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Barrick's Thornton puts Newmont in check in gold takeover game

By: Mariaan Webb     22nd February 2019 John Thornton, an ex-investment banker at the center of a wave of consolidation in the gold space, has just put his largest rival on the defensive. Thornton is executive chairman at Barrick Gold Corp, the world’s second-largest gold producer. On Friday, Barrick confirmed it is considering... 

Barrick confirms it has studied offer for Newmont

By: Bloomberg     22nd February 2019 Barrick Gold, the world’s second-largest gold producer, confirmed it has considered a bid for Newmont Mining Corp. as the Canadian mining giant looks for ways to boost production. Barrick has reviewed the opportunity to merge with Newmont in an “all-share nil premium transaction,” but no... 

Hudbay's No. 2 investor ratchets up pressure on miner

By: Bloomberg     20th February 2019 Hudbay Minerals’s second-biggest investor ratcheted up pressure on the Toronto miner ahead of its quarterly earnings, arguing the company’s shares could more than double if it changes its strategy. Hudbay could be worth about C$19 a share if it changes its leadership, reviews its portfolio and... 

Constant improvement crucial for the mining industry

By: Jessica Oosthuizen     15th February 2019 Industry organisation the Prospectors & Developers Association of Canada’s (PDAC’s) is to hold its annual convention in Toronto, Canada from March 3 to 6, and PDAC president Glenn Mullan says the convention must constantly improve to benefit people in the industry. “Staying relevant is... 

Barrick Gold faces challenges to develop Latin America mines

By: Bloomberg     14th February 2019 Just seven weeks into the job, Barrick Gold’s new boss has already discovered, first hand, the challenges of developing and mining giant deposits in Latin America. Barrick’s main project, the Veladero joint venture with Shandong Gold in Argentina, isn’t performing like a tier one asset, Mark... 

Sierra Metals wins EIA approval for Yauricocha

By: Mariaan Webb     13th February 2019 The National Environmental Certification Service of Peru has now granted Toronto-headquartered Sierra Metals environmental approval for its Youricocha tailings expansion project, reversing a previous rejection of the environmental impact assessment (EIA). With an approved EIA study in hand, the... 

Trudeau faces ethics investigation over SNC-Lavalin case

By: Bloomberg     11th February 2019 Canada’s ethics watchdog is investigating whether Prime Minister Justin Trudeau broke the rules and pressured his former attorney general to help SNC-Lavalin Group settle corruption charges out of court. Ethics Commissioner Mario Dion confirmed his investigation Monday in a letter to two New... 

Ascendant secures OPIC loan for Honduras expansion

By: Creamer Media Reporter      6th February 2019 Toronto-based miner Ascendant Resources has secured financing from a US government agency that helps businesses invest in emerging markets to expand its El Mochito zinc/lead/silver mine in Honduras. The nonbinding term sheet with Overseas Private Investment Corporation (OPIC) is for a... 

Ivanhoe reports ‘unprecedented’ copper intersection in the DRC 

By: Creamer Media Reporter      31st January 2019 The Kamoa North prospect area has delivered an “unprecedented” 22.3-m intersection of 13.05% copper in a thick, flat-lying deposit, sending Canada’s Ivanhoe Mines share price up 10% on the TSX on Wednesday. The new drill hole at the Democratic Republic of Congo-based project includes grades of... 

Inaugural Two-Day Meeting Signals Major Growth in Opportunities and Economic Ties between Canada and Africa

By: Creamer Media Reporter      29th January 2019 The Canada–Africa Chamber of Business is pleased to announce the inaugural Canada-Africa Business Conference, taking place on 26 and 27 March 2019 in Gaborone, Botswana. Global Affairs Canada, comprising the Canadian government’s international and trade departments, is a leading partner at the... 

North American Palladium achieves guidance

By: Tasneem Bulbulia     29th January 2019 Toronto-headquartered North American Palladium produced a total of 237 461 oz of payable palladium in 2018, meeting the upper half of its 2018 guidance of between 230 000 oz and 240 000 oz. The 2018 production is also an increase of 18% on the 201 592 oz of palladium produced in 2017. 

Guyana Goldfields appoints COO

By: Creamer Media Reporter      25th January 2019 Canada-based midtier gold producer Guyana Goldfields has appointed Suresh Kalathill, the former general manager of Iamgold’s Rosebel gold mine, as senior VP and COO, effective March 1. Kalathil is a mining engineer with more than 25 years' experience working in openpit and underground operations... 

Make your mark at PDAC in Toronto

By: Creamer Media Reporter      23rd January 2019 The annual Prospectors and Developers Association of Canada (PDAC) convention is scheduled to take place from 3 to 6 March 2019 in Toronto, Canada.   Creamer Media’s Mining Weekly – a media partner for this prestigious event that attracts over 25 600 attendees from over 135 countries – will once... 

There's a golden shelter from recession risks at these mines

By: Bloomberg     22nd January 2019 There’s a better potential haven than gold for investors spooked by the risk of a recession this year – mid-sized producers who’ve outperformed both bullion and the rest of the mining industry. Companies including Canada’s Kirkland Lake Gold and Australia’s Northern Star Resources have scope to... 

Barrick announces FY production results

By: Mariaan Webb     22nd January 2019 NYSE- and TSX-listed Barrick Gold has met its production target for 2018, producing 4.53-million ounces of gold, 1.26-million ounces of which were produced in the final quarter of the year. Although the production performance was in line with its 4.5-million to 5-million guidance for 2018, it... 

Canadian oil surge fails to lift producers out of the doldrums

By: Bloomberg     21st January 2019 Alberta’s crude curtailment plan has caused a dramatic rise in the price of heavy Canadian oil. But for shares of energy companies, it hasn’t been as much of a help. Since the production curtailment was unveiled early last month, Western Canadian Select crude has almost doubled to about $43 a... 

Gold bull McEwen sticks with his $5 000 call as pot stocks peak

By: Bloomberg     18th January 2019 Gold mining veteran Rob McEwen is nothing if not optimistic. The founder of Goldcorp is sticking with his bold prediction that the precious metal will soar almost fourfold to $5 000/oz, bolstered by a weaker dollar and waning demand for trendy assets like pot stocks. 

Hudbay investor seeks to replace CEO and most of its board

By: Bloomberg     17th January 2019 Hudbay Minerals’s second-largest investor is seeking to oust the Toronto miner’s CEO and replace most of its board. Waterton Global Resource Management will nominate eight new directors at Hudbay’s upcoming annual meeting with a slate that includes former mining executive Peter Kukielski and... 

Monster gold-mining deals pile pressure on those left behind

By: Bloomberg     15th January 2019 Mark Bristow’s tenure as boss of the world’s biggest gold miner might have been short-lived, but his message for smaller rivals just got even more pointed. “Holy camoly, I missed out on a great opportunity!” is how Bristow described anyone not involved in Barrick Gold’s purchase of Randgold... 

Garofalo may exit with $6.9m in biggest gold M&A

By: Bloomberg     15th January 2019 Investors and analysts are still debating whether the biggest gold mining deal ever is good for acquirer Newmont Mining, but the CEO of the target company could end up millions of dollars richer. David Garofalo is eligible to collect at least $6.9-million, including as much as $4.6-million in... 

Newmont deal for Goldcorp erodes Canada's gold clout further

By: Bloomberg     15th January 2019 Canada’s influence on the global mining industry appears to be shrinking by the day. Perhaps stung by the nationalistic backlash against Barrick Gold Corp's merger with Randgold Resources, Newmont Mining devoted a big chunk of its news release Monday explaining how its $10-billion offer for... 

Newmont's Goldcorp gamble may need 'drastic surgery' to work

By: Bloomberg     15th January 2019 The cost to create the world’s largest gold company: A 17% premium for a $10-billion all-shares acquisition that faces some big-time challenges down the line. Newmont Mining’s deal for Goldcorp stands in stark contrast to the recent zero-premium merger between Barrick Gold and Randgold... 

Barrick Gold's new CEO dismisses Canada HQ debate as 'hysteria'

By: Bloomberg     11th January 2019 Barrick Gold’s new CE is surprised by the “hysteria” over whether the world’s largest gold miner will remain a Canadian company. Barely a week after his Channel Islands-based Randgold Resources merged with Barrick, Mark Bristow says he’s determined to keep the global miner headquartered in... 

Barrick CEO to forge ahead in Latin America despite past strains

By: Bloomberg     11th January 2019 Barrick Gold Corp’s new boss intends to push ahead with plans to increase investment in the mineral-rich – but environmentally tricky – deposits straddling the Chile-Argentina border. “If you want to find elephants, go to elephant country,” CEO Mark Bristow, a South African geologist and big-game... 

Newmont cuts 120 jobs at Nevada gold mining operation

By: Reuters     11th January 2019 Newmont Mining Corp, the world's No. 2 gold producer, is cutting 120 jobs at its Carlin mining operation in Nevada after deciding to reduce the life span of one mine and suspending part of another due to a wall slide, a spokesman said on Thursday. The Denver, Colorado-based company announced the... 

Centamin output falls 13% y/y in ‘operationally challenged’ year 

By: Simone Liedtke     9th January 2019 Dual-listed Centamin produced 472 418 oz of gold in 2018 – a 13% year-on-year decrease. The company, which operates the Sukari mine, in Egypt, had, during 2018, revised its full-year guidance downward in response to operational challenges, including lower grades from the openpit in the first half... 

Deep in a Panama rainforest, First Quantum bondholders spy prize

By: Bloomberg     9th January 2019 First Quantum Minerals is poised to fire up a giant copper project in Panama, thousands of miles from its beleaguered mines in Zambia. For bondholders, that’s a welcome distance. The Canadian copper company is ramping up production at the Cobre Panama plant this year, even as a mining tax hike... 

Barrick Gold eyes assets, exploration as it plots new phase 

By: Bloomberg     17th November 2018 Barrick Gold, soon to become the world's largest bullion miner, is interested in adding more copper assets as long as the red metal is accompanied by bullion, executives said on Friday. Barrick, which expects to complete its $6.1-billion takeover of Randgold Resources January 1, outlined plans... 

Barrick Gold aims to boost dividend in future – incoming CFO

By: Bloomberg     16th November 2018 Barrick Gold intends to grow future dividends via stronger operating cash flows, non-core asset sales and lower overhead and interest costs, the incoming CFO said in an investor presentation Friday. "The company has made it very clear that paying dividends will be a key deliverable and... 

Encana to acquire shale oil producer Newfield for $5.5bn

By: Bloomberg     1st November 2018 After years of slimming down its oil and gas holdings, Canada’s Encana is reversing course with a $5.5-billion acquisition of a US shale producer in what will be the company’s biggest-ever deal. Encana agreed to purchase Newfield Exploration, which will give it positions in the Stack and Scoop... 

Centamin reports sharp drop in Q3 profit

By: Mariaan Webb     1st November 2018 Gold miner Centamin, which operates the Sukari mine in Egypt, has reported sharply lower third-quarter profit, as its revenue decreased by 35% year-on-year, reflecting lower gold production and sales. The London- and Toronto-listed miner posted profit of $10.23-million, compared with $34-million... 

Updated PEA forecasts 44% more gold from Marathon’s Valentine Lake

By: Creamer Media Reporter      31st October 2018 Toronto-headquartered Marathon Gold has unveiled an updated preliminary economic assessment (PEA) for the Valentine Lake Gold Camp, in Newfoundland, announcing a 44% increase in the recovered gold and improved economics. Compared with the May 2018 PEA, Valentine Lake will deliver 827 000 oz more... 

Canada challenges innovators to modernise 100-year-old mining processes

By: Creamer Media Reporter      31st October 2018 Canadian Natural Resources Minister Amarjeet Sohi has challenged innovators to develop new technology solutions to lower energy consumption for crushing mined rock - a process that currently accounts for up to 3% of the world’s electricity usage. Launching the $10-million Crush It! Challenge,... 

'Blood gold' controversy forces industry transparency push

By: Bloomberg     26th October 2018 It’s been labeled “blood gold,” a jarring phrase that ties one of the world’s most valuable metals with brutal mining practices and illicit profits that legitimate miners and refiners are rushing to end. With miners facing increasing pressure to guarantee the provenance of gold, the group that... 

Goldcorp falls from top tier of miners as Agnico moves ahead

By: Bloomberg     26th October 2018 Agnico-Eagle Mines is now among the top three gold miners in North America based on market capitalisation, as erstwhile industry darling Goldcorp tumbled 18% Thursday on a “miserable quarter.” The three largest gold miners on the continent are Newmont Mining at $15.7-billion, Barrick Gold at... 

Impending Barrick-Randgold tie-up to create a major force in gold sector

By: Rebecca Campbell     26th October 2018 The merger between Barrick Gold (domiciled in Canada and dual-listed on the New York and Toronto Stock Exchanges) and Randgold Resources (domiciled in Jersey and dual-listed on the London and Nasdaq Stock Exchanges), announced last month and still awaiting shareholder and regulatory approvals,... 

Barrick is said to favour taking back control of Acacia Mining  

By: Bloomberg     24th October 2018 Barrick Gold favours taking back control of its separately listed Tanzanian assets after completing its takeover of Africa-focused rival Randgold Resources, according to people familiar with the situation. Barrick spun off those assets in 2010 into a company now called Acacia Mining. That unit –... 

Mountain Province says recent diamond sale netted $24.2m

By: Creamer Media Reporter      19th October 2018 Toronto-based miner Mountain Province has netted $24.2-million from the sale of 366 505 ct in its most recent diamond sale, which the company says is in line with its expectations. The sale, held on October 5, realised an average value of $66/ct. 

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