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Gold News

Sibanye Gold exercises option on $450m convertible bonds

By: Donna Slater     18th September 2020 Precious metals miner Sibanye-Stillwater’s wholly-owned subsidiary Sibanye Gold on September 18 exercised its option on its $450-million, 1.875 per cent convertible bonds due 2023 in line with the terms and conditions to redeem all outstanding bonds on October 19 at their principal amount. This... 

GlobalData expects 1.7% drop in gold output this year

By: Marleny Arnoldi     18th September 2020 The suspension of mining activity owing to Covid-19 restrictions around the world in the second quarter of the year will result in a 1.7% decline in global gold production this year, says data and analytics company GlobalData. It expects almost all top gold producers in key markets, including... 

Polymetal's biggest shareholder raises $443m from 4% stake sale

By: Reuters     18th September 2020 Russian gold and silver producer Polymetal's biggest shareholder has raised £342-million from the sale of a 4% stake in the company through an accelerated book building (ABB), a bookrunner said on Friday. IST Group, owned by businessman Alexander Nesis, sold 19-million shares in Polymetal, it... 

Papillon making ‘good progress’ towards completing Mayflower transaction

By: Simone Liedtke     18th September 2020 London-listed investment company Papillon Holdings is making “good progress” towards completing the transaction agreement with Mayflower Capital Investments, which will result in the company acquiring some or all the interest of two gold assets located in Kenya and Congo-Brazzaville. The company... 

TomaGold sells remaining 25% of Monster Lake stake to Iamgold

By: Creamer Media Reporter      18th September 2020 Listed miner Iamgold will buy the remaining 25% of the Monster Lake project, in the Chibougamau mining camp, Quebec, from TSX-V-listed TomaGold in an C$8.5-million cash-and-share transaction. The Monster Lake project comprises the Monster Lake, Winchester and Lac à l’eau jaune properties in the... 

Magmatic eyes Moorefield demerger

By: Esmarie Iannucci     18th September 2020 ASX-listed Magmatic Resources on Friday announced the demerger of its wholly owned subsidiary Australian Gold and Copper (AGC), which will hold the Moorefield gold project, in New South Wales. Furthermore, ACG has also entered into a binding term sheet with New South Resources to acquire two... 

Kinross production to grow 20% by 2023, declares dividend

By: Mariaan Webb     17th September 2020 Canada-headquartered gold miner Kinross will grow its production by half-a-million gold-equivalent ounces (GEO), or about 20%, over the next three years, CEO Paul Rollinson said on Thursday, as he also announced the group's first quarterly dividend in a number of years. Production is forecast to... 

Former Detour Gold COO becomes Harte Gold CEO

By: Creamer Media Reporter      17th September 2020 Ontario gold miner Harte Gold on Thursday announced the appointment of former Detour Gold COO Frazer Bourchier as CEO with effect from September 21, succeeding Sam Coetzer, who is stepping down as president and CEO for personal reasons. The company also announced that COO Martin Raffield would... 

Equinox Gold completes Phase 1 construction at Castle Mountain

By: Creamer Media Reporter      17th September 2020 Construction of Phase 1 at the Castle Mountain gold mine, in California, is complete and the first gold pour is expected in the fourth quarter, dual-listed Equinox Gold reported on Thursday. Equinox started preproduction mining in early June and has stacked more than 1.4-million tonnes of ore on... 

Equinox Gold completes Phase 1 construction at Castle Mountain

‘No politics’ in Pebble review, says Trump

By: Mariaan Webb     17th September 2020 TSX- and NYSE American-listed Northern Dynasty’s stock rose sharply on Thursday, after US President Donald Trump vowed that there would be “no politics” in the review process of the Pebble copper/gold mine in Alaska. “Don’t worry, wonderful and beautiful Alaska, there will be no politics in the... 

‘No politics’ in Pebble review, says Trump

Egoli likely to be S Africa’s least complicated underground gold mine – Pan African  

By: Martin Creamer     17th September 2020 What is expected to be South Africa’s least complicated underground gold mine is on the way at Evander, Mpumalanga, in the form of the Egoli gold project. Planning to bring the low-capital quick-return project to life is Pan African Resources, the London-, Johannesburg- and New York-listed... 

Egoli likely to be S Africa’s least complicated underground gold mine – Pan African
Mining Weekly’s Martin Creamer interviews Pan African Resources CEO Cobus Loots. Video: Darlene Creamer.

Impact says illicit trade of DRC artisanal gold significant

By: Donna Slater     17th September 2020 Vulnerable community representative organisation Impact’s newest report, 'The Intermediaries: Traders Who Threaten the Democratic Republic of Congo’s Efforts for Conflict-Free Gold', reveals that the country's illicit gold trade is thriving despite efforts to clean up the sector.

The report... 

IronRidge hits high-grade gold mineralisation at Zaranou targets

By: Marleny Arnoldi     17th September 2020 Aim-listed IronRidge Resources has reported additional high-grade drilling results from the second phase of its drilling programme at the Zaranou gold project, in Côte d'Ivoire. The Zaranou area is along strike from significant operating gold mines including the five-million-ounce Chirano,... 

Harmony Gold, Pan African, platinum make headlines 

17th September 2020 Mining Weekly Editor Martin Creamer unpacks the integration of Mponeng and Mine Waste Solutions surface gold recovery operation into Harmony Gold, Pan African's results and platinum possibly on its way into battery electric vehicles as a battery metal. 

Harmony Gold, Pan African, platinum make headlines
Harmony Gold, Pan African, platinum make headlines

Euro Sun hoping to start construction in 2021

By: Mariaan Webb     17th September 2020 The last two quarters have come with significant change for Canada-based junior Euro Sun, which is developing the ten-million-gold-equivalent ounce Rovina Valley project, in Romania. Operationally, Euro Sun added to its senior management to advance the permitting and engineering at Rovina... 

Euro Sun hoping to start construction in 2021

Alacer/SSR merger completed

By: Esmarie Iannucci     17th September 2020 The merger of equals between ASX- and TSX-listed Alacer Gold and fellow-listed SSR Mining has been completed, with Alacer becoming a wholly owned subsidiary of SSR. The two companies in May this year announced the C$2.4-billion share deal, under which Alacer shareholders received 0.3246 SSR... 

Early construction starts at Warrawoona

By: Esmarie Iannucci     17th September 2020 Construction has started at ASX-listed Calidus Resources’ Warrawoona gold project, in the Pilbara, with contractor Macmahon Holdings tapped as the preferred mining contractor. “The commencement of construction activities at Warrawoona is a major milestone for Calidus. Installing the base... 

Boston Shaker meets milestone

By: Esmarie Iannucci     17th September 2020 Commercial production has been declared at the Boston Shaker underground mine, at the Tropicana gold joint venture (JV) in Western Australia. Development of the underground operation was approved in March last year, and the mine transitioned to commercial production on schedule, and below the... 

Newmont CEO sees gold 'elevated', but will keep plans grounded

By: Bloomberg     17th September 2020 The world’s biggest gold producer sees the price of the precious metal remaining “elevated” as governments continue pandemic stimulus spending, but don’t expect that to change Newmont’s focus on fiscal “discipline” any time soon. Gold skyrocketed to record heights above $2 000 an ounce in... 

Newmont CEO sees gold 'elevated', but will keep plans grounded
Newmont CEO Tom Palmer

Altus secures royalty, upfront and future payment agreements for Côte d'Ivoire gold projects

By: Marleny Arnoldi     16th September 2020 TSX-V- and Aim-listed Altus Strategies has signed purchase and sales, and net smelter return royalty (NSR), agreements with TSX-V-listed Stellar Africa Gold. This relates to Altus selling its 100% interest in Aeos Resources, which, through a Ivorian subsidiary named Aucrest, owns the Prikro and... 

Solar to provide most of gold plants’ daytime power – Pan African  

By: Martin Creamer     16th September 2020 The 10 MW solar electricity plant that Pan African Resources will construct on site at its Elikhulu gold-from-tailings plant next year at a cost of R150-million will take care of most of Elikhulu’s daytime power requirements. This is the first phase of solar power generation at Evander. Pan... 

Solar to provide most of gold plants’ daytime power – Pan African
Pan African Resources results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

First Quantum does not expect further Covid disruptions at its mines

By: Mariaan Webb     16th September 2020 With the Cobre Panama mine back at full production following an earlier Covid-19-related shutdown, Toronto-listed miner First Quantum does not expect any further disruptions related to the pandemic, with precautionary measures in practice at all its operations. The Cobre Panama mine, which was... 

First Quantum does not expect further Covid disruptions at its mines
The Cobre Panama plant

Traceability, due diligence system implemented for Côte d’Ivoire artisanal gold

By: Simone Liedtke     16th September 2020 Natural resources organisation Impact and the European Union (EU) have successfully implemented a traceability and due diligence system from mine site to the international market for artisanal gold from Côte d’Ivoire as part of the Just Gold project. The Just Gold project supports artisanal gold... 

Cora Gold appoints new exploration head

By: Simone Liedtke     16th September 2020 West Africa-focused gold miner Cora Gold has appointed Norman Bailie as exploration head, with immediate effect. Bailie succeeds Dr Jonathan Forster, who is retiring from this role but will continue to be retained as an adviser to the company.   He is an accredited chartered professional... 

Lundin Gold receives permit to drill Emperador concession

By: Creamer Media Reporter      16th September 2020 Ecuador-focused Lundin Gold has received an exploration permit for the Emperador concession, which includes the drill ready Barbasco target, where the company plans to start a drill programme in the fourth quarter. The Barbasco target is 3.8 km in length and has a similar structural location and... 

Pan African proposes record final dividend as headline earnings surge 

By: Martin Creamer     16th September 2020 Gold mining company Pan African on Wednesday proposed a record final dividend after headline earnings surged 93% and net cash generated by operating activities rose by 42%. Mining Weekly can report that, in the 12 months to June 30, gold produced by the London-, Johannesburg- and New York-listed... 

Pan African proposes record final dividend as headline earnings surge
Photo by Creamer Media
Pan African CEO Cobus Loots

Kore Mining demonstrates Long Valley’s potential

By: Creamer Media Reporter      16th September 2020 TSX-V-listed Kore Mining has announced the results from a preliminary economic assessment (PEA) for its Long Valley Gold deposit, in California, demonstrating its potential to generate strong economic returns, while complying with stringent operating and reclamation standards. The PEA highlights... 

Miners well represented in TSX’s top 30-stock ranking

By: Mariaan Webb     16th September 2020 Mining, exploration and development companies are well represented in the 2020 TSX30 – a programme that showcases the TSX’s 30 top-performing stocks that represent sustained excellence over the long term. Mining companies represent 14, or nearly half, of the TSX30, which ranks stocks based on... 

Miners well represented in TSX’s top 30-stock ranking

Grassy Mountain feasibility ‘everything we hoped for’ – Paramount COO

By: Mariaan Webb     16th September 2020 The feasibility study for the Grassy Mountain gold project, in eastern Oregon, has outlined an underground mining operation with a strong net present value (NPV) of and internal rate of return (IRR) results, as well as a low initial capital and low all-in sustaining costs (AISC). At a base case... 

Freeport does not want to be 'distracted' by buyout offers, CFO says

By: Reuters     16th September 2020 Freeport-McMoRan does not want to be distracted by any buyout offers and is focused on expanding its Grasberg copper-and-gold mine in Indonesia and boosting cash flow, CFO Kathleen Quirk said on Tuesday. Executives at rival miner Barrick Gold have openly talked in recent months about their... 

Great opportunity to lock in higher gold price for future – Harmony  

By: Martin Creamer     16th September 2020 The current gold price presents a great opportunity to lock in the higher price for the future, says Harmony Gold FD Boipelo Lekubo, against the backdrop of Harmony’s hedging programme realising gains of R2.2-billion since its inception, but the recent dollar and rand gold prices also negatively... 

Great opportunity to lock in higher gold price for future – Harmony
Photo by Creamer Media
Harmony Gold financial director Boipelo Lekubo

Comet secures A$20m for gold development

By: Esmarie Iannucci     16th September 2020 Metals explorer Comet Resources has reached a streaming agreement for up to $20-million for the development of its Santa Teresa gold project, in Mexico. The company has inked binding documents with Raptor Capital International for the provision of a streaming facility to provide a minimum of... 

Canadian gold miner shrugs off coup to boost output in Mali

By: Bloomberg     15th September 2020 Canada’s B2Gold is expanding its gold-mining operations in Mali, undeterred by a military coup and a growing Islamist insurgency in the West African nation. Mali’s military ousted President Ibrahim Boubacar Keita last month in the country’s second coup in less than 10 years. So far, the... 

Mponeng integration presenting ‘wonderful opportunities’ – Harmony Gold  

By: Martin Creamer     15th September 2020 The integration of Mponeng underground gold mine and Mine Waste Solutions surface gold recovery operation into Harmony Gold was presenting “wonderful opportunities” in the West Wits area, Harmony CEO Peter Steenkamp said on Tuesday. Harmony, which will be on site at Mponeng and Mine Waste... 

Mponeng integration presenting ‘wonderful opportunities’ – Harmony Gold
Harmony Gold presentation of results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

MegumaGold buys fellow explorer Osprey Gold

By: Creamer Media Reporter      15th September 2020 Explorer MegumaGold has completed its acquisition of Osprey Gold Development, consolidating their respective land packages in Nova Scotia. Former Osprey president Cooper Quinn, and now MegumaGold board member, states that the combined company holds an “excellent” suite of assets, from... 

KOTH proves up for Red 5

By: Esmarie Iannucci     15th September 2020 A final feasibility study (FFS) into the King of the Hills gold project, in Western Australia, has confirmed the technical and financial viability of a new four-million tonne a year mining and processing operation which could be expanded to six-million tonnes a year. Owner Red 5 said that the... 

Wallbridge signs term sheet with Kirkland over Detour East

By: Mariaan Webb     15th September 2020 Toronto-listed miner Wallbridge Mining has announced a term sheet with fellow listed Kirkland Lake, granting the company the opportunity to earn 75% into its Detour East gold property. In terms of the non-binding term sheet, Kirkland could earn the interest by spending c$35-million on the... 

Harmony Gold’s free operating cash soars 

By: Martin Creamer     15th September 2020 Gold mining company Harmony Gold on Tuesday reported 106% increase in operating free cash flows on a 25% improvement in the rand gold price to R735 569/kg in financial year 2020, resulting in a 9% increase in revenue to R29.25-billion.  In the year to June 30, the company, headed by CEO Peter... 

Harmony Gold’s free operating cash soars
Harmony CEO Peter Steenkamp
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