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Gold News

African Rainbow Minerals financial director to step down

By: Martin Creamer     Updated 3 hours ago South Africa’s diversified black-controlled mining and minerals company African Rainbow Minerals (ARM) on Tuesday announced that its FD Abigail Mukhuba would be stepping down with effect from the end of September to pursue a new career, and that ARM senior executive finance: corporate and tax... 

Hoisting operations restart at Peak

By: Esmarie Iannucci     Updated 4 hours ago ASX-listed Aurelia Metals has restarted shaft hoisting operations at its Peak mine, in New South Wales. The gold miner last week suspended shaft hoisting operations to investigate a fault detected in the conveyance guide system. 

Ravenswood sale completed - Resolute

By: Esmarie Iannucci     Updated 4 hours ago Gold miner Resolute Mining has completed the sale of its Ravenswood gold mine, in Queensland, to a consortium consisting of private equity manager EMR Capital and energy and mining company Golden Energy and Resources (GEAR). Resolute in January this year struck an agreement with the consortium,... 

Harmony Gold’s nine underground mines cease operations

By: Martin Creamer     Updated 5 hours ago Mining has ceased at all of the nine underground gold mines of Harmony Gold but the Johannesburg- and New York-listed company’s surface retreatment operations and opencast mine will continue to function, collectively producing between 650 kg and 700 kg in the 21-day lockdown period in response to... 

Harmony Gold’s nine underground mines cease operations
Photo by Creamer Media
Peter Steenkamp

Blackham signs supply and alliance agreement

By: Esmarie Iannucci     Updated 6 hours ago ASX-listed gold miner Blackham Resources has inked a sales contract with Russian gold miner Polymetal International over all of the non-committed gold concentrate from Blackham’s Stage 1 expansion project of its Western Australian operations. The Stage 1 production rates are expected to average... 

Gold Fields places South Deep mine on care and maintenance

By: Martin Creamer     Updated 6 hours ago Johannesburg- and New York-listed gold mining company Gold Fields has placed its South Deep gold mine in Gauteng on care-and-maintenance to coincide with South Africa’s lockdown until April 16. In publishing its integrated annual report for 2019 and a number of associated reports on its website,... 

Gold Fields places South Deep mine on care and maintenance
Photo by Creamer Media
Nick Holland

Russia, world’s biggest buyer of gold, will stop purchases

By: Bloomberg     30th March 2020 Russia spent more than $40-billion building a war chest of bullion over the past five years. Now, it’s calling it quits. The central bank announced on Monday that it would stop buying gold starting April 1, but didn’t explain the move. Analysts say Russia already has a lot of gold stashed in... 

Russia, world’s biggest buyer of gold, will stop purchases

Premier confirms $205m offer for Centerra’s stake in Hardrock project

By: Mariaan Webb     30th March 2020 TSX-listed Premier Gold Mines on Monday confirmed a $205-million offer to buy Centerra Gold’s 50% interest in the Greenstone Gold Mines (GGM) partnership, which owns the Hardrock project, in Ontario. The acquiring party, Premier said, would be another company that was an assignee of Premier... 

Premier confirms $205m offer for Centerra’s stake in Hardrock project

ISS and Glass Lewis support Excellon's Otis Gold buy

By: Creamer Media Reporter      30th March 2020 Two independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis and Co have each recommended that shareholders in TSX-listed Excellon Resources approve the proposed acquisition of Otis Gold. ISS and Glass Lewis said that transaction made sense for Excellon... 

Cora Gold starts drilling at Senegal permit

By: Simone Liedtke     30th March 2020 West Africa-focused gold company Cora Gold has started a 2 000 m reverse circulation (RC) drilling programme at its Madina Foulbé permit, in eastern Senegal, to test mineralisation at depth. The project is located within the prolific Kedougou-Kenieba Inlier gold region, which has, historically,... 

Gold miners Argonaut and Alio announce merger

By: Mariaan Webb     30th March 2020 Canadian companies Argonaut Gold and Alio Gold on Monday announced an at-market merger in which Argonaut would buy Alio to create an intermediate miner producing 235 000 gold-equivalent ounces a year. Alio’s shares would be exchanged on the basis of 0.67 of an Argonaut share, with the exchange... 

Caledonia applies for exemption to suspend operations amid Zim lockdown

By: Tasneem Bulbulia     30th March 2020 Aim-listed Caledonia Mining Corporation has been granted permission for the Blanket gold mine, in Zimbabwe, to continue with its operations at a reduced level during the nationwide lockdown of Zimbabwe to restrict the spread of Covid-19, while it awaits a full verdict on its application for... 

Pan African continues with limited surface work, essential activities

By: Marleny Arnoldi     30th March 2020 Gold miner Pan African Resources has implemented the necessary measures at all its operations to conduct essential services during the remainder of the national lockdown period ending April 16, as approved by the Department of Mineral Resources and Energy. These essential services, specific to... 

Perseus updates Edikan life-of-mine plan

By: Simone Liedtke     30th March 2020 Dual listed Perseus Mining has updated the mine plan for the Edikan gold mine, which is now forecast to produce more than 1.3-million ounces of gold over the life-of-mine (LoM). This is 95% higher than the total production estimated in the previous LoM plan, Perseus said, attributing the increase... 

Gold pauses after best week since 2008 as caution reigns

By: Bloomberg     30th March 2020 Gold edged lower after its best week since 2008 amid investor caution on policies aimed at mitigating the impact of the coronavirus pandemic. Bullion’s muted trading comes after the gold market was thrown into turmoil last week as the health crisis disrupted supply chains, creating a squeeze in... 

Detour Lake worker tests positive for Covid-19

By: Creamer Media Reporter      30th March 2020 Canadian gold miner Kirkland Lake has suspended nonessential work and visits to the Detour Lake mine site, in Ontario, after a worker tested positive for Covid-19. The company said at the weekend that the worker arrived on the mine site on March 12, began showing symptoms and self-isolated on... 

Red 5 raises A$125m for King of the Hills

By: Esmarie Iannucci     30th March 2020 Gold miner Red 5 has raised A$125-million in a share placement to sophisticated and professional investors to develop the proposed integrated bulk openpit and underground mining and processing operation at King of the Hills, in Western Australia. The share placement, which was priced at 18c a... 

Mining could be enormous post-virus stabiliser – Minerals Council

By: Martin Creamer     29th March 2020 The mining industry could be an enormous asset in stabilising and growing the economy post the coronavirus crisis – but the right economic and regulatory circumstances would have to prevail, Minerals Council South Africa stated in a weekend media release. Post coronavirus, South Africa would... 

ARM, Motsepe family play key roles in R1bn coronavirus pledge

By: Martin Creamer     28th March 2020 South Africa’s diversified black-controlled mining and minerals company African Rainbow Minerals (ARM) and the Motsepe family on Saturday formed the key part of the partnership of companies and organisations that have pledged R1 billion to assist with the current coronavirus (Covid-19) pandemic... 

ARM, Motsepe family play key roles in R1bn coronavirus pledge
Photo by Creamer Media
Dr Patrice Motsepe and Dr Precious Moloi-Motsepe at Saturday's remote media conference using the Internet to ensure social distance.

Mitsubishi unpacks movement of PGM markets amid lockdowns

By: Marleny Arnoldi     27th March 2020 Mitsubishi Corporation International (MCI) says in its latest precious metals update that it expects South Africa’s platinum supply to reduce by around 7%, or by between 200 000 oz and 300 000 oz, in light of closed operations during South Africa’s 21-day national lockdown. The announcement by... 

Mitsubishi unpacks movement of PGM markets amid lockdowns

South African gold shipments to London have been cut off

By: Bloomberg     27th March 2020 A South African refinery has stopped shipping gold to London because of a lack of commercial flights, adding to the disruption that’s upending the physical bullion market. South Africa’s Rand Refinery, the continent’s only gold refiner, said it’s exploring back-up plans and alternative measures... 

South African gold shipments to London have been cut off

Gold miner Polyus establishes Covid-19 fund

By: Tasneem Bulbulia     27th March 2020 LSE-listed gold producer Polyus, in cooperation with the Far East Development Fund (FEDF), will co-found finance activities aimed at preventing the spread of Covid-19 in the Russian Far East. The size of the fund is expected to reach ₽1-billion, reflecting donations from different parties. 

Record Canadian gold price bolsters Pure Gold’s Red Lake bottom line

By: Tasneem Bulbulia     27th March 2020 Dual-listed Pure Gold Mining is progressing mine construction activities at its Pure Gold Red Lake mine, in Canada, ahead of schedule, supported by record gold prices. On Friday, gold prices have rallied to a record C$2 300 /oz, which translates directly to the project’s bottom line, resulting in... 

Record Canadian gold price bolsters Pure Gold’s Red Lake bottom line

Metals and mining M&A up in February relative to January

By: Rebecca Campbell     27th March 2020 Research and consultancy company GlobalData has reported that mergers and acquisition (M&A) activity in the global mining and metals sector during February was, in value, higher than in January, but still substantially lower than the average figure for the previous 12 months. It was also very far... 

Development work at Scotland's first commercial gold mine comes to a halt

By: Marleny Arnoldi     27th March 2020 Aim-listed Scotgold Resources has confirmed that the development schedule of the 23 500 oz/y Cononish gold/silver mine, in Scotland, has been delayed, with first gold from the project only expected beyond May. The company says excessive rain in January and February has made development... 

Development work at Scotland's first commercial gold mine comes to a halt

Chaarat expects Tulkubash delays, but sees positive Covid-19 spin-offs

By: Marleny Arnoldi     27th March 2020 Aim-listed Chaarat Gold says although the impact of coronavirus on the global economy is significant, demand for the company’s products has remained relatively healthy. The company has seen positive trends in cost reduction in both the jurisdictions that it operates in, thanks to a declining... 

Centerra reports better-than-expected production from its two flagship mines

By: Marleny Arnoldi     27th March 2020 TSX-listed Centerra Gold reported a strong operating performance from its two mines in 2019, exceeding the company’s consolidated gold production and cost guidance. The Kumtor and Mount Milligan mines, in Kyrgyzstan and Canada's British Columbia, respectively, together produced about 783 300 oz... 

Centerra reports better-than-expected production from its two flagship mines
Photo by Reuters
Centerra's Kumtor mine

Orex and Pan American Silver form JV to develop Mexico project

By: Tasneem Bulbulia     27th March 2020 Canada-based junior exploration company Orex Minerals has entered into an agreement to form a joint venture (JV) with TSX-listed Pan American Silver, through its subsidiary Plata Panamericana (Pan American), to further explore and develop the Sandra project, formerly the Sandra-Escobar project,... 

Galane Gold implements measures to mitigate Covid-19 controls

By: Tasneem Bulbulia     26th March 2020 Unhedged gold producer and explorer Galane Gold has put precautions in place to manage the risk of Covid-19 to staff, the company, contractors, the local communities and all other stakeholders. Galane has had no reported cases of Covid-19 at either of its projects, and says it continues to ensure... 

McEwen Mining scales back at Black Fox and Gold Bar

By: Tasneem Bulbulia     26th March 2020 Diversified gold and silver producer McEwen Mining will scale down both the Black Fox mine in Canada, and the Gold Bar mine, in the US, from March 26 for a period of 14 days to try to prevent the spread of Covid-19.  Certain production and exploration activities will continue at Gold Bar in areas... 

Maya improves daily production capacity by 40%

By: Marleny Arnoldi     26th March 2020 TSX-listed Maya Gold & Silver has expanded production capacity at its Zgounder silver mine, in Morocco. The company has all the necessary elements and infrastructure in place to process 700 t/d, which is a 40% increase on the prior production capacity of 500 t/d.  

Serabi delays results, suspends production guidance in Brazil

By: Marleny Arnoldi     26th March 2020 Aim- and TSX-listed Serabi Gold has announced that the publication of its yearly results will be delayed to no later than April 14, as allowed by the Canadian securities regulatory authorities. The company’s financial statements for the three months and year ended December 31, 2019, would have... 

Official gold holdings head for 34 000 t as global risks heighten 

By: Martin Creamer     26th March 2020 Central banks and supranational organisations, such as the International Monetary Fund and the Bank of International Settlements, currently hold nearly 34 000 t of gold as reserve assets, the World Gold Council reported on Thursday. The council puts the primary reason for recent gold buying down... 

Official gold holdings head for 34 000 t as global risks heighten
Photo by World Gold Council
Gold bars.

Caledonia’s Zim mine can weather supply chain disruption from South Africa

By: Marleny Arnoldi     26th March 2020 London- and TSX-listed Caledonia Mining Corporation expects its Blanket mine, in Zimbabwe, to suffer some knock-on effects as a result of the three-week national lockdown in South Africa to curb the spread of Covid-19. The company expects knock-on effects on the mine owing to many of its mining... 

Caledonia’s Zim mine can weather supply chain disruption from South Africa
Caledonia's Blanket gold mine, in Zimbabwe

Cardinal increases Namindi footprint in Ghana

By: Esmarie Iannucci     26th March 2020 Dual listed Cardinal resources has increased the mining license area of its Namindi gold project, in Ghana, more than three fold. The ASX- and TSX-listed company on Thursday reported that the mining license for Namindi had increased from an area of 19 km2 to 63 km2, with the license stretching... 

Imperial narrows loss to $40m

By: Marleny Arnoldi     26th March 2020 TSX-listed Imperial Metals in the year ended December 31, managed to narrow its net loss from continuing operations to $40.2-million from the $109-million loss reported in the year ended December 31, 2018. This amounted to a loss a share of $0.32 apiece in 2019, compared with a loss a share of... 

Imperial narrows loss to $40m
Imperial Metals' Huckleberry mine, in British Columbia

New gold futures contract launched – LBMA 

By: Martin Creamer     26th March 2020 A new gold futures contract just launched has expanded delivery options, London Bullion Market Association (LBMA) said on Thursday. The membership of LBMA, a gold and silver trade association, is made up of banks, traders and logistics companies across the world, resulting in it being given... 

New gold futures contract launched – LBMA
Photo by Creamer Media
LBMA executive board director Sakhila Mirza.

Gold to remain relevant, says WGC

By: Tasneem Bulbulia     26th March 2020 With the rapidly evolving COIVD-19 situation globally, market development organisation the World Gold Council (WGC) CEO David Tait indicated that Like most asset classes, gold has been affected by widespread, rapid-fire asset sales and a dash for cash, says World Gold Council (WGC) CEO David Tait. 

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