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Gold News

Compressors are worth ‘their weight in gold’

By: Khutso Maphatsoe     12th March 2021 Rand-Air recently secured a repeat hire with a long-standing customer in the mining industry; when underground compressors were required, Rand-Air met the customer’s specific requirements, explains Rand-Air sales consultant Marinda Enslin. She adds that Rand-Air was the only company then and now... 

Favourable prices enable survival

By: Theresa Bhowan     12th March 2021 Considering the risks involved in underground mining operations in general, and currently amid the Covid-19 pandemic, commodity analysts Core Consultants states that many marginal mines only survived because of favourable commodity prices. For example, when the gold price exceeded $2 000/oz, many... 

Favourable prices  enable survival
LARA SMITH With the risks involved in underground mining operations in general, many marginal mines only survived because of favourable commodity prices

Supplier aids safety record

By: Theresa Bhowan     12th March 2021 Air compressor, pumps and generator rental supplier Rand-Air has played a pivotal role in a South African underground gold mine’s unbroken safety record during its seven-year business relationship with the mine. Considering the demanding conditions and potential dangers in mines, Rand-Air has... 

Supplier aids safety record
COMPRESSED AIR Considering the demanding conditions and potential dangers in mines, Rand-Air has assisted in achieving a safe mining environment

Rick Menell resigns as Gold Fields director

By: Creamer Media Reporter      11th March 2021 Rick Menell has resigned as nonexecutive director and deputy chairperson of Gold Fields, with effect from March 10. His resignation follows a successful tenure of 13 years as a nonexecutive director of the company. 

Rick Menell resigns as Gold Fields director
Photo by Creamer Media
Rick Menell

Mining production down in January, but mineral sales up almost 25% 

By: Donna Slater     11th March 2021 Mining production decreased by 6.2% year-on-year in January, with the largest negative contributors being platinum group metals (PGMs), coal and gold, according to the latest Statistics South Africa (Stats SA) report. PGMs slumped by 14.5%, subtracting 3.5 percentage points from the overall... 

Nordgold launches tailings monitoring system at Lefa

By: Marleny Arnoldi     11th March 2021 Global gold miner Nordgold has implemented a new tailings monitoring system at the Lefa mine, in Guinea, in line with its commitment to environmental stewardship. The system was developed by Swift Geospatial Solutions, which is experienced in change detection algorithms.  

Kilimapesa sale progresses as Kenyan Ministry, competition authority give their nod

By: Marleny Arnoldi     11th March 2021 The Kenyan Ministry of Petroleum and Mining and the Competition Authority of Kenya have approved a transaction whereby Mayflower Capital Investments intends to acquire the Kilimapesa gold mine, in Kenya. Aim-listed Goldplat, the seller, says this puts all parties in good position to now... 

BlackRock says gold ‘failing’ as equity hedge, faces headwinds

By: Bloomberg     11th March 2021 Global money manager BlackRock just delivered a double-barreled warning on the merits of holding traditional haven gold right now. Bullion is proving to be a less effective hedge against moves in other assets, such as stocks, as well as inflation, according to Russ Koesterich, portfolio manager... 

BlackRock says gold ‘failing’ as equity hedge, faces headwinds

Discovery Harbour shares spike on Newcrest earn-in news

By: Mariaan Webb     11th March 2021 TSX-V-listed Discovery Harbour’s value doubled this week as the junior announced that Australian major Newcrest Mining would earn into its Fortuity 89 property, in Nevada. Discovery Harbour holds early-stage epithermal gold Fortuity 89 property, which covers close to 34 km2 and is located about... 

Initial studies at Laverton prove positive for Focus

By: Esmarie Iannucci     11th March 2021 A first pass prefeasibility study (PFS) into the Stage 1 development of the Laverton gold project, in Western Australia, has proved positive for owner Focus Minerals. Focus on Thursday is based on a selection of five openpit resources with a combined Joint Ore Reserves Committee (Jorc)... 

Kirkland Lake invests in Bendigo community

By: Esmarie Iannucci     11th March 2021 Gold miner Kirkland Lake has launched a A$12-million community partnership programme (CPP) in Bendigo, Victoria, to support the region’s recovery from the Covid-19 pandemic. The CPP forms part of Kirland Lake’s greater $20-million donation announced in May last year, to support medical, social... 

$7.7bn worth of M&A deals inked in the fourth quarter of 2020

By: Simone Liedtke     10th March 2021 Metals and mining industry cross border merger and acquisition (M&A) deals worth $7.7-billion were announced in the fourth quarter of 2020.  Nova Resources led the pack with its almost $2.4-billion acquisition of Kaz Minerals, GlobalData’s deals database shows. In a statement on March 10, the... 

Newmont buys ‘Golden Triangle’ developer for $311m in cash

By: Mariaan Webb     10th March 2021 Gold major Newmont on Wednesday announced that it would buy the remaining 85.1% of GT Gold, a company advancing the Tatogga property in the Golden Triangle of British Columbia. Newmont would acquire each GT Gold share at C$3.25 a share for C$393-million ($311-million). 

Newmont buys ‘Golden Triangle’ developer for $311m in cash

Altus identifies numerous high-priority gold targets at Egyptian properties

By: Simone Liedtke     10th March 2021 Aim-listed Altus Strategies has identified numerous high-priority gold targets from remote sensing across all four of its projects covering 1 565 km2 in the Eastern Desert of Egypt. The projects were recently awarded to the company's 100%-owned subsidiary Akh Gold as part of a competitive... 

Sabina to raise C$35m for Nunavut gold project

By: Mariaan Webb     10th March 2021 Nunavut-focused Sabina Gold and Silver has announced a C$35-million capital raising to fund the procurement of engineering and civil works equipment for its Back River gold project. The company has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets and RBC... 

Strong investment demand sustained platinum in the fourth quarter of 2020  

By: Simone Liedtke     10th March 2021 For the third consecutive quarter, platinum remained in a deficit, at 170 000 oz, in the fourth quarter of 2020 as strong demand in the automotive, industrial and jewellery sectors and sustained strong investment demand for platinum outstripped constrained supply, the World Platinum Investment... 

Strong investment demand sustained platinum in the fourth quarter of 2020
WPIC research director Trevor Raymond speaks to Creamer Media's Simone Liedtke, and discusses platinum and related movements during the last quarter of 2020. Video: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Nicholas Boyd.

Gold buying to be moderately paced through 2021, says WGC

By: Donna Slater     9th March 2021 A slowdown in the pace of gold buying by several banks in the second half of the year coincided with a sizeable pick-up in sales by others, causing overall central bank demand to swing between modest net purchases and sales, reports World Gold Council (WGC) Europe, Middle East and Africa senior... 

Turquoise Hill beats profit estimates on higher copper, gold production

By: Reuters     9th March 2021 Canada's Turquoise Hill Resources posted a surprise rise in quarterly profit on Monday, helped by increased production of copper and gold at its Oyu Tolgoi mine in Mongolia. The results come a week after CEO Ulf Quellmann resigned amid a protracted dispute between the company and its top... 

Sibanye says AngloGold, Gold Fields fit acquisition strategy

By: Bloomberg     8th March 2021 Sibanye Stillwater said Johannesburg-based gold miners AngloGold Ashanti and Gold Fields would both fit with the company’s acquisition strategy. “They fit into the category of gold producers we have publicly been saying we are looking at,” said James Wellsted, a spokesman for Sibanye. He... 

Sibanye says AngloGold, Gold Fields fit acquisition strategy
Sibanye CEO Neal Froneman

Phoenix Copper raises cash for Empire starter project

By: Creamer Media Reporter      8th March 2021 London-listed base and precious metals explorer and developer Phoenix Copper will raise £16.45-million to continue development of the openpit ‘starter’ project at its Empire mine, in Idaho. The company raised £12.30-million in aggregate before costs through the placing of 35.13-million shares at... 

Activist investor Pentwater takes aim at Turquoise, Rio boards over CEO exit

By: Reuters     8th March 2021 Activist investor Pentwater Capital Management on Friday condemned the surprise resignation of Turquoise Hill Resources' CEO following pressure from the Canadian miner's top shareholder Rio Tinto. Turquoise Hill said on Thursday Ulf Quelmann resigned, effective March 3, after Rio said it would... 

Activist investor Pentwater takes aim at Turquoise, Rio boards over CEO exit

Mines anywhere, everywhere can go green – Hydrogen Optimized 

By: Martin Creamer     8th March 2021 Owing to the ubiquity of the world’s sun and the wind, all mines have the opportunity to generate their own green electricity no matter where they are located in the world, Hydrogen Optimized CEO Andrew T Stuart emphasised during last week’s Fasken online panel discussion on hydrogen. In this... 

Mines anywhere, everywhere can go green – Hydrogen Optimized
Photo by Creamer Media
Fasken panel that discussed hydrogen.

R2.3bn to be spent on Burnstone gold project – Sibanye-Stillwater 

By: Martin Creamer     5th March 2021 Capital of R2.3-billion will be spent over 14 years on the Burnstone gold project in Mpumalanga, where two-million ounces of gold are to be mined over 21 years, Sibanye-Stillwater CEO Neal Froneman told the BMO conference this week. JSE- and ADR-listed Sibanye-Stillwater acquired the Burnstone... 

R2.3bn to be spent on Burnstone gold project – Sibanye-Stillwater
Photo by Creamer Media
Earlier mining activity at the underground Burnstone gold mine, where R2.3-billion is now being invested.

Kodal grows portfolio with refusal to renew Corvette joint venture

By: Donna Slater     5th March 2021 Following the termination and extension request refusal of the Corvette joint venture with Resolute Mining, Aim-listed exploration and development company Kodal Minerals now retains a 100% interest in the Nielle, Tiebissou and M'Bahiakro (application) gold concessions. As such, Kodal now has a... 

Goldplat records marginal increase in interim operating profit

By: Donna Slater     5th March 2021 Aim-listed gold producer Goldplat marginally improved its operating profit for the six months ended December 31, 2020, to £2.6-million, up from £2.57-million for the six months ended December 31, 2019. The miner’s South African operation achieved an operating profit of £2.1-million, while its... 

Trans-Siberian cleared to resume mining at Asacha Vein 25

By: Creamer Media Reporter      5th March 2021 Russian gold producer Trans-Siberian has been granted full permitting approvals to resume mining operations at Vein 25 in the east zone of the Asacha mine, two months after two engineers installing ventilation systems were killed in a rockfall incident. The London-listed company said on Friday... 

Congo bans mining in South Kivu village after gold rush

By: Reuters     5th March 2021 A gold rush drawing thousands to a village in Congo's South Kivu province has driven authorities to ban mining there until more oversight is established, the provincial mines minister said on Thursday. The discovery of gold-rich ore in Luhihi in late February brought throngs of diggers to the... 

Gold ETFs decline 2% in February as commodity price dips

By: Donna Slater     4th March 2021 The World Gold Council (WGC) reports that gold exchange-traded funds (ETF) lost 2%, or $4.6-billion, of holdings in February as gold depreciated and interest rates increased. The global gold ETFs lost 84.7 t in the process, marking outflows for the third time in four months, and the seventh... 

Abcourt secures $6.5m loan for Sleeping Giant redevelopment

By: Creamer Media Reporter      4th March 2021 Canadian gold explorer and producer Abcourt Mines has completed financing of $6.5-million with the Royal Bank of Canada to accelerate the development of the Sleeping Giant mine, in Quebec. The TSX-V-listed company acquired the Sleeping Giant mine and mill in 2016, and in June 2020 announced... 

Mali, Emirates facilitated Venezuelan gold trade in 2020, opposition says

By: Reuters     4th March 2021 Venezuela sent gold to Mali in 2020 via Russian-owned planes to exchange for euros and US dollars that President Nicolas Maduro's government used to remain afloat despite US sanctions, an opposition representative said on Wednesday. Julio Borges, designated by opposition leader Juan Guaido as his... 

King of the Hills gets go-ahead

By: Esmarie Iannucci     4th March 2021 The Western Australian Department of Mines, Industry Regulation and Safety has approved the mining proposal for ASX-listed Red 5’s King of the Hills gold project. This approval was the final significant permit required for the restart of mining activities at King of the Hills in 2022, Red 5 said... 

Barrick pays tribute to Vernon Jordan

By: Creamer Media Reporter      4th March 2021 Canadian mining giant Barrick Gold has paid tribute to US civil rights leader Vernon Jordan, who passed away on Monday at the age of 85. Jordan served on Barrick’s international advisory board since its inception over two decades ago. “He was a vigorous and effective participant in all advisory... 

Polymetal reports record net profit on higher gold prices

By: Reuters     3rd March 2021 Polymetal, one of Russia's largest gold and silver producers, said on Wednesday its 2020 net earnings rose to a record high of $1.-billion due to stronger global prices for precious metals and higher sales of gold. "We are pleased to report record net earnings for the year amidst a challenging... 

Polymetal reports record net profit on higher gold prices

First Majestic initiates arbitration against Mexico

By: Mariaan Webb     3rd March 2021 Canadian miner First Majestic Silver has initiated arbitration proceedings against the government of Mexico, which is reportedly seeking $534-million from the company in delinquent taxes. First Majestic, which operates three mines in Mexico, said on Tuesday that it had submitted a request for... 

First Majestic initiates arbitration against Mexico

World Gold Council welcomes new members

By: Donna Slater     2nd March 2021 Gold market development organisation the World Gold Council (WGC) has added to its board as members, with Aura Minerals, B2Gold, Sandstorm Gold Royalties and Shandong Zhaojin Group having joined. WGC chairperson Randy Smallwood says each new member will bring a different area of expertise to the... 

Trust pays first claimants under silicosis settlement  

By: Marleny Arnoldi     2nd March 2021 The Tshiamiso Trust, which was established in February 2020 to manage the payment of benefits to eligible silicosis and tuberculosis (TB) sufferers in the gold mining sector, has paid benefits to the first seven claimants in the past two months. The trust has been hard at work over the past year... 

Trust pays first claimants under silicosis settlement
Tshiamiso Trust chair and CEO discuss the fund's strides over the last year

Gold miner dividends trump copper counterparts – until 2022

By: Bloomberg     2nd March 2021 Gold bugs will be rewarded with richer dividend prospects than copper-company investors this year, though such perks may be short lived. Miners of the precious metal are expected to more than double dividends this year to outpace the 75% hike of copper producers, according to Bloomberg dividend... 

Shanta meets 2020 guidance, profits buoyed by gold price

By: Donna Slater     2nd March 2021 East Africa-focused gold producer, developer and explorer Shanta Gold generated revenue of $147.4-million for the year ended December 31, 2020, which is up from the $112.8-million generated in 2019, as a result of an average realised gold price of $1 495/oz. The miner produced 82 978 oz of gold,... 

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