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Agnico sells $220m in stock to single US institutional investor

By: Henry Lazenby     28th March 2017 Dual-listed Canadian gold producer Agnico Eagle Mines has agreed to issue and sell five-million of its common shares directly to an institutional investor in the US at a price of $43.97 apiece, or about $220-million in total. Toronto-based Agnico said it will use the net proceeds of the offering... 

Miners regain mojo to spark $18bn in exploration hunt

By: Bloomberg     24th March 2017 A rebound in exploration by global miners could see spending hit $18-billion by 2025 with China the front runner in the search for a new generation of giant discoveries. Exploration budgets are rising after they plunged to an 11-year low of about $10-billion last year as mining companies slashed... 

Facility set to boost skills, grow industry after slump

By: Victor Moolman     10th March 2017 Valve manufacturer AVK Southern Africa’s new R200-million training academy, in Alrode, Gauteng, will train 1 500 people by the end of the year. 

On track for low-cost production profile

By: Robyn Wilkinson     10th March 2017 West African gold producer, developer and explorer Avesoro Resources expects its New Liberty gold mine, in Liberia, to be cash-flow positive during 2017, moving it closer to realising a low-cost production profile. 

South Africa’s gold sector must improve its position

By: Robyn Wilkinson     10th March 2017 Stakeholders in South Africa’s gold mining industry need to collaborate so that the country can regain its standing as a major gold producer and realise the significant value that the sector can potentially contribute to the local economy, says gold industry market development organisation World... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

By: Henry Lazenby     25th February 2017 A resolution to the drawn-out dispute between Canadian gold producer Centerra Gold, the Republic of Kyrgyzstan and State miner Kyrgyzaltyn could potentially be reached by mid-year, the multinational miner said in its year-end results statement issued late on Thursday. Centerra, which in January... 

South African gold production remained flat in 2016 – WGC

By: David Oliveira     24th February 2017 Despite generous mineral reserves and high-grade orebodies, South Africa’s gold mining industry continues to see the sparkle it once held as the best gold producer in the world, dimming, having seen steadily declining production figures in recent years, positioning it in sixth place in 2015,... 

Richmont Q4 earnings back in the black, strong outlook underpins Island Gold ops

By: Henry Lazenby     22nd February 2017 Small-scale gold producer Richmont Mines has reported fourth-quarter earnings coming in below bullish analyst expectations, though it did swing back to a profit for the three-month and full-year period ended December. The Toronto-headquartered company reported earnings of C$1.1-million, or C$0.02... 

Metallon reports 40% y/y Ebitda improvement

By: Anine Kilian     20th February 2017 Zimbabwe-focused gold producer Metallon Corporation grew its earnings before interest, taxes, depreciation and amortisation (Ebitda) by 40% to $18.6-million in 2016, from $13.3-million in 2015.  “2016 was a year of positive progress for Metallon. The business delivered an outstanding Ebitda . . .... 

Barrick lifts dividend as earnings beat forecast

By: Henry Lazenby     16th February 2017 VCanada’s Barrick Gold, the world’s largest gold producer by volume, announced on Wednesday that it has made significant progress on initiatives to repair its debt-laden balance sheet, declaring a higher dividend to shareholders and renewing its focus on exploration spending. The Toronto-based... 

Guyana Goldfields rises on updated Aurora feasibility study

By: Henry Lazenby     3rd February 2017 Guyana-focused gold producer Guyana Goldfields has published the positive results of an updated feasibility study on its cornerstone Aurora mine. The study outlined the expansion of the current processing facility from 5 600 t/d to 8 000 t/d and pushed reserves 15% higher, net of depletion of 15... 

Richmont stocks rally on 34% Island Gold reserve rise

By: Henry Lazenby     1st February 2017 The TSX- and NYSE MKT-listed stock of gold producer Richmont Mines rallied on Tuesday after the company announced a positive reserve and resource update for the flagship Island Gold mine, in Ontario, lifting reserve tonnes by 21% to 2.6-million tonnes and contained ounces by 34% to 752 000 oz.... 

Randgold confident Loulo-Gounkoto exceeded 2016 production guidance

By: Anine Kilian     30th January 2017 Africa-focused gold producer Randgold Resources expects to report record fourth-quarter production at its Loulo-Gounkoto gold mining complex, in Mali. CEO Mark Bristow reiterated in a briefing to Malian media on Sunday that the company was likely to report that it had exceeded its production... 

Iamgold clears major assessment hurdles at Côté, Northern Ontario

By: Henry Lazenby     28th January 2017 Mid-tier gold producer Iamgold has completed a preliminary economic assessment (PEA) on its Côté gold project in Northern Ontario, outlining positive metrics that support development following the completion of a prefeasibility study. The company also announced Thursday that it had received... 

Further precedent set for inspectorate’s powers

By: Nadine James     27th January 2017 The Labour Court’s decision to set aside a Section 54 mine stoppage order that unjustifiably stopped operations at leading gold producer AngloGold Ashanti’s Kopanang mine, in the Free State, is pleasing, as it provides further legal precedent for the manner in which inspectors from the Department... 

Gold producer prepared for price recovery

By: Robyn Wilkinson     27th January 2017 Having responded swiftly to the downturn in commodities prices over the past three years by lowering costs and optimising its portfolios, US-headquartered gold producer Newmont Mining is well positioned to outperform its competitors as the gold price recovers. 

Regulatory environment stifling investment

By: Robyn Wilkinson     27th January 2017 South Africa’s mining industry will continue to feel the effects of regulatory uncertainty and political turbulence in 2017 compounding various developments in the sector this year, says banking services provider Nedbank Corporate and Investment Banking investment banker Paul Miller. 

Arbitration against Avesoro Resources dismissed

By: Anine Kilian     24th January 2017 An arbitration claim by Seychelles-based International Construction & Engineering (ICE) against West African gold producer Avesoro Resources, formerly Aureus Mining, over the termination of a civil works contract in 2014, has been dismissed. Avesoro in December said ICE had been contracted to... 

Southern Gold receives second profit share from Cannon

By: Megan van Wyngaardt     24th January 2017 ASX-listed Southern Gold has received its second profit share distribution from the Cannon gold mine, near Kalgoorlie in Western Australia, following the mine’s operations committee’s resolution to pay $1.5-million to each of Westgold Resources and Southern Gold. Westgold is managing operations... 

Randgold’s Kibali ends challenging year with strong finish

By: Henry Lazenby     24th January 2017 Despite dealing with certain critical issues in the Democratic Republic of Congo (DRC), gold producer Randgold Resources has kept capital projects at its 45%-owned Kibali mine on track, the company announced Monday. The mine dealt with a tough first half of 2016 with the Kibali plant’s transition... 

NUM expresses disappointment over looming job cuts at AngloGold Ashanti

By: Megan van Wyngaardt     20th January 2017 The National Union of Mineworkers (NUM) on Friday confirmed that it had received a Section 189 notice from gold producer AngloGold Ashanti that it was retrenching 849 workers at its operations in South Africa. In a statement released to Mining Weekly Online on Thursday, AngloGold Ashanti... 

Acacia jumps in London on $4bn Endeavour merger talks

By: Bloomberg     17th January 2017 Acacia Mining jumped to the highest in almost two months after the gold miner confirmed it is in early-stage talks with rival Africa-focused producer Endeavour Mining Corp. about a possible merger of the two companies which have a combined value of about $4-billion. Acacia, which mines the... 

Zim gold producer claims ownership of cargo on crashed plane

By: News24Wire      13th January 2017 A leading gold producer, developer and explorer in southern Africa, Metallon Corporation, has claimed ownership of the gold that was being transported by a private plane that crash-landed in southern Zimbabwe on Tuesday, putting to rest speculation that the mineral was being smuggled out of the... 

Avesoro’s New Liberty lifts Q4 output

By: Natasha Odendaal     12th January 2017 Operational improvements at New Liberty gold mine, in Liberia, have resulted in West African gold producer Avesoro Resources, formerly Aureus Mining, delivering a 34% increase in gold production during the fourth quarter of 2016. The TSX- and Aim-listed group produced 18 872 oz of gold for the... 

Caledonia declares dividend; confirms 2017 guidance

By: Henry Lazenby     4th January 2017 TSX- and Aim-listed gold producer Caledonia Mining has declared a quarterly dividend of $0.01375, supporting its position as one of only a handful of junior gold miners on the LSE able to afford rewarding its investors. The Southern Africa-focused company’s dividend announced Tuesday is in line... 

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,... 

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