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Gold News

Oyu Tolgoi board orders independent review of cost overruns

By: Mariaan Webb     1st December 2020 An independent firm of experts is set to review the cost overruns and delays experienced at the Oyu Tolgoi underground project, in Mongolia, Rio Tinto-controlled Turquoise Hill announced on Tuesday. The board of Oyu Tolgoi, 66% owned by Turquoise Hill and 34% by State-owned Erdenes Oyu Tolgoi... 

Lack of publicly available cadastre impeding future mining potential – Miller 

By: Donna Slater     1st December 2020 The South African junior mining, and particularly prospecting, sector will continue its rapid degradation if the Department of Mineral Resources and Energy (DMRE) continues to refuse to publicly release information pertaining to national mining and prospecting rights, says mining supply sales... 

Lack of publicly available cadastre impeding future mining potential – Miller
Photo by Creamer Media
AmaranthCX director Paul Miller

First gold comes out of Scotland's Cononish mine

By: Mariaan Webb     1st December 2020 London-listed Scotland Resources has poured first gold at its Cononish gold and silver mine, marking a significant milestone on its path to becoming Scotland’s first commercial gold mine. Production at Cononish, in the Scottish Grampian mountains, will ramp up to design level early in the New... 

First gold comes out of Scotland's Cononish mine

Metal prices expected to average higher in 2021 amid recovery from Covid-19 – Fitch Solutions

By: Donna Slater     1st December 2020 Financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions) expects miners and metal producers to experience a more favourable pricing environment in 2021 with nearly all mineral and metal prices forecast to average higher on a... 

Rio Tinto faces threat of legal action from investor in Mongolian project

By: Reuters     1st December 2020 Rio Tinto said on Tuesday that it would not offer any comment in response to a threat of legal action from the largest minority shareholder in its Mongolian copper project Oyu Tolgoi. Rio Tinto operates what is slated to become the world's third-largest copper mine which is jointly owned by the... 

Rio Tinto faces threat of legal action from investor in Mongolian project

Canada extends security review of Shandong’s TMAC buy

By: Mariaan Webb     1st December 2020 Canada has extended the national security review of China-based Shandong Gold’s acquisition of TMAC Resources by a further 45 days, the Toronto-listed takeover target reported on November 27. Shandong has offered C$230-million for struggling TMAC, throwing a lifeline to the Hope Bay property in... 

Caledonia equips Central shaft

By: Natasha Odendaal     30th November 2020 Aim-listed Caledonia Mining has fully equipped the Central shaft – from the base to the surface collar – of its Blanket mine, in Zimbabwe, well below budget and within its set timeframe. The shaft sinking at the new Central shaft at Blanket mine was completed in 2019, before the company moved to... 

Highland Gold’s Alexandrov takes top job at Petropavlovsk

By: Mariaan Webb     30th November 2020 Russian miner Petropavlovsk has appointed Denis Alexandrov CEO, the London-listed gold company announced on Monday. Alexandrov joins Petropavlovsk from Russian gold producer and developer Highland Gold Mining, where he was CEO since January 2016. He takes over from Maxim Meshcheryakov, who was... 

Highland Gold’s Alexandrov takes top job at Petropavlovsk

Gold production falls in Sept quarter - Surbiton

30th November 2020 Australian gold production in the September quarter declined slightly to 81 t, down 4 t from the 85 t produced in the June quarter, gold mining consultants Surbiton Associates has reported. The decline in gold production was mainly owing to lower production at some of Australia’s largest gold mines. 

Woodlark economics improved

By: Esmarie Iannucci     30th November 2020 ASX-listed Geopacifc Resources has updated the economics of its planned Woodlark gold project, in Papua New Guinea, as it brings the project into execution readiness. An execution update has increased the project’s projected net present value from the A$197-million projected in the 2018... 

Southern Gold prices South Korean assets

By: Esmarie Iannucci     30th November 2020 Junior Southern Gold has set a sales price of $.9.94-million for its 50% joint venture (JV) interests in the Gubong and Kochang gold projects, in the Republic of Korea. The company previously announced plans to divest of its interest in the two gold projects, with JV partner Bluebird Merchant... 

Katoro receives funding interest for Blyvoor gold tailings project

By: Tasneem Bulbulia     30th November 2020 Aim-listed Katoro Gold has received expressions of interest for funding of an amount significantly more than the peak funding requirement of $36.4-million for the company's Blyvoor joint venture (JV) in respect of the Blyvoor gold tailings project.  The expressions of interest for funding... 

Marmota wins Jumbuck race

By: Esmarie Iannucci     30th November 2020 ASX-listed Tyranna Resources has inked a share and asset sales agreement with fellow-listed Marmota over its Jumbuck gold project, in Western Australia, in a deal valued at A$3-million. The transaction between Tyranna and Marmota comes just days after Tyranna shareholders rejected a... 

Calidus secures debt for Warrawoona start

By: Esmarie Iannucci     30th November 2020 ASX-listed Calidus Resources has secured A$110-million in debt financing for the development of its Warrawoona gold project, in Western Australia, with plant construction now planned for the first quarter of 2021. The company on Monday reported that it has executed a committed credit approved... 

Newcrest solidifies relationship with Greatland Gold

By: Esmarie Iannucci     30th November 2020 Gold miner Newcrest Mining has inked a joint venture (JV) agreement with Greatland Gold over its Havieron project, in Western Australia, some 45 km east from the existing Telfer operation. Newcrest has meat its Stage 3 expenditure requirement at the Havieron project, having spent $45-million on... 

Kirkland Lake sells Novo shares for $45m

By: Mariaan Webb     27th November 2020 Dual-listed Kirkland Lake has announced its intention to sell 18.5-million units in Novo Resources for gross proceeds of $45.33-million. Prior to the transaction, announced on Thursday, Kirkland Lake held 27 885 168 Novo shares, representing an interest of about 12.1% in the Pilbara-focused... 

Tyranna shareholders reject Jumbuck sale to Syngas

By: Mariaan Webb     27th November 2020 Mineral exploration company Tyranna Resources is open to alternative offers for the Jumbuck gold project, in Western Australia, after shareholders rejected the sale of the project to Syngas. Syngas offered A$2.25-million for the asset, which has also attracted interest from other parties,... 

Barrick retains place in DJSI's world index

By: Creamer Media Reporter      27th November 2020 Bullion major Barrick Gold retained its listing in the prestigious Dow Jones Sustainability Index’s (DJSI's) world index, ranking in the ninety-fifth percentile of all mining companies assessed. This is the thirteenth consecutive year Barrick has been listed in the world index, in which 2 500... 

Barrick retains place in DJSI's world index

Turquoise Hill says Odey's letter contains false assumptions

By: Reuters     27th November 2020 Canadian miner Turquoise Hill Resources said on Thursday hedge fund Odey Asset Management's letter to its majority owner Rio Tinto contained a number of false assumptions and misinformation about the company and its funding plan. "Odey has a clear financial motive to depress Turquoise Hill's... 

Turquoise Hill says Odey's letter contains false assumptions

Polymetal buys stake in Cyprus explorer

By: Creamer Media Reporter      26th November 2020 Precious metals miner Polymetal has agreed to buy a 22.5% stake in Cyprus-focused explorer Chesterfield. The London-listed company would invest £2.1-million in Chesterfield. This was in line with Polymetal's strategy to invest in mining companies in its regions of operation, and increase its... 

Marathon announces strategic flow-through financing with Lassonde

By: Creamer Media Reporter      26th November 2020 Toronto-based gold company Marathon Gold on Wednesday announced a strategic flow-through financing with existing shareholder Pirre Lassonde, which would enable the company to continue its exploration programme at the Valentine gold project, in central Newfoundland. The nonbrokered private... 

Minera Alamos to join ranks of gold producers early 2021

By: Mariaan Webb     26th November 2020 TSX-V-listed Minera Alamos is poised to become a gold producer in early 2021, as construction at the Santana mine, in Sonaro, Mexico, is nearing completion. The company is preparing to ship the crushing, screening and agglomeration system that it bought in Arizona, in the US, to its staging yard... 

Minera Alamos to join ranks of gold producers early 2021

Evolution happy in midtier space - Klein

By: Esmarie Iannucci     26th November 2020 Gold miner Evolution Mining told shareholders on Thursday that it had no ambition to become a gold major. Speaking at the company’s annual general meeting, chairperson Jake Klein said the company’s strategy was centered around an ambition to be a premier midtier gold producer, with six to eight... 

Evolution happy in midtier space - Klein
Photo by Bloomberg
Evolution chairperson Jake Klein

Hope on the horizon for Kingsgate

By: Esmarie Iannucci     26th November 2020 New hope has emerged for the relationship between gold miner Kingsgate Consolidated and the Thai government, after the company’s subsidiary was granted 44 special mineral prospecting licenses. Kingsgate on Thursday reported that the special mineral prospecting licenses would have a period of... 

Firefinch pours first gold

By: Esmarie Iannucci     26th November 2020 ASX-listed Firefinch has poured its first gold at the Morila gold mine, in Mali, after completing the acquisition of an 80% interest in the mine earlier this month. The company said on Thursday that the first gold pour under Firefinch ownership marked the company’s transition to an... 

Firefinch pours first gold

Army Corps rejects Pebble mine project

By: Mariaan Webb     26th November 2020 The share price of Northern Dynasty crashed on Wednesday as the US Army Corps of Engineers (USACE) denied the Canadian project developer’s US subsidiary a permit for the controversial Pebble copper/gold mine, in the Bristol Bay region of Alaska. The USACE informed the Pebble Partnership that its... 

Army Corps rejects Pebble mine project

Nersa to host public hearing on Gold Fields' South Deep solar plant application 

By: Marleny Arnoldi     25th November 2020 NYSE- and JSE-listed Gold Fields’ South Deep mining operation has lodged an application with the National Energy Regulator of South Africa (Nersa) for an electricity generation licence for a proposed 40 MW solar photovoltaic plant at the mine, in Westonaria. Nersa has advised that a public... 

Nersa to host public hearing on Gold Fields' South Deep solar plant application
South Deep mine

Kore mulls South Cariboo exploration asset spin-out

By: Mariaan Webb     25th November 2020 TSX-V-listed Kore Mining is considering splitting its US development assets and Canadian exploration assets into separate publicly listed companies, the junior said on Tuesday, announcing the planned spin-out of its South Cariboo exploration assets. The spin-out would create a pure-play... 

Kore mulls South Cariboo exploration asset spin-out

Consumer demand to remain low - WGC

By: Esmarie Iannucci     25th November 2020 Investment demand for gold is expected to compensate for falling consumer demand in 2020 as the Covid-19 pandemic impacted buyer habits, the World Gold Council (WGC) said on Wednesday. Speaking at the International Mining and Resources Conference, WGC chief marketing strategist John Read noted... 

Troy pulls full-year guidance

By: Esmarie Iannucci     25th November 2020 Gold miner Troy Resources has withdrawn its production guidance for the full 2020, as its Karouni mine site, in Guyana, faced a number of issues. The company in October reported 23 positive cases of Covid-19 infections at the mine, and while this had been effectively dealt with and the impact... 

Troy pulls full-year guidance

Reforms, development in Zimbabwean gold sector ‘crucial’

By: Simone Liedtke     24th November 2020 The instability in Zimbabwe, caused by a spike in violence in the country’s gold mining sector over the last year, has eroded the export revenue that President Emmerson Mnangagwa’s government “urgently needs to keep the country’s struggling economy afloat,” independent non-governmental... 

Gold drops to four-month low on vaccine news, Biden transition

By: Bloomberg     24th November 2020 Gold dropped to the lowest level in four months amid optimism over Covid-19 vaccine developments and the triggering of a formal transition process to President-elect Joe Biden. The General Services Administration acknowledged Biden as the apparent winner of the presidential election on Monday,... 

Gold drops to four-month low on vaccine news, Biden transition

Anglo Asian says conscripted engineers to return to work in early 2021

By: Mariaan Webb     24th November 2020 Aim-listed gold, copper and silver producer Anglo Asian has lowered its production guidance for the year, as the conscription of several engineering staff and slowed tunnelling progress owing to rock faulting have impacted on production. The company expects to produce between 68 000 and 72 000... 

Anglo Asian says conscripted engineers to return to work in early 2021
Gedabek, in Azerbaijan

Kirkland Lake to earn into Wallbridge’s Detour East

By: Mariaan Webb     24th November 2020 Gold miner Kirkland Lake has entered an option to earn a 75% interest in exploration and development firm Wallbridge Mining’s Detour East project, located about 11 km east of the Detour Lake gold mine. To earn a 75% interest, Kirkland Lake will have to spend a total of $35-million and it will... 

Kerr closes finance to restart Copperstone

By: Mariaan Webb     24th November 2020 Toronto-listed Kerr Mines has secured in $18-million in project financing to restart the past-producing Copperstone mine, in Arizona. Kerr and Star Royalties on Monday closed the first instalment of a gold purchase and sale agreement, which would be used to finance the restart of underground... 

Caldas changes to Aris Gold with Telfer as chair, Woodyer as CEO

By: Mariaan Webb     24th November 2020 Colombia-focused precious metals company Caldas Gold has started a C$85-million private placement financing with a group of investors that will result in a new management and board member line-up and the company changing its name to Aris Gold. Aris Gold will be led by a board of industry... 

Caldas changes to Aris Gold with Telfer as chair, Woodyer as CEO
Aris Gold chairperson Ian Telfer

Equinox studies Castle Mountain expansion

By: Mariaan Webb     24th November 2020 Canadian mining company Equinox Gold is considering a Phase 2 expansion at the Castle Mountain mine, lifting the US mine’s output to an average of 200 000 oz/y. A feasibility study for the expansion is targeted for completion in the first quarter of 2021, the TSX- and NYSE American-listed miner... 

Equinox studies Castle Mountain expansion

Gold mining emissions draw scrutiny after price surge

By: Reuters     24th November 2020 Investors are putting pressure on gold miners, whose high greenhouse gas emissions have been less scrutinized, to report transparently and take concrete steps to curb them after a rally in prices this year drew closer attention to the sector's footprint. Gold miners are among the biggest... 

Gold mining emissions draw scrutiny after price surge
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