Category: Gold

South African mining company Sibanye-Stillwater has initiated Section 189 consultations as part of its restructuring strategy for its gold operations. The proposed changes could potentially impact 3,107 employees and 915 contractors. This move comes as the company seeks to address ongoing losses, particularly at the Beatrix 1 shaft, which has failed to meet production targets. The precious metals producer has also highlighted issues at the Kloof 2 plant, which has struggled with insufficient processing material since the closure of the Kloof 4 shaft in 2023. Additionally, the deferral of capital… Read More Here

Saudi Arabia is said to be close to reaching a deal to acquire a minority stake in Pakistan’s $7 billion Reko Diq copper and gold mine, controlled by Barrick Gold (TSX:ABX)(NYSE:GOLD). According to Bloomberg, the kingdom’s investment fund Manara Minerals intends to invest close to $1 billion in the project and it may announce a preliminary agreement on the transaction terms within weeks. SIGN UP FOR THE COPPER DIGEST The Saudi company might gradually raise its stake in Reko Diq, in which the government of Pakistan has a 25% interest… Read More Here

Alcides Cintura, President of the Manica Business Council (CPE), underscored the imperative need for establishing a gold refinery in central Mozambique to bolster the province’s economic landscape and enhance the organization of the mining sector. Highlighting the abundance of mineral resources, including gold and precious stones, in districts like Manica, Gondola, Báruè, Macossa, Guro, and Vanduzi, Cintura emphasized the urgency of regulating their exploitation, which currently operates largely without oversight. “The establishment of a refinery will not only create job opportunities for young people but also boost revenue collection for… Read More Here

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q1 production of 940 thousand ounces of gold and 40 thousand tonnes of copper, as well as preliminary Q1 sales of 910 thousand ounces of gold and 39 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year, with the Pueblo Viejo plant expansion ramping up from Q2 and the Porgera mine restart continuing in line with plans. We remain on track to achieve our… Read More Here

South Sudan’s government has announced its plans to work with Qatari gold firm United Gold Factory to establish mining marketing stations in mineral-rich areas in the country. The marketing stations will be used to organize small-scale mining enterprises in South Sudan and facilitate the trade of refined extractive resources. The marketing stations will also serve to formalize the mining sector, improving working conditions and hours, wages as well as health and safety concerns. In addition to streamlining activities in the sector, support for local miners will also allow for better… Read More Here

Fortuna Silver, a Canadian mining powerhouse, is reshaping the mining landscape in West Africa with its Séguéla and Yaramoko gold mines in Ivory Coast and Burkina Faso, respectively. Together, these mines produced 61,733 ounces (1750 kg) of gold in the first quarter of the current year, marking a significant 49% increase from the previous year. In Ivory Coast, Fortuna Silver owns 90% of the Séguéla gold mine, with the Ivorian Government holding the remaining 10%. This ownership structure has enabled the company to generate robust cash flow and intensify its… Read More Here

Mali’s industrial gold output is expected to drop by about 14% this year to 53.7 metric tons, mines ministry data showed on Monday. The West African country, one of the continent’s top gold producers, is home to industrial mines operated by international companies including Barrick Gold, B2Gold Corp, Resolute Mining and Hummingbird Resources. Its industrial gold production stood at 66.5 metric tons last year, almost unchanged from 66.2 tons in 2022. The mines ministry did not provide reasons for this year’s lower forecast. The data showed Barrick Gold is the… Read More Here