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Gold News

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... 

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... 

Endeavour generates record first-quarter cash flow

By: Marleny Arnoldi     13th May 2020 TSX-listed gold miner Endeavour Mining started the year on a positive note, with continued momentum across the business and with production and costs in line to meet full-year guidance. The company confirmed in a May 13 statement that its operations had not been significantly impacted on by... 

Ariana progresses to near 10% shareholding in Venus Minerals

By: Marleny Arnoldi     13th May 2020 Aim-listed Ariana Resources has completed its initial earn-in on UK-based Venus Minerals, spending €920 000 for a 9.24% shareholding. Venus Minerals has a copper and gold exploration portfolio of projects in Cyprus, in the UK.  

Polymetal granted loan to kickstart POX second stage

By: Donna Slater     13th May 2020 Russia-based gold and silver miner Polymetal has agreed a ten-year loan of $77-million, with the money being partially used to finance construction of the second stage of the miner’s Amursk pressure oxidation plant (POX-2) in 2020/21. The loan is based on at 5% fixed rate, and is taken with the... 

Resolute completes share placement for A$195m raise

By: Esmarie Iannucci     13th May 2020 Gold miner Resolute Mining has completed a A$195-million capital raise after gaining shareholder approval for the second tranche of its placement. The miner in January announced plans for the capital raise to repay its $130-million Toro Gold bridge facility. 

World’s top mining companies committed to climate change solutions – ICMM 

By: Martin Creamer     13th May 2020 Twenty seven of the world's leading mining and metals companies and 36 associations are committed to climate change solutions through their membership of the International Council on Mining and Metals (ICMM), Mining Weekly can today report. The ICMM is an international organisation dedicated to a... 

World’s top mining companies committed to climate change solutions – ICMM
International Council on Mining and Metals CEO Tom Butler

Endeavour Mining, Semafo merger may be subject to security review in Canada

By: Mariaan Webb     13th May 2020 TSX-listed miner Semafo said on Tuesday that its merger with fellow-listed Endeavour Mining to form the largest gold miner in West Africa continued to receive strong shareholder support. A vote regarding the proposed merger is set down for May 28 during a live audio webcast. However, Semafo... 

Great Panther reports more positive Covid-19 cases

By: Creamer Media Reporter      13th May 2020 TSX-listed Great Panther Mining has reported more positive Covid-19 cases at its operations, but says its Tucano gold mine, in Brazil, is continuing to operate at full capacity and that it still plans to resume operations at Topia and Guanajuato Mine Complex (GMC), in Mexico. Two additional... 

Red 5 completes share placement advances FS

By: Esmarie Iannucci     13th May 2020 Gold miner Red 5 has completed a second tranche share placement of more than 522.9-million shares, at a price of 18c each, following shareholder approval. The ASX-listed company at the end of March announced a A$125-million capital raise, consisting of a two-tranche placement to sophisticated... 

Anglo delivering through volatile times with $14.5bn liquidity  

By: Martin Creamer     12th May 2020 How Anglo American is ‘delivering through volatile times’ was outlined on Tuesday  at Bank of America’s virtual global metals, mining and steel conference, where it reiterated its strong liquidity position of $14.5-billion, made up of $6.9-billion in cash and $7.6-billion in undrawn committed... 

Anglo delivering through volatile times with $14.5bn liquidity
Photo by Anglo American
Anglo American's FutureSmart MiningTM is an innovation-led approach to sustainable mining.

Caledonia records strong first quarter

By: Tasneem Bulbulia     12th May 2020 Gold miner Caledonia Mining recorded a continued strong financial and operating performance at its blanket gold mine, in Zimbabwe, in the quarter ended March 31, Caledonia CEO Steve Curtis says. “The management initiatives which were implemented in 2019 have resulted in an almost 20% increase in... 

Sibanye reports record earnings, record gold safety, cut debt ratio 

By: Martin Creamer     12th May 2020 Record quarterly earnings, record gold-mining safety and a sharply falling debt ratio were achieved by precious metals mining company Sibanye-Stillwater in the first three months of 2020. In an operating update for the quarter ended March 31, the Johannesburg- and New York-listed company... 

Sibanye reports record earnings, record gold safety, cut debt ratio
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Mining set to start at Boorara

By: Esmarie Iannucci     12th May 2020 The Boorara gold mine, in Western Australia, is poised to deliver its first gold in July this year, after the board of ASX-listed Horizon Metals gave approval for the development of the first stage of the project. “The commencement of mining at Boorara is a significant milestone for the company,... 

Mining set to start at Boorara

NTM puts a number on Hub

By: Esmarie Iannucci     12th May 2020 Junior NTM Gold has reported a maiden inferred mineral resource of 89 300 t, grading 4.9 g/t gold for 140 800 oz of contained gold at its Hub deposit, in Western Australia. The mineral resource estimate includes oxide, transitional and fresh material, the company added, with the oxide component... 

Bardoc hoping to be in production by next year

By: Esmarie Iannucci     12th May 2020 Gold developer Bardoc Gold was hoping to start production at its namesake project, in Western Australia, by the third quarter of next year. A definitive feasibility study for the three-million ounce Bardoc gold project is currently under way, and targeted for completion by the first quarter of... 

Physically distancing CEOs buck M&A slump with pandemic gold deals

By: Bloomberg     12th May 2020 Gold miners are forging ahead with mergers and acquisitions, taking advantage of an investor flight to the haven during the coronavirus crisis. Despite the logistical problems the pandemic has created -- both for operations and for arranging face-to-face meetings to hammer out transaction... 

Physically distancing CEOs buck M&A slump with pandemic gold deals

Gran Colombia proposes merger with Guyana, Gold X

By: Donna Slater     11th May 2020 Canadian midtier gold producer Gran Colombia Gold has signed a definitive agreement to complete a business combination with junior miner Gold X Mining and has submitted a proposal to Guyana Goldfields to acquire all its issued and outstanding common shares. Through the combination of the three... 

Altus records encouraging results in Mali

By: Tasneem Bulbulia     11th May 2020 Dual-listed Altus Strategies has recorded encouraging results from a 70-hole 2 042 m shallow air core (AC) drilling programme to test the potential strike extension of the FT Prospect at the company's Tabakorole gold project, in southern Mali. The programme was completed under a joint venture... 

Progress in sale of AngloGold’s South African assets to Harmony ­ 

By: Martin Creamer     11th May 2020 The sale of the South African portfolio to Harmony Gold had made excellent progress, with unconditional competition approval received last week, AngloGold Ashanti CEO Kelvin Dushnisky said on Monday. The announced sale of the South African operations to Harmony Gold crossed an important hurdle... 

Progress in sale of AngloGold’s South African assets to Harmony ­
Photo by Creamer Media
Mponeng gold mine.

IronRidge raises £4.75m to advance projects

By: Tasneem Bulbulia     11th May 2020 Aim-listed IronRidge Resources has conditionally raised £4.75-million before expenses through the placing of, and subscription for, new ordinary shares in the company. The funds will be used towards an accelerated drilling programme at the Zaranou gold project, in Côte d'Ivoire, targeting a... 

RNC to buy Spargos Reward gold project, tables name change

By: Donna Slater     11th May 2020 TSX-listed base and precious metals miner Royal Nickel Corporation RNC Minerals (RNC) has entered into a purchase agreement to acquire the Spargos Reward gold project, in Western Australia. Spargos Reward contains a historical Joint Ore Reserves Committee-compliant indicated mineral resource... 

Gold price exceeding $2 000/oz would not surprise me – Dushnisky 

By: Martin Creamer     11th May 2020 There is every chance that the gold price could exceed $2 000/oz, said AngloGold CEO Kelvin Dushnisky on Monday. Answering journalists’ questions during a virtual media roundtable, Dushnisky said that a gold price higher than $2 000/oz would not come as a surprise to him at all. 

Gold price exceeding $2 000/oz would not surprise me – Dushnisky
Photo by Bloomberg
Kelvin Dushnisky

Mechanism in place to repatriate $252m from DRC – AngloGold 

By: Martin Creamer     11th May 2020 A mechanism is in place to repatriate $252-million from the Democratic Republic of Congo (DRC), AngloGold Ashanti CEO Kelvin Dushnisky said on Monday. The Johannesburg- and New York-listed company drew attention to the outstanding cash balances awaiting repatriation from the DRC in a first... 

Mechanism in place to repatriate $252m from DRC – AngloGold
The Kibali gold operation in Dempcratic Republic of Congo.

Kefi raises £3.7m for Ethiopian gold project development

By: Simone Liedtke     11th May 2020 Aim-listed Kefi Minerals has conditionally raised £3.7-million, before expenses, through the placing of 569-million new ordinary shares in the capital of the company to existing and new shareholders. Investors in the placing include UK investor RAB Capital, which will hold 236-million shares,... 

Fortuna raises $60m to complete Lindero construction

By: Mariaan Webb     11th May 2020 NYSE- and TSX-listed Fortuna Silver Mines on Monday announced that it would raise $60-million to fund the remaining construction and preproduction-related expenditures at its Lindero project, in Argentina. The company entered into an agreement with a syndicate of underwriters, led by Scotiabank... 

Fortuna raises $60m to complete Lindero construction
A March 2020 view of the processing area at Lindero, Argentina.

Oriole aims to start 3 000 m drill programme in Cameroon later this year

By: Marleny Arnoldi     11th May 2020 Aim-listed Oriole Resources is ready to start with a maiden drilling programme at the Bibemi gold project, in Cameroon, as soon as Covid-19-related travel restrictions are lifted later this year. The company has announced that results from an exploration programme done late last year had... 

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