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Category: Gold

Zimbabwe’s Gold Boom Undermined by Currency Policy, Say Miners 1 Gold Economy International 

Zimbabwe’s Gold Boom Undermined by Currency Policy, Say Miners

Constance
Zimbabwe’s Gold Output Soars 43%, But Currency Rules Slash Miner Earnings Soaring gold prices are driving a surge in Zimbabwe’s gold production and export revenues, but restrictive foreign currency retention policies are significantly eroding mining companies’ earnings, the country’s mining industry association warns. Gold prices have jumped by over $800 an ounce since the start of the year, peaking at $3,500 an ounce in April before easing slightly to around $3,300 an ounce. The rally has been fueled by strong central bank demand, geopolitical tensions, and uncertainty in global markets.… Read More Here
Mali Military Airlifts $107M in Gold from Barrick’s Loulo-Gounkoto Mine to Fund Operations 2 International Corporate News Gold 

Mali Military Airlifts $107M in Gold from Barrick’s Loulo-Gounkoto Mine to Fund Operations

Constance
Mali Military Airlifts Gold from Barrick’s Loulo-Gounkoto Mine Amid Operational Restructuring A Malian military helicopter transported gold from Barrick Gold’s (NYSE: GOLD) Loulo-Gounkoto mining complex on Thursday, according to a report by Reuters. The airlift follows a court-appointed administrator’s decision to sell the site’s bullion to help finance ongoing operations. According to the report, the helicopter landed at the mine’s tree-lined airstrip and was met by the site’s security team. The personnel were then escorted to the plant’s gold room, where the bullion was loaded. The aircraft departed five hours… Read More Here
DRC Gold Trading SA Injects $27M into Maniema by Formalizing Artisanal Gold Trade 3 Mining in DRC Gold 

DRC Gold Trading SA Injects $27M into Maniema by Formalizing Artisanal Gold Trade

Constance
$27M Boost from DRC Gold Trading SA in Two Months Between March 25 and May 25, 2025, DRC Gold Trading SA achieved a significant milestone in the Maniema province of the Democratic Republic of Congo by channeling over 280 kilograms of artisanal gold through official and traceable circuits. This initiative resulted in the injection of more than $27 million into the local economy of Kindu, primarily through banked payments to local gold traders. This operation marks a turning point for Maniema’s economy, which has long been dominated by informal and… Read More Here
Kibali Gold Mine Set for Long-Term Expansion as Barrick Confirms Major New Orebodies 4 Mining in DRC Gold 

Kibali Gold Mine Set for Long-Term Expansion as Barrick Confirms Major New Orebodies

Constance
Barrick Gold (NYSE: GOLD) announced that recent drilling along the ARK-KCD corridor at its flagship Kibali mine in the Democratic Republic of Congo (DRC) has revealed significant new orebodies. These discoveries could extend the life of the Tier 1 asset well beyond its current 10-year production plan. Since commencing production in 2013, Kibali has successfully replaced every ounce of gold it has mined. Barrick noted that its total in-country investment has now exceeded $6.3 billion. Speaking to reporters, CEO Mark Bristow highlighted that a newly installed 16-megawatt solar-plus-battery plant has… Read More Here
Mali Appoints Temporary Administrator to Restart Operations at Barrick’s Loulo-Gounkoto Mine Amid Dispute 5 International Corporate News Gold 

Mali Appoints Temporary Administrator to Restart Operations at Barrick’s Loulo-Gounkoto Mine Amid Dispute

Constance
The Malian government has announced that a temporary administrator will resume production at Barrick Gold Corporation’s Loulo-Gounkoto mining complex, following a sharp escalation in tensions between the Canadian mining giant and the West African nation’s military-led government. The mine, one of Barrick’s most valuable assets, was placed under provisional administration earlier this month. On June 16, a court in Bamako ruled that the state could assume control of the mine’s management for six months. Barrick subsequently suspended operations after Malian authorities blocked gold exports and detained senior company staff. “The… Read More Here
Perseus Mining Sets Five-Year Annual Gold Production Target 6 International Gold 

Perseus Mining Sets Five-Year Annual Gold Production Target

Constance
Australian mining company Perseus Mining has announced an ambitious target to produce between 515,000 and 535,000 ounces of gold annually over the next five years from its operations in Ghana, Côte d’Ivoire (Ivory Coast), and Tanzania. The Yaouré Mine in Côte d’Ivoire is expected to be the leading contributor, accounting for 34% of total production. Ghana’s Edikan and Sissingué mines are projected to contribute 28% and 10%, respectively. Meanwhile, Tanzania’s Nyanzaga Gold Project, currently under construction since April 2025, is anticipated to supply 28% of the company’s planned output. “In… Read More Here
Mali Begins Construction of Russia-Backed Gold Refinery to Assert Resource Sovereignty 7 International Gold 

Mali Begins Construction of Russia-Backed Gold Refinery to Assert Resource Sovereignty

Constance
Mali has officially begun construction of a new gold refinery backed by Russia, a move the country’s military leadership says will strengthen national control over its vast natural resources. The facility, which will have a refining capacity of 200 tons per year, is being built in partnership with Russia’s Yadran Group and a Swiss investment firm. The Malian government will maintain a controlling stake in the project. Speaking at the groundbreaking ceremony in Senou, near the capital Bamako, interim President Colonel Assimi Goita emphasized that the refinery is a key… Read More Here
Mali Takes Control of Barrick’s Loulo-Gounkoto Gold Mine Amid Tax Dispute 8 International Corporate News Gold 

Mali Takes Control of Barrick’s Loulo-Gounkoto Gold Mine Amid Tax Dispute

Constance
Canada’s Barrick Mining has lost control of its Loulo-Gounkoto gold complex in Mali after a local court appointed a provisional administrator to manage the site for six months. The decision, announced on Monday, escalates a long-standing conflict between Barrick and the Malian government over taxes and ownership. Former Malian health minister Soumana Makadji was named provisional administrator by the presiding judge. Barrick said it would appeal the decision and described the ruling as unjust. “Justice was neither heard, nor served,” said Issaka Keita, one of Barrick’s lawyers, speaking to Reuters.… Read More Here
Barrick Urges DRC to Strengthen Gold Mining Policies Amid Market Surge 9 Mining in DRC Corporate News Events & Expos Gold 

Barrick Urges DRC to Strengthen Gold Mining Policies Amid Market Surge

Constance
Gold prices recently hit their highest level in a week, driven by escalating geopolitical tensions and renewed expectations of interest rate cuts in the United States. Against this backdrop, Cyril Mutombo, Country Director for Barrick Mining in the Democratic Republic of Congo (DRC), has called on the Congolese government to enhance its mining policies to attract more gold-focused investment. Speaking during a panel on Thursday, June 12, 2025, at DRC Mining Week, Mutombo emphasized the need for a more investor-friendly environment to fully capitalize on the country’s gold potential. As… Read More Here
Burkina Faso Boosts Govt Stake in Gold Mining to Reclaim Resource Control 10 International Gold 

Burkina Faso Boosts Govt Stake in Gold Mining to Reclaim Resource Control

Constance
Burkina Faso has officially increased the government’s free-carried equity stake in major gold mining projects from 10% to 15%, a move aimed at capturing greater value from the country’s most important natural resource. The change is part of the revised Mining Code adopted in August 2024, signaling a significant shift toward resource sovereignty. This reform impacts several high-profile mining projects, including Sanbrado, Kiaka, and Toega, all operated by Australia-listed West African Resources. The company confirmed its agreement to the new terms following negotiations with the Burkinabè government and other industry… Read More Here

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