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Gold majors report upbeat Q3 earnings as costs continue to fall

By: Henry Lazenby     27th October 2016 The world's major gold producers on Wednesday reported mostly positive results for the three months ended September, saying profits increased while costs continued to fall in a higher gold price environment. The world’s largest gold producer by output Barrick Gold reported adjusted earnings of... 

Randgold to pay $25m advance towards resolving Mali tax dispute

By: Henry Lazenby     26th October 2016 Africa-focused Randgold Resources has agreed to pay the Mali government $25-million (CFAfr15-billion) on the understanding that the parties will soon sit down to resolve all Randgold group tax issues. The gold miner, which operates three mines in Mali, is disputing the tax assessments for 2011,... 

Galane upbeat on potential Tau extension at depth

By: Henry Lazenby     25th October 2016 Southern Africa-focused gold producer Galane Gold says it plans to undertake an exploration programme next year to investigate if there is a down dip and to note the possible extent of the ‘C Reef’ strike beyond the current mined area within the active underground working areas of the Mupane... 

Centerra’s Thompson Creek takeover establishes ‘leading low-cost gold producer’

By: Megan van Wyngaardt     21st October 2016 TSX-listed miner Centerra Gold has completed its acquisition of US-based Thompson Creek Metals, establishing a geographically diversified gold producer with a high-quality producing platform and a strong growth pipeline. The companies announced Thursday that they had completed a plan of... 

Matilda pours first gold

By: Esmarie Swanepoel     18th October 2016 The Matilda gold project, in Western Australia, has poured its first gold, making Blackham Resources Western Australia's newest gold producer. “We are delighted at reaching the milestone in just 16 months from completing our funding deal with Orion Mine Finance,” Blackham CEO Alan Thom said on... 

Silver miner Fresnillo pushes San Julián Phase 2 expansion out to Q2 2017

By: Henry Lazenby     12th October 2016 LSE- and Mexican Stock Exchange-listed silver miner Fresnillo has pushed the Phase 2 plant expansion at its San Julián mine out to the second quarter of 2017, citing a combination of external factors. The London-headquartered company said Wednesday that unusually high rainfall compared with 2015... 

Mali miners call strike with Randgold, Resolute affected

By: Bloomberg     12th October 2016 Mine workers in Mali will go on strike this month for five days as the biggest union accuse employers of treating its members unfairly due to their affiliation with the employee organisation. Workers will go on strike from October 24 at mines belonging to gold producers including Resolute Mining... 

Copper Mountain’s yearly guidance slightly ahead for 2016

By: Samantha Herbst     7th October 2016 Annual production is on track at TSX-listed copper and gold producer Copper Mountain Mining’s eponymous mine, in southern British Columbia, which produced 22-million pounds of copper, 8 170 oz of gold and 81 540 oz of silver in the third quarter, bringing production guidance slightly ahead for... 

New mine plan for New Luika expected in Q1 2017

By: Simone Liedtke     7th October 2016 Low-cost Tanzanian gold producer Shanta Gold has significant growth potential across its assets and expects to release an updated mine plan for its New Luika gold mine in the first quarter of 2017. 

Newmont executes production at Suriname-based Merian mine

By: Henry Lazenby     3rd October 2016 US gold producer Newmont has declared commercial production at the Merian gold mine, in Suriname, saying the project was completed on time and $150-million, or 20% under budget. “We took an optimised approach to project development and benefitted from being one of the only gold producers... 

Yamana raises $178m for debt repayment through Mercedes, warrant sales

By: Henry Lazenby     3rd October 2016 Canadian gold producer Yamana Gold has raised about $178-million to cut its debt load, the company said Monday. The Toronto-headquartered company received $122.5-million in cash from the sale of its Mercedes mine, in Mexico, to Premier Gold, as well as shares, equity securities and net smelter... 

Barrick says Argentina mine may resume within two weeks

By: Reuters     19th September 2016 Barrick Gold's Veladero gold mine, in Argentina, one of its five core mines, could resume operations in the next two weeks, Barrick president Kelvin Dushnisky said in an interview on Monday. "I am hopeful that it could be up and going in that kind of two-week window depending on how the... 

Asanko lifts H2 guidance

By: Henry Lazenby     17th September 2016 Since declaring commercial production on April 1, Canadian gold producer Asanko Gold has maintained steady-state production at its eponymous mine, in Ghana. The strong performance prompted the company on Friday to lift production guidance for the second half of the year to between 100 000 oz and... 

Indicated resources at Tanzania gold prospect up 409% to 205 347 oz

By: Mia Breytenbach     16th September 2016 East Africa-focused gold producer, developer and explorer Shanta Gold has upgraded its Joint Ore Reserves Committee-compliant resource estimate at the Ilunga satellite deposit at the New Luika Gold Mine (NLGM), in south-west Tanzania, with indicated resources increasing by 409% – from 40 352 oz... 

Alamos rises on positive exploration results at Mulatos satellite deposits

By: Henry Lazenby     13th September 2016 The TSX-listed stock of Canadian gold producer Alamos Gold on Monday rose nearly 12% after it reported positive exploration results on the 100%-owned La Yaqui and Cerro Pelon satellite deposits, located near the Mulatos mine, in Mexico. The Toronto-headquartered company advised that the compliant... 

Klondex rises 8% on Manitoba-based True North production decision

By: Henry Lazenby     12th September 2016 The TSX-listed stock of gold producer Klondex Mines on Monday morning jumped more than 8% after it announced a positive production decision on the True North (formerly Rice Lake) project, in Manitoba. While the Vancouver-based miner expects to produce between 8 000 oz and 12 000 oz of gold from... 

Deeper gets deadly for workers in ageing South Africa gold mines

By: Bloomberg     9th September 2016 Finding minerals in South Africa after more than a century of digging often means going deeper than ever before. Now, it’s also becoming deadlier. In a country that remains one of the biggest producers of gold, platinum and diamonds, 60 mining deaths this year through August was 20 percent higher... 

Aureus starts transition to owner-operator mining model at New Liberty

By: Creamer Media Reporter      6th September 2016 West African gold producer Aureus Mining has taken the first steps to transition its New Liberty gold mine, in Liberia, to an owner-operated mine. Aureus believes the adoption of owner-operator mining will significantly reduce the ongoing costs of mining operations and improve the company’s... 

Perseus one step closer to achieving strategic transformation goals

By: Anine Kilian     5th September 2016 Dual-listed West Africa-focused gold producer Perseus Mining has reached several more milestones on the path to implementing its strategy of transforming into a multijurisdictional, multimine producer of more than 500 000 oz/y by 2021. In a statement released on Monday, the company said that full... 

With no debt due till 2020, cashed-up Kinross looks towards four years of expansion

By: Henry Lazenby     2nd September 2016 With no debt maturing in the next four years, a strong balance sheet and excellent liquidity, Canadian gold producer Kinross Gold expects to have the financial flexibility to fund organic growth opportunities within its global portfolio. The TSX- and NYSE-listed miner announced Thursday that it... 

Zimbabwe mining potential not fully realised

By: Victor Moolman     2nd September 2016 The full potential of gold mining in Zimbabwe has yet to be reached, says gold producer Metallon Corporation, which believes the future of the country’s mining industry is bright. 

Iamgold acquires Suriname property that could extend Rosebel mine life

By: Henry Lazenby     1st September 2016 Canadian gold producer Iamgold has acquired an interest in the Saramacca property, in Suriname, on which it plans to define a National Instrument 43-101-compliant mineral resource within the next 24 months that could potentially prolong the Rosebel mine life. The Toronto-based miner advised on... 

Barrick appoints first chief investment officer

By: Henry Lazenby     30th August 2016 While the world’s largest gold producer Barrick Gold makes headway in reducing its excessive debt and atoning for its vagaries of the past, it has appointed Mark Hill as its first chief investment officer, effective September 12, to oversee all capital allocation decisions at the company. Barrick... 

Nordgold reports y/y profit loss, lowers production guidance

By: Anine Kilian     30th August 2016 Diversified low-cost gold producer Nordgold’s net profit for the six months ended June 30 was down 30% year-on-year to $94.1-million, compared with the corresponding period in 2015, while half-year revenue decreased by 19% to $520.4-million for the year ended June 30. This could be attributed to... 

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... 

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