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Category: Gold

Mumbwa Identified as Key to Growing Zambia's Gold Reserves as Kabeta Cracks Down on Smuggling 1 Mining in Zambia Gold 

Mumbwa Identified as Key to Growing Zambia’s Gold Reserves as Kabeta Cracks Down on Smuggling

Constance
Mines Permanent Secretary, Barnaby Kabeta, addressed hundreds of miners in Nangoma constituency, who were impacted by the closure of Lwili Mine due to safety concerns and illegal operations. The mine was shut down two weeks ago after the Zambian National Service was deployed to restore order following a rise in fatalities and other issues. In his address, Kabeta assured the affected miners that operations at Lwili Mine would resume soon. “The Nangoma mine area will reopen on Friday. We need to know who is entering the mine, as we currently… Read More Here
Theta Gold Mines Shifts Funding Strategy for South African Gold Project 2 International Gold 

Theta Gold Mines Shifts Funding Strategy for South African Gold Project

Constance
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 Suspends Operations at Papua New Guinea Mine Amid Deadly Clashes 3 International Gold 

Barrick Gold Suspends Operations at Papua New Guinea Mine Amid Deadly Clashes

Constance
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
Zambia’s Chamber of Mines Warns of Investor Risks Amid Proposed Mining Reforms 4 Mining in Zambia Copper Gold 

Zambia’s Chamber of Mines Warns of Investor Risks Amid Proposed Mining Reforms

Constance
Zambia’s Chamber of Mines has raised concerns over proposed legislative and policy reforms, calling them “an unprecedented threat” to investors’ rights and warning that they could hinder the country’s goal to significantly boost copper production. The Chamber, which includes major industry players like First Quantum Minerals Ltd. and Barrick Gold Corp., opposes a draft law that would increase state control over certain minerals. It argues that these measures will undermine investor confidence and discourage future investment. In a statement issued on Tuesday, the Chamber criticized President Hakainde Hichilema’s administration for… Read More Here
Barrick Continues to Unlock Value Embedded In Its Asset Base 5 Gold Press Release 

Barrick Continues to Unlock Value Embedded In Its Asset Base

Constance
COLORADO SPRINGS – Barrick is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade1 while it continues to unlock the value embedded in its portfolio, says president and chief executive Mark Bristow. Speaking at the Gold Forum Americas, Bristow said while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future. “Five years ago, we set… Read More Here
AngloGold Ashanti Launches $2.5 Billion Takeover of Centamin 6 International Gold 

AngloGold Ashanti Launches $2.5 Billion Takeover of Centamin

Constance
AngloGold Ashanti has initiated a $2.5 billion share and cash takeover of Centamin, the African gold miner producing 470,000 ounces annually. Centamin’s board has irrevocably supported the offer, which values Centamin shares at 163 pence, reflecting a 36.7% premium to its previous closing price and a 37.6% premium to its 30-day volume-weighted average price. Centamin operates the Sukari gold mine in Egypt, which produced 224,738 ounces in the first half of this year. The company recently completed a definitive feasibility study on its Doropo project in Ivory Coast, estimated to… Read More Here
B2Gold and Mali Govt Reach Agreement on Fekola Mine Operations 7 International Gold 

B2Gold and Mali Govt Reach Agreement on Fekola Mine Operations

Constance
B2Gold (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) has finalized an agreement with the government of Mali to address all issues related to the Fekola mine complex amidst the implementation of a new mining code. The Malian government, now under a new administration, holds a 20% interest in the Fekola mine. In a press release dated September 11, B2Gold confirmed that the Fekola mine complex, which includes the Fekola and Cardinal open pits and the proposed underground project, will continue to operate under the 2012 mining code. This agreement ensures… Read More Here
Seven Miners Die in Mungwalu Gold Mine Tragedy Amid Heavy Rain 8 Mining in DRC Artisanal mining Gold 

Seven Miners Die in Mungwalu Gold Mine Tragedy Amid Heavy Rain

Constance
On Thursday, September 12, 2024, a tragic incident occurred in the mining region of Mungwalu, Djugu Territory, about 85 kilometers north of Bunia in Ituri, where seven artisanal gold miners lost their lives after heavy rainfall flooded the “Makala” gold mine. According to local civil society reports shared with Radio Okapi, torrential rain caused water to flow from surrounding hills, flooding the mine and trapping the workers inside, unable to escape. This tragedy highlights the unsafe working conditions faced by artisanal miners in the region. Without proper safety measures, miners… Read More Here
Ghana to Launch First Large-Scale Gold Mine in Over a Decade 9 Gold International 

Ghana to Launch First Large-Scale Gold Mine in Over a Decade

Constance
Ghana, Africa’s leading gold producer, will commission its first large-scale greenfield mine in over a decade this November, with an expected annual production of more than 350,000 ounces. The Cardinal Namdini mine, owned by Cardinal Resources, a subsidiary of Shandong Gold, received its license in 2020. Ghana, also the world’s second-largest cocoa producer, has faced a decline in gold exploration over the past decade, limiting new projects and reducing output from major miners. However, Martin Ayisi, CEO of the Minerals Commission, announced that three additional mines, including a lithium project,… Read More Here
DRC Seeks New Gold Buyers After Taking Control of Primera Gold 10 Mining in DRC Gold 

DRC Seeks New Gold Buyers After Taking Control of Primera Gold

Constance
The Democratic Republic of Congo (DRC) is actively seeking new buyers for gold from its eastern regions after gaining full control of Primera Gold, a company previously involved in an exclusive contract to trade gold from these areas. The UAE-based Primera Group recently sold its stake in Primera Gold, which had been a joint venture with the Congolese government. This move ended a controversial agreement that granted Primera Gold sole rights to buy and sell gold mined by small-scale or artisanal miners in eastern Congo. Joseph Kazibaziba, Director-General of the… Read More Here

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