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Billionaire Lundin chases base-metal buy of up to $3bn

By: Bloomberg     1st March 2018 Sweden’s billionaire Lundin family is looking to spend as much as $3-billion on a new industrial-metal asset as prices rally, before turning its attention to scouring for a new gold project. Lundin Mining is on the prowl for a long-life zinc, nickel or copper asset and would shell out $1-billion... 

Agnico Eagle is reviewing cobalt assets after receiving interest

By: Bloomberg     27th February 2018 Agnico Eagle Mines is dusting off cobalt assets in Ontario for potential sale as a global search for the rechargeable-battery ingredient expands amid surging demand. The gold producer is doing an analysis of its Canadian cobalt holdings after receiving five or six inquiries, CEO Sean Boyd said... 

Hecla enters toll-milling accord with Excellon

By: Henry Lazenby     27th February 2018 US gold producer Hecla Mining has signed a toll milling agreement with Mexico's highest-grade silver miner Excellon Resources, to process sulphide ore from the San Sebastian mine, in Mexico, at Excellon's Miguel Auza flotation mill facility. The ore will be trucked 42 km between the two... 

Sibanye says clears most illegal miners from gold shafts

By: Reuters     26th February 2018 Precious metals producer Sibanye-Stillwater arrested nearly 1 400 illegal miners at its South African gold shafts last year in a blitz the company says has mostly ended the practice at its mines. Illegal gold mining has plagued South Africa for decades and it costs the government and the industry... 

Torex ramps up ELG throughput; reports Q4 loss

By: Henry Lazenby     23rd February 2018 TSX-listed intermediate Canadian gold producer Torex Gold has reported a net loss of $25-million, or $0.31 a share for the three months ended December, after the flagship El Limón Guajes mining complex (ELG) was forced to shutter following a road blockade. In what can very well be termed an... 

OceanaGold shares rise on record output, revenues, profit

By: Henry Lazenby     23rd February 2018 TSX- and ASX-listed gold producer OceanaGold has reported record profit for 2017, as record output and subsequent record revenues lifted the bottom line. The Melbourne, Australia-based company reported a full-year net profit of $172-million, or $0.28 a share, up 26% year-on-year from... 

Newmont beats Q4 earnings forecast; output on par with largest gold producer Barrick

By: Henry Lazenby     22nd February 2018 US gold miner Newmont Mining has reported market-beating earnings for the three months ended December 31, and reported production that is on par with that of leading gold producer Barrick Gold. The Denver, Colorado-based miner reported headline earnings for the fourth quarter of $216-million, or... 

Avesoro set to acquire $10.3m in heavy mining equipment

By: Natasha Odendaal     22nd February 2018 TSX- and Aim-listed Avesoro Resources’ Bea Mountain Mining subsidiary has entered into equipment finance agreements to acquire $10.3-million in heavy mining and additional auxiliary equipment for the New Liberty gold mine, in Liberia. The equipment finance facility agreements with Mapa İnşaat ve... 

Goldplat reaches final settlement in Rand Refinery dispute

By: Schalk Burger     22nd February 2018 Aim-listed gold producer Goldplat on Thursday said Rand Refinery would pay it an undisclosed amount as a final settlement of the dispute between the two parties. “By agreeing on a settlement, we have averted further costs and risks involved in the legal process, as well as put an end to the... 

New Gold beats Q4 earnings forecast as it records record output

By: Henry Lazenby     22nd February 2018 TSX- and NYSE American-listed Canadian gold producer New Gold has reported a headline profit of $32.5-million, or $0.06 a share for the three months ended December 31, as record gold output boosted the bottom line. This was a marked improvement on the miner's performance in the comparable quarter... 

Tanzania's new mining rules impose restrictions on foreign banks, insurers

By: Reuters     21st February 2018 Foreign-owned banks, insurance companies and law firms could be locked out of Tanzania's mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity. Africa's fourth-largest gold producer is seeking to take more of the profits from its vast... 

Northern Star boosts exploration spend, unveils 'game changer' discovery

By: Simone Liedtke     20th February 2018 ASX-listed Northern Star Resources has increased its total exploration budget for the 2018 financial year by A$10-million to A$45-million, owing to a series of exploration results showing that the gold producer is set to establish a ten-year life at its 10-million-ounce endowed Jundee gold... 

Polyus sold more gold last year to bailed-out bank Otkritie

By: Reuters     15th February 2018 Russia's largest gold producer Polyus sold more gold last year to Otkritie bank, which was rescued last August by the country's central bank, Polyus's 2017 management report showed on Thursday. Russian gold producers usually sell their product to Russian banks which then sell it on to the... 

Bar one exception, Canadian gold majors' Q4 headline earnings tread water on lower output

By: Henry Lazenby     15th February 2018 Canada's gold majors reported fourth-quarter and full-year 2017 financial results on Wednesday following market close, with headline earnings coming in flat or lower year-on-year, as companies work with smaller, more streamlined production portfolios. The exception was Goldcorp, which put in a... 

Botswana Diamonds starts exploration work at Botswana JV, maintains exploration optimism

By: Mia Breytenbach     13th February 2018 Aim-listed Botswana Diamonds has started exploration work on the Sunland Minerals joint venture (JV), which it shares with Russian diamond producer Alrosa, in Botswana. The objective of the exploration programme is to follow up on 15 previously identified priority geophysical targets in PL232-235... 

Two miners die at Yamana's Gualcamayo mine, Argentina

By: Henry Lazenby     2nd February 2018 Canadian gold producer Yamana Gold has reported the death of two contractors at its Gualcamayo mine, in Argentina, the company said on Friday. The dual-listed miner reported that the two employees of a local contractor were travelling in a light truck on an access road at the Las Vacas... 

Goldsource expands strategic Guyana landholdings; appoints exec chair

By: Henry Lazenby     1st February 2018 Junior gold producer Goldsource Mines has entered into an option to acquire the Bishop Growler property located about 3 km from its operating Eagle Mountain gold project, in Guyana. The Vancouver-based miner's joint venture partner Kilroy Mining agreed to the option on behalf of the company,... 

Red 5 starts off 2018 on strong foot

By: Megan van Wyngaardt     31st January 2018 Australian gold producer Red 5 reported a strong first quarter, producing 17 777 oz in the three months to December 31, 2017, paired with sales of 16 150 oz from its recently acquired Darlot mining operation, in Western Australia. All-in sustaining cost for the quarter was A$1 291/oz. 

Gold juniors Minera Alamos, Corex Gold to merge

By: Henry Lazenby     31st January 2018 Junior mining companies Minera Alamos and Corex Gold have announced a merger of the two TSX-V-listed companies on Tuesday. The merger is expected to create a new entity with a market capitalisation of about C$50-million, with about C$6-million in cash on hand and holding a portfolio of three... 

Goldplat keeps focus on expansion of recovery operations

By: Creamer Media Reporter      30th January 2018 Despite achieving lower output at its gold recovery operations in the second quarter of the current financial year, gold producer Goldplat says it is making progress at these operations, where the focus remains on expanding operational capacity and sourcing new material for processing. The... 

Mali’s Yanfolila mine pours first gold, ramping up to commercial production

By: Mia Breytenbach     26th January 2018 With West African gold producer Hummingbird Resources having started gold production at its Mali-based Yanfolila gold mine on time and within budget last month, the gold producer remains on track with its ramp-up to commercial production. Since acquiring the project from Gold Fields in 2014,... 

Iamgold begins Monster Lake drilling project

By: Anine Kilian     23rd January 2018 TSX-listed TomaGold has confirmed that an initial resource estimate is under way for its Monster Lake joint venture project, located 50 km south-west of Chibougamau, in Quebec, Canada. The estimate will be based on data from more than 80 000 m of drilling completed by TomaGold’s joint venture... 

Southern Gold, Westgold in deal to develop Cannon underground mine

By: Natasha Odendaal     23rd January 2018 Australian gold producer Southern Gold has entered an agreement with development partner Westgold Resources for the underground development phase at the Cannon gold mine, near Kalgoorlie, Western Australia. Westgold will pay Southern Gold A$1.5-million upfront for a five-year right-to-mine within... 

Revamped Barrick harkens back to founding principles as 'new generation' of discovery, partnerships beckon

By: Henry Lazenby     23rd January 2018 The world's largest gold producer by output Barrick Gold is looking towards a more sustainable future based on a leaner, more tightly owned portfolio, with future growth increasingly hinging on forming synergistic partnerships with former mining rivals. With the gold price off to a strong start... 

TMAC achieves permitting milestones in Yukon project developments

By: Henry Lazenby     19th January 2018 Gold producer TMAC Resources has achieved a significant permitting milestone for its Madrid and Boston gold deposits, after the Nunavut Impact Review Board and the Nunavut Water Board accepted the final environmental-impact statement and water licence applications and started a coordinated review... 

Anglo Asian's Azerbaijan gold output fell 1.2% in 2017

By: Reuters     17th January 2018 Azerbaijan's top gold producer, Anglo Asian Mining, said on Tuesday its yearly output had fallen 1.2% in 2017 to 71 461 oz, still within its target range of 64 000 to 72,000 ounces. The London-listed firm said copper production rose 2.6% to 1 991 t, and silver output rose 4.7% to 172 853 oz. 

Two top gold miners hit 2017 gold guidance

By: Henry Lazenby     17th January 2018 Two of the world’s largest gold producers by volume have realised their production goals for 2017. Toronto-based Barrick Gold, currently still the world’s largest gold producer by output, on Tuesday announced that preliminary full-year gold output of 5.32-million ounces for 2017 was in line with... 

Miners bolster senior ranks in preparation for fast-paced 2018

By: Henry Lazenby     16th January 2018 Several Canadian listed miners reported senior management changes on Tuesday. Marine mining hopeful Nautilus Minerals announced Tuesday that Tariq Al Barwani has been appointed to the role of nonexecutive chairperson. Al Barwani joined the board in May 2016. He is a director and shareholder of MB... 

Hummingbird’s Yanfolila pours first gold, maintains commercial production ramp-up plans

By: Mia Breytenbach     16th January 2018 With Aim-listed Hummingbird Resources having started gold production at its Mali-based Yanfolila gold mine on time and within budget in the second half of last month, the gold producer remains on track with its ramp-up to commercial production. Since acquiring the project from Gold Fields in... 

Polyus says $887m deal with China’s Fosun dropped

By: Mariaan Webb     15th January 2018 Russia's Polyus said on Monday that an agreement to sell a 10% stake in the company to a consortium led by China’s Fosun International had been terminated. A condition precedent to the transaction was not met, following which the agreement to sell 12 561 686 of the ordinary shares in Polyus for... 

Russia's Arlan aims to have doubled gold output in 2020

By: Reuters     12th January 2018 Russian gold producer Arlan plans to have doubled gold output from its mine in 2020, expecting the price for the precious metal to rise further, the firm's director for development said. Russia, the world's third largest gold producer, has seen its gold mining expand in recent years with a... 

Centerra finally receives Turkish pastureland permit

By: Henry Lazenby     12th January 2018 TSX-listed gold producer Centerra Gold has received the Turkish pastureland permit for its Öksüt growth project, paving the way for the project’s future development. The Toronto-based company advised on Thursday that its Turkish subsidiary Öksüt Madencilik Sanayi ve Ticaret (Omas) took receipt of... 

Avesoro reports strong production results

By: Anine Kilian     10th January 2018 Dual-listed West African gold producer Avesoro Resources has reported total yearly gold production for 2017 of 192 072 oz, well ahead of its production guidance of 70 000 oz to 80 000 oz. The company’s New Liberty gold mine in Liberia produced 25 563 oz of gold in the fourth quarter, a 29%... 

Avesoro Resources completes acquisition of West African gold mines

By: Megan van Wyngaardt     19th December 2017 Dual-listed West African gold producer Avesoro Resources has completed its acquisition of the Youga gold mine and Balogo gold mine from Avesoro Jersey, while a concurrent placing of new common shares raised £15.2-million This completion represents a transformational acquisition for the Company... 

Programme to position Ghanaian firms to gain greater share of mineral sector procurement 

By: Tracy Hancock     15th December 2017 Marking a significant point in Ghana’s quest to domesticate the provisions in the Africa Mining Vision (AMV) into its own Country Mining Vision (CMV), the Ghanaian government officially launched its National Suppliers Development Programme (NSDP) in 2 November 2017. The NSDP builds and expands on... 

Newmont CEO Goldberg inducted into American Mining Hall of Fame

By: Henry Lazenby     12th December 2017 The American Mining Hall of Fame has inducted US-based gold producer Newmont Mining’s president and CEO Gary Goldberg into its illustrious ranks. Goldberg has been honoured by his peers for outstanding contributions to the mining industry and the award honours his accomplishments over the course... 

Gold Fields Ghana to dismiss 1 500 staff as contractor hired

By: Bloomberg     12th December 2017 Gold Fields’ unit in Ghana said it will dismiss 1 500 of its own staff as the company is hiring a contractor to operate its biggest mine in the West African nation. A contractor will take charge of the Tarkwa operations from early 2018 as the deposit’s remaining life span is too short to replace... 

Avesoro set to acquire $17.1m in heavy mining equipment

By: Natasha Odendaal     12th December 2017 TSX- and Aim-listed Avesoro Resources’ Bea Mountain Mining subsidiary has entered into finance agreements to acquire $17.1-million in heavy mining and additional auxiliary equipment for New Liberty gold mine, in Liberia. The equipment finance facility agreements with Mapa İnşaat ve Ticaret AŞ... 

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