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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... →
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... →
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... →
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,... →
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... →
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... →
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 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... →
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... →
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... →
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... →
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... →
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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