R/€ = 19.23 Change: -0.02
R/$ = 17.63 Change: -0.01
Au 1728.57 $/oz Change: -5.57
Pt 828.29 $/oz Change: 2.74

Gold News

Sabina raises C$49m to advance Back River gold project development

By: Simone Liedtke     19th May 2020 Emerging precious metals company Sabina Gold and Silver has entered into an agreement with a syndicate of underwriters to raise C$49-million, which it would use to advance the Back River gold project, in Nunavut. Led by BMO Capital Markets and RBC Capital Markets, the underwriters have agreed to... 

Yamana’s mineral extension drilling in South America continues to bear fruit

By: Marleny Arnoldi     19th May 2020 TSX- and NYSE-listed Yamana Gold says exploration drilling results at two of its mines – Jacobina, in Brazil, and El Peñón, in Chile – continue to show growth in mineral reserves and mineral resources. Yamana says exploration at Jacobina in the second half of last year and through the first... 

Mandatory code of Covid mining practice gazetted 

By: Martin Creamer     19th May 2020 South Africa's guidelines for a mandatory Code of Practice (COP) to mitigate and manage the Covid-19 pandemic in the mining industry have been gazetted. Failure by employers to prepare and implement a mine's COP in line with the guidelines would constitute a criminal offence and a breach of the... 

Mandatory code of Covid mining practice gazetted
Photo by Creamer Media's Donna Slater
Mineral Resources and Energy Minister Gwede Mantashe

Sibanye-Stillwater to hold AGM electronically

By: Martin Creamer     19th May 2020 Precious metals mining company Sibanye-Stillwater on Tuesday announced the logistical arrangements for an electronically conducted annual general meeting (AGM) later this month. The Johannesburg- and New York-listed company, headed by CEO Neal Froneman, provided detailed steps for shareholders to... 

Sibanye-Stillwater to hold AGM electronically
Photo by Creamer Media's Donna Slater
Silbanye-Stillwater CEO Neal Froneman

Kefi receives central bank approval for proposed Tulu Kapi debt finance

By: Tasneem Bulbulia     19th May 2020 The National Bank of Ethiopia, Ethiopia's central bank, has approved signed term sheets with the project finance banks that will provide the long-term development debt finance for Aim-listed Kefi Minerals' Tulu Kapi gold project. The company says this reaffirms the Ethiopian government's ongoing... 

Ecuador to restart mining activity after pause due to pandemic

By: Reuters     19th May 2020 Ecuador will progressively restart mining activity this week after the government approved new security protocols for mineral transport and the return of workers to the mines amid the coronavirus pandemic, an official said over the weekend. Mining activity in the Andean nation fell by 60% since... 

Papua New Guinea court to rule on Barrick mine challenge in June

By: Reuters     19th May 2020 A Papua New Guinea court is set to rule next month on whether Barrick Gold can proceed with a legal challenge over the government's refusal to extend its lease on the Porgera gold mine, the head of the country's mining regulator said. Papua New Guinea (PNG) said last month it would take control... 

Papua New Guinea court to rule on Barrick mine challenge in June

OreCorp raises A$13m for Tanzanian project

By: Esmarie Iannucci     19th May 2020 Gold and base metal developer OreCorp has raised A$13.56-million through a share placement to institutional and sophisticated investors to fund continued work at its Nyanzaga gold project, in Tanzania. The company will place 45.2-million shares, at a price of 30c each in a single tranche, under... 

Equatorial Guinea mines ministry signs first five mining contracts

By: Donna Slater     18th May 2020 Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH) has signed the first mining contracts in the country’s history, following the conclusion of the country’s inaugural mining bidding round last year. The ministry signed five mining contracts with three different companies, including one... 

Centamin achieves positive full-year results

By: Simone Liedtke     18th May 2020 Gold miner Centamin's earnings a share for the year ended December 31, 2019, increased by 17% year-on-year to $0.76. Its earnings before interest, taxes, depreciation and amortisation also increased by 10% year-on-year to $172.9-million, while operational cash flow improved by 11% to $249-million. 

Oriole receives £165 000 tax rebate for West African geoscientific advancements

By: Marleny Arnoldi     18th May 2020 Aim-listed gold explorer Oriole Resources has received a rebate of £165 000 from UK Revenue and Customs. This relates to a research and development (R&D) tax relief claim as a result of geoscientific advances made by the company through its exploration programmes in Senegal and, more recently,... 

Hybrid renewable microgrid up and running at Gold Fields' Agnew

By: Esmarie Iannucci     18th May 2020 The 56 MW Agnew hybrid renewable project at gold miner Gold Field’s Agnew mine, in Western Australia, has been completed. Energy producer EDL on Monday said that all five wind turbines were now operational and have been successfully integrated into Australia’s largest hybrid renewable microgrid,... 

Hybrid renewable microgrid up and running at Gold Fields' Agnew

Putin sends army to fight virus outbreak at Siberian gold mine

By: , Bloomberg     18th May 2020 Russian President Vladimir Putin ordered the army to send military staff and medical equipment to help the country’s largest gold miner, Polyus, fight the Covid-19 outbreak at its Siberian unit. Personnel and more than 2 tons of medical equipment, including respirators, masks, gloves and... 

Putin sends army to fight virus outbreak at Siberian gold mine
The Russian army is assisting Polyus fight the Covid-19 outbreak at its Olimpiada gold mine.

Hochschild to restart Peru mines

By: Creamer Media Reporter      18th May 2020 Precious metals miner Hochschild Mining has met all the requirements to restart operations in Peru, and is aiming to achieve full production in the coming weeks. The London-listed mining company said on Monday it would begin ramping up progressively at the Inmaculada and Pallancata mines. "We... 

Equinox Gold says Covid disruptions have been ‘limited’

By: Creamer Media Reporter      18th May 2020 Americas-focused Equinox Gold has had a strong first quarter, bolstered by production from its newly acquired assets, reporting record gold production and record earnings, despite navigating challenges related to the Covid-19 pandemic. The miner, which added four mines to its two when the merger... 

Covid-19 impact on platinum market less than expected – WPIC 

By: Martin Creamer     18th May 2020 While the Covid-19 pandemic has had a major negative effect on the platinum market — including price, demand and supply — the results for the first quarter of 2020 show the net effect is less than feared, and the outlook for 2020 is better than expected, the World Platinum Investment Council... 

Covid-19 impact on platinum market less than expected – WPIC
Surging demand for platinum bar and coin.

DRDGold declares cash dividend 

By: Martin Creamer     15th May 2020 The board of DRDGold has declared a cash dividend of 25 c a share for the quarter ended March 31, the surface gold mining company said on Friday. The Johannesburg- and New York-listed DRDGold, headed by CEO Niël Pretorius, said in a stock exchange news service (SENS) announcement that the... 

DRDGold declares cash dividend
Photo by Creamer Media
DRDGold CEO Niël Pretorius

Katoro, POW extend Haneti investment agreement deadline

By: Tasneem Bulbulia     15th May 2020 Aim-listed Katoro Gold and Power Metal Resources (POW) have agreed to extend the deadline for an investment and option agreement over the Haneti polymetallic project, in Tanzania, to May 31. On March 15, Katoro announced that it had entered into an investment and option agreement for joint... 

Gold, silver race higher on fear of second virus wave

By: , Bloomberg     15th May 2020 Gold and silver are finishing the week on a high note, lifted by concerns over economic growth, a second wave of virus infections and simmering tensions between the U.S. and China. Gold headed back toward its peak in April, when prices hit the highest since 2012. Silver jumped to a two-month... 

Turquoise Hill updates mine design for Oyu Tolgoi underground

By: Mariaan Webb     15th May 2020 Rio Tinto-controlled Turquoise Hill has completed the an updated mine design for Panel 0 – the first panel of mining at its Oyu Tolgoi underground project – narrowing the previously announced cost overrun and delay ranges. The approved design is based on a block cave approach, which leaves two... 

Turquoise Hill updates mine design for Oyu Tolgoi underground
The Oyu Tolgoi concentrator

Central banks indicate they will continue to buy gold, some more than usual 

By: Marleny Arnoldi     15th May 2020 The World Gold Council (WGC) in its latest 'Central Bank Gold Reserves (CBGR)' survey highlights several notable shifts in central bank attitudes towards gold this year. Increased interest in gold’s performance during times of crisis would suggest that the fast-changing financial and economic... 

Central banks indicate they will continue to buy gold, some more than usual

Contract electrician dies at Great Panther's GMC mine

By: Creamer Media Reporter      15th May 2020 Dual-listed Great Panther Mining has reported a fatality at its Guanajuato Mine Complex (GMC) in Mexico. The accident occurred on Thursday in the Rayas underground mine at GMC. The deceased, age 29, was a contract electrician at GMC. The accident involved a single motor vehicle travelling down... 

EY Canadian Eye drops sharply on Covid-19

By: Creamer Media Reporter      15th May 2020 The EY Canadian Mining Eye index has declined by 29% in the first quarter of 2020, amid the coronavirus pandemic. The substantial decrease compares with a gain of 11% in the final quarter of 2019. “The mining and metals sector continues to grapple with the impact of government Covid-19 mandates... 

SSR Mining sells SilverCrest shares for C$90m

By: Creamer Media Reporter      15th May 2020 Canada-based precious metals producer SSR Mining has completed the on-market transaction to sell nine-million shares of fellow TSX-listed SilverCrest Metals for C$90-million. The company sold all its shares in SilverCrest for C$10.06 apiece. 

Zambia resilient despite challenges

By: Tracy Hancock     15th May 2020 The copper-dominant Zambian mining industry is resilient despite the impact of Covid-19, volatile commodity prices, a lack of foreign direct investment and poor, ill-advised government actions, says African Mining Network chairperson Yolanda Torrisi. Various larger companies, including China... 

Zambia resilient  despite challenges
BEYOND COPPER Exploration must be encouraged throughout Zambia – and not just for copper – to ensure the survival of the country’s mining industry

Chamber paints bleak future

By: Tracy Hancock     15th May 2020 There remains no incentive for further investment in copper-rich Zambia’s mining industry, says the association for mining and allied companies Zambia Chamber of Mines (ZCM). In January, Mines and Minerals Development Permanent Secretary Barnaby Mulenga said government was upbeat about the... 

Chamber paints bleak future
OPTIMISTIC OUTLOOK? The Chamber of Mines production forecast is significantly below last year's total production

Gold's implied returns to come down sooner or later, says WGC

By: Marleny Arnoldi     14th May 2020 The World Gold Council (WGC) has analysed the potential performance of gold across four hypothetical scenarios provided by Oxford Economics in light of Covid-19 and ensuing economic lockdowns slashing global growth forecasts for this year. The WGC explains that gold’s behaviour can be explained... 

First Majestic holds on to inventory until silver prices improve

By: Marleny Arnoldi     14th May 2020 As the Covid-19 pandemic has sparked higher than normal volatility in the metals market near the end of the March quarter, NYSE- and TSX-listed First Majestic Silver decided to rather not sell its silver and gold inventories. The company says paper prices of the metals dropped significantly... 

First Majestic holds on to inventory until silver prices improve
The Santa Elena mine.

Kefi remains upbeat about Tulu Kapi's potential

By: Tasneem Bulbulia     14th May 2020 Aim-listed Kefi Minerals says the current gold price has highlighted the strong investment case for its Tulu Kapi project to both investors and the Ethiopian government. "The outlook is for the gold price to continue to increase as interest rates remain near zero and Covid-19 responses increase... 

Teranga swings to Q1 profit, reports strong performance from new Burkina Faso mine

By: Marleny Arnoldi     14th May 2020 TSX-listed Teranga Gold has managed to swing from a net loss of $2.7-million in the first quarter of last year, to a net profit of $16.2-million in the first quarter of this year. This equates to a $0.13 apiece gain for shareholders in the quarter under review, compared with a $0.02 loss a share... 

OceanaGold sinks to Q1 loss, maintains production guidance

By: Marleny Arnoldi     14th May 2020 TSX- and ASX-listed OceanaGold posted a net loss of $26-million in the first quarter of the year, and an adjusted net loss of $10.7-million. This equated to an adjusted loss per share of $0.02 apiece. The first-quarter loss compares with net profit of $8.7-million in the fourth quarter of 2019... 

Torex plans full production at El Limon by month-end

By: Creamer Media Reporter      14th May 2020 Canada-based intermediate gold miner Torex said on Thursday that it planned to resume full production at its El Limón Guajes mining complex, in Mexico, by the end of this month. The company noted that it had continued active engagement with local communities during the national suspension of... 

African Gold remains on track to publish Kobada DFS soon

By: Marleny Arnoldi     14th May 2020 TSX-V-listed African Gold Group says its activities at the Kobada gold project, in Mali, remain unaffected by Covid-19. The company has imposed a strict response plan at the project, which involves reducing the workforce on site and implementing physical distancing for remaining staff. 

Balmoral, Wallbridge merger nears completion

By: Marleny Arnoldi     14th May 2020 TSX-listed Balmoral Resources has obtained a final order from the Supreme Court of British Columbia, which approved its plan of arrangement with Wallbridge Mining. Wallbridge has agreed to acquire all the issued and outstanding shares of Balmoral in exchange for 0.71 of its owns shares for each... 

Sierra Leone mining revenue sinks as pandemic hits production and prices

By: Reuters     14th May 2020 Sierra Leone is weathering a dramatic crunch in mining revenue as COVID-19 restrictions hurt companies’ ability to export gold and diamonds and access essential supplies. Revenue from mining dropped from $2.24 million in April 2019 to just $0.33 million in April 2020 - an 85% decline year on... 

Marmota makes a competing offer for Jumbuck

By: Esmarie Iannucci     14th May 2020 Junior Marmota has made a A$1.3-million competing offer to fellow-listed Tyranna Resources to acquire its Jumbuck gold project, in Western Australia. Tyranna in October of last year inked a term sheet with Syngas for the proposed sale of the Jumbuck gold project for A$950 000 in cash. Under the... 

Titan ticks the boxes at Core

By: Esmarie Iannucci     14th May 2020 The shareholders of Canadian takeover target Core Gold has approved a proposed consolidation of the company’s common shares and its delisting from the Toronto Stock Exchange, as ASX-listed Titan Minerals’ acquisition of the company was completed. “We are extremely pleased to complete the... 

Zambia, in diversification push, starts processing artisanal gold

By: Reuters     13th May 2020 Zambia has built ten milling plants to process gold in a drive to formalise artisanal and small-scale miners and diversify from copper mining, state mining investment company ZCCM-IH said on Wednesday. The project is being undertaken by Consolidated Gold Company Ltd (CGCZ), a gold processing and... 

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