Category: Gold

Barrick Gold reported lower-than-expected gold production in the third quarter, attributed to a decline in output at its Carlin and Cortez mines in Nevada, the Canadian miner announced on Wednesday. The Carlin and Cortez mines are part of Nevada Gold Mines, a joint venture between Barrick and U.S.-based Newmont. Total gold output at Nevada Gold Mines decreased to 385,000 ounces in the July-September quarter, down from 401,000 ounces in the previous three months. Despite the decline, Barrick, the world’s second-largest gold producer, anticipates a “materially stronger fourth quarter.” The completion… Read More Here

Burkina Faso plans to withdraw mining permits from certain foreign companies in an effort to boost its own gold production, announced junta leader Ibrahim Traore on Saturday. However, he did not specify which permits would be canceled. “We know how to mine our gold, and I don’t understand why we should allow multinationals to come and mine it,” Traore stated in a radio address marking two years since he took power in a coup. Traore confirmed the intention to revoke mining permits but provided no further details or specifications regarding… Read More Here

The Twiga partnership between Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the Tanzanian government is contributing 51% of the government’s revenue from the extractive industry, according to the latest report of the Tanzania Extractive Industry Transparency Initiative. Twiga comprises the North Mara and Bulyanhulu gold mines. Both mines also led the industry’s safety performance, with Bulyanhulu winning this year’s Occupational Safety and Health Award and North Mara named as the best company for caring for workers with special needs by Tanzania’s Occupational Safety and Health authority. Speaking to the media and local… Read More Here

 Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the government of Mali have agreed to find a global resolution to the existing claims and disputes between the government and Barrick’s Loulo and Gounkoto gold mining companies. Details of the agreement, based in essence on Barrick’s original proposals, will be made public once the terms of the settlement have been finalized. Barrick president and chief executive Mark Bristow said the company’s mutually beneficial relationship with Malian governments had endured for 30 years and occasional differences with successive regimes had always been amicably resolved. “The… Read More Here

Junior miner Theta Gold Mines has revised the funding strategy for its South African gold project, according to chairperson Bill Guy. The ASX-listed company will fully redeem its A$6-million secured bonds with 2Invest, freeing up its project interests to serve as collateral for future potential project funders. Theta plans to use funds from an $8-million private placement to facilitate the bond redemption. The company has already received $6 million from the first tranche of a $10-million, two-tranche placement with Hong Kong Ruihua Investment (HRIM), alongside a firm commitment for an… Read More Here

Barrick Gold has suspended operations at the Porgera gold mine in Papua New Guinea following violent clashes that resulted in the deaths of two employees. The company halted mining activities to ensure the safety of its workers, with operations expected to resume on Thursday, according to a statement from Barrick’s local unit. Most of the mine’s workforce comes from nearby communities. The violence, which erupted about a week ago, involved two groups of illegal miners and has claimed at least 20 lives, according to Máté Bagossy, the United Nations’ humanitarian… Read More Here