Gold - Copperbelt Katanga Mining

Nevada Gold Mines Celebrates Official Opening of Goldrush Mine

May 1, 2024May 1, 2024 Constance

The Goldrush Project is officially on track to produce 130,000 ounces1 of gold this year and will further enhance the value Nevada Gold Mines (NGM) brings to the state through taxes, employment and meaningful support for communities, said Barrick President and CEO, Mark Bristow, at the project’s opening ceremony attended by Governor Joe Lombardo and local stakeholders. Barrick, which owns 61.5% of the project through the NGM joint venture with Newmont (38.5%), is developing and will operate the mine, scheduled to reach commercial production by 2026 and growing to approximately 400,000… Read More Here

International Gold

Construction Advances at Blackwater Mine in British Columbia

April 30, 2024April 30, 2024 Constance

Construction at the Blackwater mine in central British Columbia continues to advance according to schedule, positioning the mine for its inaugural gold pour in the latter half of the year. As of March 31, overall construction progress reached approximately 73%, with approximately C$523 million of the guided capital budget, ranging between C$730 million to C$750 million, already expended, as reported by TSX-V-listed Artemis Gold. Steven Dean, Chairperson and CEO, emphasized the pivotal role of the dedicated team overseeing the development of the Blackwater mine. “Execution is paramount in all projects,… Read More Here

Mining in DRC Economy Gold Tin

Rwanda’s Mining Exports to UAE Surpass DRC’s by 7% in 2023

April 28, 2024April 28, 2024 Constance

In 2023, the Rwanda Development Board reported a significant milestone for the country, with foreign exports reaching $3.5 billion, marking a remarkable 17.2% growth compared to 2020. This growth, according to the government institution tasked with accelerating Rwanda’s economic development, stemmed from the export of various raw materials, including raw gold, platinum-plated gold, zirconium, tin, and tungsten. Additionally, essential products like malt, wheat or meslin flour, cereal flours, coffee, tea, and cement contributed to this upward trend. The United Arab Emirates emerged as the primary importer, accounting for 56.9% of… Read More Here

Gold Mining in DRC Mining safety Safety & Health

Tragic Earthslide Claims Lives at Mayi-Musi Gold Mine in Djugu

April 28, 2024April 28, 2024 Constance

A devastating earthslide at the Mayi-Musi mining site in Djugu, located approximately 100 kilometers from Bunia in Ituri province, resulted in the loss of four lives and injuries to three others. According to local sources, the incident occurred on Sunday, April 21, 2024, around 5 p.m., shortly after a light rain. The mining site, which had been abandoned for many years, boasts at least seven gold shafts. Eyewitness testimonies reveal that the seven victims, including four fatalities due to asphyxiation, were inside one of the gold shafts, approximately eight meters… Read More Here

International Gold

Uganda’s Gold Exports Surge, Overcoming Tax Disputes

April 28, 2024April 28, 2024 Constance

Uganda’s Ministry of Finance recently revealed that gold has reclaimed its position as the country’s primary export. Over the past 12 months leading up to February, the gold trade contributed to 37% of Uganda’s total export revenues. This resurgence follows a period of disruption caused by tax disputes, which reportedly cost Uganda Ush600 billion ($160.77 million). Initially, tax issues had significantly hindered Uganda’s gold trade, which accounts for a substantial 44% of the nation’s export income, as reported by the Bank of Uganda. However, after nearly a year of interruption… Read More Here

International Gold

Invictus Energy Signs MoU to Power Zimbabwe’s Eureka Gold Mine

April 26, 2024April 26, 2024 Constance

Independent upstream oil and gas company Invictus Energy signed a Memorandum of Understanding (MoU) with energy firm Himoinsa Southern Africa Proprietary Limited and mining company Dallaglio Investments Pvt Ltd. for the development of a gas-to-power project to supply electricity to Eureka Gold Mine in Zimbabwe. Invictus Energy will provide feedstock from its Cabora Bassa Project to fuel the proposed 12MW gas-to-power plant, which will be constructed by Himoinsa. Electricity generated from the plant will be transmitted via the national grid to power operations at Dallaglio Investments’ Eureka Mine, located 50km away… Read More Here

International Gold

Sibanye-Stillwater targets $500m in gold streaming deals

April 24, 2024April 24, 2024 Constance

SIBANYE-Stillwater aimed to conclude a portion of an estimated $500m to $1bn in potential streaming or metals prepayment deals before it announced its half year results in August, said the group’s CEO Neal Froneman. “We don’t get any credit for our gold by-product from platinum group metals (PGMs) and it’s a good time to be negotiating because the gold price isn’t done yet,” said Froneman on the sidelines of the PGM Day conference in Johannesburg. “The beauty of selling by-product credits is that it’s not described as debt,” he said.… Read More Here

International Gold

China’s Gold Demand Fuels Record-Breaking Rally, Surpassing $2,400 per Ounce

April 22, 2024April 22, 2024 Constance

Gold has reached unprecedented heights, surpassing $2,400 per ounce this year, captivating global markets. At the forefront of this remarkable surge is China, the world’s largest producer and consumer of the precious metal. Driven by escalating geopolitical tensions and the anticipation of lower US interest rates, gold has become an attractive investment option. However, it’s the relentless demand from China across various sectors that has propelled the rally to new heights. Traditionally, China and India have competed for the title of the world’s largest gold buyer. Yet, recent trends show… Read More Here

International Gold

Sibanye-Stillwater restructure puts more than 4,000 jobs on the line

April 21, 2024April 21, 2024 Constance

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

International Gold

Saudi Arabia nears $1bn deal for stake in Barrick’s Reko Diq

April 20, 2024April 20, 2024 Constance

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