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AuRico Gold reports record Q4 output from Young-Davidson

By: Henry Lazenby Canadian gold producer AuRico Gold’s cornerstone Young-Davidson mine, near Matachewan, in Northern Ontario, has recorded its eleventh consecutive quarter of record gold output. Toronto-headquartered AuRico said on Wednesday before markets opened that its Young-Davidson mine was responsible for... 

Phoenix increases resource to more than 4Moz

By: Esmarie Swanepoel Junior gold producer Phoenix Gold has increased its mineral resource estimate by 6%, to more than four-million ounces. Phoenix on Wednesday reported that an updated resource model, completed by independent consultants, had increased the Kintore resource by some 686 000 oz, while the Castle Hill... 

Pumps Valves & Pipes Africa Opens African Mining Opportunities

The long-term future of mining in Africa looks bright, with solid growth in Ghana forecast to reach $3.8-billion in only four years. Tanzania, the fourth largest gold producer in Africa, will grow its mining sector to $1.28-billion in 2015. Angola is also expecting its massive mining growth to... 

Regis says output down 10% q/q

By: Esmarie Swanepoel ASX-listed gold producer Regis Resources has reported a decline in gold production for the three months to December, on lower throughput at its Garden Well operation, in Western Australia. Regis produced 80 065 oz of gold in the December quarter, compared with the 88 818 oz of gold produced in... 

Richmont Mines extends Ontario mine’s orebody to 1 200 m mark

By: Henry Lazenby Junior gold producer Richmont Mines on Thursday reported that ongoing exploration at its flagship Island Gold mine, in Ontario, had confirmed that the orebody extended to 1 200 m below surface. The Montreal-based miner, which had discovered a 1.1-million-ounce gold deposit beneath its operating... 

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law

By: Henry Lazenby Canada’s Barrick Gold Corp will suspend operations at its Lumwana copper mine, in Zambia’s Northwestern province, after the country enacted legislation that raised the royalty rate on openpit mining operations from 6% to 20%. TSX- and NYSE-listed Barrick, the world’s largest gold producer, said... 

Yamana Gold to spin out, sell some noncore Brazilian assets

By: Henry Lazenby Canadian gold producer Yamana Gold will spin out some of its noncore Brazilian assets into a new subsidiary next year, but would continue to consider strategic alternatives for these assets, including their possible outright sale. The Toronto-based miner on Wednesday said it had already made... 

Klondex Mines inks second 2014 toll-milling agreement

By: Henry Lazenby Nevada-focused gold producer Klondex Mines has secured a second toll-milling contract this year following its C$83-million acquisition of the Midas mine and mill, located in Nevada, from a Newmont subsidiary. Vancouver-based Klondex on Wednesday announced that it had agreed to process high-grade... 

Semafo does not expect illegal Burkina Faso strike to impact output

By: Henry Lazenby Employees of TSX-listed gold producer Semafo on Wednesday returned to work at the company's Mana mine, in Burkina Faso, after operations were suspended on Saturday following an illegal strike. The Montreal-based company said on Monday that workers downed tools despite an existing collective... 

Barrick and Ma'aden complete JV accord to move Saudi copper mine forward

By: Henry Lazenby The world’s largest gold producer by volume Barrick Gold on Wednesday announced that it had completed a 50/50 joint venture agreement with Saudi Arabian Mining Company (Ma'aden) to move the long-delayed Jabal Sayid copper mine, located in the kingdom, forward, with first shipments slated for... 

Semafo reports illegal work stoppage at Burkina Faso mine 

By: Henry Lazenby Employees at TSX-listed gold producer Semafo's Mana mine, in Burkina Faso, started an illegal work stoppage on Saturday evening. The Montreal-based company said on Monday that this was in spite of an existing collective agreement that remained in effect until December 31, 2015. 

Monument’s business strategy working to its advantage in tough economic climate – CEO

By: Creamer Media Reporter TSX-V-listed Monument’s business strategy is working to its advantage in the challenging economic environment, said president and CEO Robert Baldock when commenting on the gold producer’s financial results for the first quarter of fiscal 2015. "Fiscal 2015 started with the continuing decline in... 

Lake Shore aiming to produce $15m to fund exploration

By: Creamer Media Reporter Canada-based gold producer Lake Shore Gold on Wednesday announced that it expected to generate gross proceeds of about $15-million through a brokered private placement of 12.9-million flow-through common shares to be offered on a bought deal basis at $1.17 apiece. The funds raised from the... 

Solidarity, NUM sign agreements with Sibanye to soften job cuts 

By: Leandi Kolver Trade union Solidarity on Thursday announced that it had signed a cooperation agreement with gold producer Sibanye Gold to limit the impact of job cuts at the company’s Cooke 4 shaft, on the West Rand. The agreement, in terms of which the company undertook to implement various measures and... 

Goldcorp heads back to the drawing board after withdrawing El Morro EIS

By: Henry Lazenby The world’s most valuable gold producer by market capitalisation Goldcorp on Friday said it had withdrawn its environmental impact study for the $3.9-billion El Morro copper/gold project, in Chile, after an October ruling by the Chilean Supreme Court halted development on grounds that local... 

Divestment indicative of local industry challenges

By: Bruce Montiea Recent restructuring and divestment moves by mining majors Anglo American Platinum (Amplats), BHP Billiton and Gold Fields are indicative of the difficulties that mining companies operating in South Africa are facing, says strategy and communications consultancy africapractice consultant... 

Crater Gold hopes for speedy production in PNG

By: Esmarie Swanepoel ASX-listed junior Crater Gold Mining was poised to become the next gold producer in Papua New Guinea, after being granted a mining lease for its Crater Mountain gold project. A Joint Ore Reserves Committee-compliant resource of 24-million tonnes, grading 1 g/t gold for 790 000 oz of contained... 

Goldcorp stock falls on Q3 earnings miss

By: Henry Lazenby The NYSE-listed stock of miner Goldcorp on Thursday fell 10% after the world’s largest gold producer by market capitalisation swung to a net loss for the three months ended September 30. Vancouver-based Goldcorp had a loss for the third quarter of $44-million, or $0.05 a share, compared with net... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

By: Henry Lazenby The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance. The Toronto-based miner, with operations in North and South America,... 

Beadell production increases in Sept quarter

By: Esmarie Swanepoel Junior gold producer Beadell Resources has reported an increase in production and a decrease in costs following record plant throughput at its Tucano operation, in Brazil, during the three months to September. Gold production in the September quarter reached 33 793 oz, at a cash cost of $956/oz,... 

Alacer’s Q3 headline earnings cut in half on lower grades, higher costs

By: Henry Lazenby Turkey-focused gold producer Alacer Gold on Monday reported a 50% drop in headline earnings, citing lower gold sales and prices, while per-ounce unit costs rose. The TSX- and ASX-listed mid-tier miner reported adjusted earnings of $13.14-million, or $0.05 a share, compared with $26.32-million, or... 

Mali eyes $9.5bn rail projects to unlock iron ore, bauxite deposits

By: Reuters Landlocked Mali aims to diversify its mining sector away from gold with Chinese-built rail projects worth $9.5-billion that would link it to the Atlantic coast, even as slowing Chinese growth and falling commodity prices cool investment. The West African nation - the continent's third-largest... 

ABG Q3 production up 16%, AISC continues decline

By: Leandi Kolver Tanzania-focused gold producer African Barrick Gold (ABG) increased its production for the three months ended September 30, by 16% year-on-year, while all-in sustaining costs (AISC) declined for the eight successive quarter. ABG CEO Brad Gordon said the company’s production amounted to 190 986 oz... 

On back of strong Q3 output growth, Klondex lifts full-year outlook

By: Henry Lazenby Nevada-focused gold producer Klondex Mines on Monday reported a 73% quarter-on-quarter rise in precious metals produced during the three months ended September 30, as production benefitted from increased mill throughput and higher gold grades. The company, which this year transformed from a... 

Monument Mining obtains Malaysia federal stay order pending hearing

By: Henry Lazenby Malaysia-focused gold producer Monument Mining has obtained a stay from the Federal Court against the Court of Appeal's order forcing it to deposit $9.4-million into a joint account maintained by legal counsels of the respective parties to a lawsuit regarding a claimed interest in the Selinsing... 

Semafo makes move for West Africa-focused Orbis Gold

By: Esmarie Swanepoel TSX-listed gold producer Semafo on Monday announced its intention to launch a takeover offer for ASX-listed Orbis Gold, offering shareholders between 62c and 65c in cash, but the Australian miner responded that the bid was undervaluing the company. The Canadian miner said that its all-cash... 

Tanzania mining sees uptake in reinvestment

By: Mia Breytenbach Tanzania’s mining sector has suffered in recent years, owing to “an unpleasant cocktail” of escalating production costs, a subdued gold price, fiscal and regulatory uncertainty, and power shortages in the country’s north-west, says strategy and communications consultancy africapractice Tanzania... 

After niobium mine sale, Moody's downgrades Iamgold credit rating

By: Henry Lazenby Following Canadian gold producer Iamgold’s announcement on Friday that it had agreed to sell its Quebec niobium mine to a group of companies led by Magris Resources, the investment company founded by former Barrick Gold CEO Aaron Regent, for $500-million in cash, Moody’s Investors Service on... 

Former Barrick CEO-led group to buy Iamgold niobium mine for $500m

By: Henry Lazenby Canadian gold miner Iamgold on Friday announced that it had agreed to sell its important Niobec niobium mine, in Quebec, to a group of companies led by Magris Resources, the investment company founded by former Barrick Gold CEO Aaron Regent, for $500-million in cash. TSX- and NYSE-listed Iamgold... 

Barrick named exclusive metals provider for medals of Toronto 2015 games

By: Henry Lazenby The world’s biggest gold producer, Canada-based Barrick Gold on Monday announced that it had been named the Toronto 2015 Pan Am/Parapan Am Games’ official metal supplier. The NYSE- and TSX-listed company would supply all the raw materials used to make the more than 4 000 gold, silver and bronze... 

Goldplat reports FY loss amid lower gold price

By: Leandi Kolver Aim-listed gold producer Goldplat on Monday reported a £356 000 loss for the financial year ended June 30, compared with a £399 000 loss the year before, as the lower gold price cut revenues. Chairperson Brian Moritz pointed out that the financial year under review had seen a “substantial... 

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