-grade and higher-margin underground operations at Guadalupe... 

New Act to curb illegal mining in Ghana

By: Robyn Wilkinson     8th April 2016 Enforcing the new Minerals and Mining Amendment Act (MMAA) No 900 of 2014 will do much to reduce the onslaught of illegal, or galamsey, miners on mining concessions in Ghana, claims Ghana Chamber of Mines external relations and communications director Ahmed Nantogmah. 

Centerra secures $150m credit facility to develop Öksüt in Turkey

By: Henry Lazenby     6th April 2016 Canadian gold producer Centerra Gold has secured a $150-million project financing term loan that it would use to develop the Öksüt project, in Turkey. The company’s Turkish subsidiary Öksüt Madencilik Sanayi ve Ticaret (OMAS) will use the facility to finance a substantial portion of the... 

Resolute restructuring to assist in growth

By: Esmarie Swanepoel     6th April 2016 ASX-listed gold miner Resolute Mining on Wednesday announced a new management structure in an effort to drive innovation, growth, improved communications and value for shareholders. The changes created a number of new roles within six core business functions, with the number of senior executives... 

RNC hits bonanza grades at Beta Hunt mine, gets call option on rest of SLM shares

By: Henry Lazenby     4th April 2016 TSX-listed Royal Nickel Corporation (RNC) on Monday announced that it was evaluating options to process “bonanza grade” ores from the ‘Hand of Faith’ (HOF) area of the Beta Hunt mine, a low-cost nickel and gold producer located in the prolific Kambalda mining district of Australia. The company... 

Mali gold mine to use SA cooling solution

By: Simon Sonnekus     1st April 2016 Mine ventilation, refrigeration and air-cooling installations provider BBE projects has secured a $16-million order for two mine cooling systems at a deep-level gold mine, in Mali. “The addition of the cooling systems will enhance safety at the mine by improving the underground working... 

Randgold Resources sees new yearly production record

By: Anine Kilian     31st March 2016 Africa-focused gold producer Randgold Resources set a new yearly production record of more than 1.2-million ounces in the year ended December 31, 2015 – up 6% on the previous year – while reducing group total cash cost per ounce by 3% to $679. The London-listed company on Thursday reported in its... 

Phase 1 Tasiast expansion ‘the right project for Kinross at the right time’

By: Henry Lazenby     30th March 2016 Canadian gold producer Kinross Gold has taken a Phase 1 expansion decision on revamped development plans for the Tasiast mine, in the West African State of Mauritania. The $300-million first-phase expansion was expected to nearly halve Tasiast's production cost of sales per ounce and boost yearly... 

Interim housing supplier targets growth despite industry turmoil

By: Malusi Mkhize     25th March 2016 Modular buildings manufacturer Kwikspace is involved in several prospective mining projects in Africa while the local industry struggles to recover from low commodity prices. “Our prefabricated rental buildings are an economical and practical solution when accommodation is needed for less than... 

Eldorado books $1.5bn impairment while headline profit slides

By: Henry Lazenby     24th March 2016 Canadian gold producer Eldorado Gold's earnings fell 90% in 2015 on the back of lower gold output, higher unit costs and lower realised gold prices. Excluding special items, the Vancouver-based company reported adjusted net earnings for the year of $13.2-million, or $0.02 a share, compared with... 

Caledonia sees increased Q4 production as Blanket remains productive

By: Anine Kilian     22nd March 2016 Dual-listed Southern Africa-focused gold producer Caledonia saw increased gold production in the fourth quarter owing to higher tonnages milled, which was offset by a lower grade for the year ended December 31, 2015. Caledonia CEO Steve Curtis noted that, while 2015 was “another challenging year”... 

Chile environmental authority to sue Kinross over Maricunga water pumping wells

By: Henry Lazenby     22nd March 2016 The Chilean environmental regulatory authority Superintendence of the Environment (SMA) has taken a resolution to start a legal process to force Canadian miner Kinross Gold’s subsidiary Compañía Minera Maricunga (CMM) to close the Maricunga mine's water pumping wells located in the Pantanillo... 

Barrick appoints new CFO

By: Henry Lazenby     16th March 2016 The world’s largest gold producer Barrick Gold has appointed executive VP for business performance Catherine Raw as its new CFO, effective from April 26. Raw would replace current senior executive VP and CFO Shaun Usmar, who had resigned from Barrick in order to lead a new venture in Toronto... 

'Flat is the new growth' for gold majors – Goldcorp CEO

By: Henry Lazenby     15th March 2016 Flat might be the 'new normal' in terms of growth for the world's top gold producers, with large-cap miners’ gold reserves having declined by 13% over the last three years to about 480-million ounces of gold and production set to decline by 8% to about 27.5-million ounces by 2018. “This seems to... 

Gold stocks on the up as economic uncertainty persists

By: Henry Lazenby     11th March 2016 The gold mining industry seems to have started winning back investor confidence after an 18.5% spot gold price rally since the start of the year. The world’s largest gold producer Barrick Gold’s TSX-listed stock jumped 75% to C$18.40 apiece in the year-to-date period, as gold received renewed... 

Gold stocks on the up as economic uncertainty persists

Debt-laden balance sheets to hamstring emerging economies’ recovery when markets turn

By: Henry Lazenby     11th March 2016 Despite the shrinking revenues of commodity-reliant economies, the significant amounts of debt many took onto their balance sheets at the height of the commodity supercycle has gone nowhere, stretching governments’ abilities to service it and to still deliver services to growing populations to... 

WPG awarded mineral lease at Tarcoola

By: Esmarie Swanepoel     9th March 2016 ASX-listed WPG Resources has been granted a mineral lease over its Tarcoola asset, in South Australia. The mineral lease would cover some 725 ha and would be valid for a period of ten years. 

Moz authorities clear Xtract’s Manica gold acquisition

By: Anine Kilian     1st March 2016 Aim-listed Xtract Resources has received approval from the Mozambique mining authorities to complete the acquisition of 100% of the Manica gold project, in Mozambique, from Auroch Minerals. This was the final outstanding approval and all conditions had now been fulfilled to complete the... 

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