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Category: Gold

Barrick Gold Corp.’s Kibali mine on track- DRC 1 Mining in DRC Gold 

Barrick Gold Corp.’s Kibali mine on track- DRC

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Barrick Gold Corporation’s Kibali mine is on track to deliver at the high end of its forecast for 2020, Chairman and CEO Mark Bristow said on Thursday, October 22, a press release from the mining giant reported . The first underground gold mine in the DRC and one of the largest in the world today, Kibali is a world leader in automation. The firm continues to improve its efficiency and productivity through continuous technological innovation. In the third quarter, it set a new record for delivering ore underground, topping the nameplate… Read More Here
Barrick Gold plans to expand exploration in Tanzania 2 Gold 

Barrick Gold plans to expand exploration in Tanzania

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Barrick Gold Corp said on Friday Tanzania has awarded 10 new exploration licenses to the Canadian miner and it plans to spend $8 million to carry out exploration in the country this year. Barrick oversees the management of its assets in Tanzania through Twiga Minerals Corp, a joint venture formed last year between the company and the government of Tanzania. Twiga Minerals manages the Bulyanhulu, North Mara and Buzwagi mines in Tanzania. “We are gearing up to potentially make North Mara and Bulyanhulu into a combined Tier One complex, capable… Read More Here
Barrick’s Kibali on track to deliver upper end of 2020 guidance 3 Mining in DRC Gold 

Barrick’s Kibali on track to deliver upper end of 2020 guidance

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Canada-based Barrick Gold’s Kibali mine, in the Democratic Republic of Congo (DRC), is on track to deliver at the upper end of its 2020 guidance, president and CE Mark Bristow says. Kibali was the first underground gold mine in the DRC and has a production outlook previously set at between 340 000 and 370 000 gold ounces for this year. The project also set a new ore delivery record from underground in the third quarter of the year, where it exceeded nameplate capacity for the first time since the shaft was commissioned in 2018.… Read More Here
Gold mining Mining in Zambia Gemstones Gold 

Zambia Launches a Gold Mining Strategy

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The Zambian government has launched the export diversification strategy for gold and gemstone to formalise artisanal small-scale mining and trading activities. This is envisaged to generate revenue from precious metals. Launching the strategy yesterday, Minister of Mines and Mineral Development Richard Musukwa said Zambia has reported increase in gold occurrences in the subsector mainly exploited by artisanal and small-scale miners who mostly operate illegally. “Gold is smuggled out of the country mostly by foreign nationals without paying any revenue, thus denying the country of the much-needed revenue,” Mr Musukwa said.… Read More Here
Gold price back below $1,900 4 Gold International 

Gold price back below $1,900

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Gold prices fell below $1,900 an ounce on Tuesday as the dollar rallied on an impasse over US stimulus. Investors also latched onto a slightly less stark economic report card from the International Monetary Fund, which alleviated some of the economic concerns surrounding the covid-19 crisis. Spot gold fell 1.5% at $1,894.73 per ounce by 11:55 a.m. EDT, after falling by as much as 1.9% earlier in the session. US gold futures lost 1.6% to $1,898.00 per ounce in New York. Meanwhile, the US dollar jumped 0.4% against rivals on Tuesday, making… Read More Here
Barrick CEO warns of reserve crisis 5 Gold International 

Barrick CEO warns of reserve crisis

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Barrick Gold CEO Mark Bristow on Wednesday said the gold industry in Africa should consolidate further, as he warned of a “serious reserve crisis” looming for the sector. A dearth of exploration has seen average mine life across the gold mining sector fall from 20 years to closer to 10 years, he added, speaking at the Joburg Indaba mining conference. “The prospect of a serious reserve crisis is looming,” said Bristow. Gold production across the industry has only increased by 1.6% every year for the past two decades, he said. Bristow said this… Read More Here
Caledonia and Zim Government reaches agreement over potential investment opportunities 6 Gold International 

Caledonia and Zim Government reaches agreement over potential investment opportunities

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Caledonia Mining Corporation Plc (NYSE American: CMCL; AIM: CMCL) is pleased to announce that it has signed an agreement with the Government of the Republic of Zimbabwe under which Caledonia will evaluate mining rights, properties and/or projects in the gold sector that are controlled by the Government with a view to assessing the potential to advance development on these properties or projects. Caledonia believes Zimbabwe is a highly prospective region for gold discoveries. Caledonia has assessed and continues to assess investment opportunities in the Zimbabwe gold sector that are privately owned.… Read More Here
Volt Resources terminates Zambian gold project acquisition 7 Gold Mining in Zambia 

Volt Resources terminates Zambian gold project acquisition

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African-focused gold and graphite explorer and developer Volt Resources will not be proceeding with the proposed acquisition of an 85% interest in the Luiri Hill gold project in Zambia. The company will however continue to advance the exploration of its gold projects in Guinea and the funding for the development of the Stage 1 Bunyu graphite project in Tanzania. In May 2020, Volt entered into a binding term sheet regarding the conditional acquisition of an 85% interest in Luiri Hills. The proposed acquisition was subject to (amongst other things) satisfactory completion… Read More Here
Gold price jumps on US stimulus hopes 8 Gold International 

Gold price jumps on US stimulus hopes

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Gold prices advanced and stood firm past the $1,900 mark on Thursday, boosted by an easing dollar and increased investor confidence that there will be further US fiscal stimulus measures to aid the economy. Spot gold jumped 1.1% to $1,907.89 per ounce by 12:20 p.m. EDT, having ended September 4.3% lower — its biggest monthly decline since November 2016. US gold futures were 1.0% higher, trading at $1,914.50 per ounce in New York. The surge in gold prices comes after US Treasury Secretary Steven Mnuchin said Wednesday’s discussions with House… Read More Here
Gold price back above $1,900 9 Gold International 

Gold price back above $1,900

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Price of bullion rose again on Tuesday, nearing its highest in almost a week, as investors await the first US presidential debate and further developments on a new coronavirus relief bill. Spot gold advanced 0.8% to $1,896.80 per ounce by 2 p.m. EDT, having briefly touched the $1,900 per ounce mark earlier in the session. US gold futures also gained 1.1%, trading at $1,903.40 per ounce on the Comex in New York. “A slight inflow into gold-backed ETF holdings supports the view that gold is again back in demand as a… Read More Here

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