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Category: Gold

Réunion Gold Settles Alliance Dispute with Barrick Gold 1 Mining in DRC Gold 

Réunion Gold Settles Alliance Dispute with Barrick Gold

Constance
Réunion Gold and Barrick Gold officially settled their claim on Wednesday, December 20, reaching an amicable resolution. The resolution effectively ends all obligations between both entities, given that there’s no ownership remaining as per the alliance agreement. Despite this resolution, Réunion Gold maintains its primary focus on developing and exploring the Oko West project in north-central Guyana, which Barrick had excluded from the alliance back in January 2020. Notably, Barrick holds no rights to reclaim involvement in the project. Oko West, discovered through Réunion’s initial drilling program in 2020, boasts… Read More Here
Burkina Faso: West African Resources Unlocks $100M for Kiaka Project 2 International Gold 

Burkina Faso: West African Resources Unlocks $100M for Kiaka Project

Constance
Mining company, West African Resources, has received $100 million in financing from a fund managed by Sprott Resource Lending Corp. (Sprott) and Coris Bank International SA (Coris) to finance operations at the Kiaka Gold Project in Burkina Faso. The financing is part of a $265-million package that the mining firm secured from Sprott and Coris to support the Kiaka Project and various other operations. According to Richard Hyde, Managing Director at West African Resources, first production from the Kiaka Project is anticipated in the first half of 2025. “Kiaka will… Read More Here
Barrick Sounds Out First Quantum Holders on Possible Bid 3 Gold International 

Barrick Sounds Out First Quantum Holders on Possible Bid

Constance
Barrick Gold Corp. has spoken with some of First Quantum Minerals Ltd.’s major investors to gauge their support for a potential takeover, after the sudden closure of its flagship mine left the Canadian copper producer reeling and wiped out more than half its market value. Barrick Chief Executive Officer Mark Bristow approached some of First Quantum’s largest investors late last year, according to people familiar with the situation, who asked not to be identified as the talks were private. It wasn’t immediately clear if Barrick has made a fresh approach… Read More Here
Illegal Chinese Gold Mining Leaves An Open Wound In Ghana 4 International Gold 

Illegal Chinese Gold Mining Leaves An Open Wound In Ghana

Constance
Chinese national En “Aisha” Huang is well known in Ghana as the “Galamsey Queen,” a nickname bestowed by the local media to describe her status as a kingpin of illegal gold mining operations. Her arrest and recent sentencing are emblematic of Ghana’s serious, ongoing problem with Chinese involvement in illegal artisanal small-scale gold mining (ASM). A Ghanaian court on December 4 sentenced Huang to 4½ years in prison and levied a $4,000 fine for running an illegal mining operation. Authorities told reporters that she will be deported after serving the… Read More Here
Dundee to acquire Osino’s Twin Hills gold project in Namibia for $214 million 5 International Gold 

Dundee to acquire Osino’s Twin Hills gold project in Namibia for $214 million

Constance
Dundee Precious Metals (TSX: DPM) is buying Osino Resources (TSXV: OSI) for C$287 million ($214m) in cash and shares to acquire its advanced-stage Twin Hills gold project in Namibia. The half-stock, half-money deal gives Dundee all of Osino’s shares for C$0.775 each plus 0.0801 of a Dundee share, representing a premium of 44% on the 30-day, volume-weighted average price of Osino stock as of Dec. 15. Osino shareholders will get 7% of the company in the transaction expected to close by June. Twin Hills is an open-pit project with a… Read More Here
Saudi mining company Ma’aden announces 'significant' gold discovery 6 Gold International 

Saudi mining company Ma’aden announces ‘significant’ gold discovery

Constance
Saudi Arabian Mining Company (Ma’aden), the biggest mining company in the Arab world, has announced the discovery of a “significant gold resource potential” in the kingdom. The new discovery extends along a 100km stretch from the existing Mansourah Massarah gold mine, the company said on Thursday. It is the “first find from the company’s extensive exploration programme, launched in 2022, aimed at building Ma’aden’s production pipeline”, it said. “These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country… Read More Here
Gold and silver to shine again in 2024 7 International Gold 

Gold and silver to shine again in 2024

Constance
Gold hit an all-time high in 2023, dragging silver up with it and experts see little reason why its upward progress should falter in the coming 12 months. Traditionally, gold is on the other end of a seesaw with the US dollar. The established wisdom is if the US currency strengthens, gold’s value drops and vice versa, a pattern played out pretty much to the letter in 2023. Gold dipped when interest rates were rising in a US central bank bid to curb inflation, pushing the dollar higher. As soon as… Read More Here
Barrick's Twiga Minerals Strengthens Gold Refining Alliance with Rand Refinery 8 International Gold Press Release 

Barrick’s Twiga Minerals Strengthens Gold Refining Alliance with Rand Refinery

Constance
Tanzania – Barrick Gold Corporation (Barrick), through its subsidiary Twiga Minerals Corporation, has sought to further streamline its gold refining activities by growing its partnership with Rand Refinery. Rand Refinery is a world-leading, LBMA-accredited gold and silver refiner based in South Africa. Rand Refinery completed its own on-site due diligence process of the Twiga operations in line with the LBMA’s Responsible Gold Guidance and the OECD Due Diligence Guidance. The majority of Twiga’s gold doré is now sent to Rand Refinery, with the balance continuing to be refined by MMTC PAMP. All… Read More Here
Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024 9 Gold International News in Brief 

Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024

Constance
 Following the formal completion of the Porgera Project Commencement Agreement on December 22nd, work has started on the recommissioning of the Porgera gold mine in Papua New Guinea, which has been in care and maintenance since April 2020. This work is expected to be completed over the next few weeks, paving the way for mining and processing to restart in the first quarter of 2024. Barrick president and chief executive Mark Bristow, who was closely involved in the negotiations that eventually delivered the restart agreement, said the mine’s new ownership… Read More Here
Loncor Gold Sells Makapela Gold Project to Propel Adumbi Mine Development 10 Mining in DRC Gold 

Loncor Gold Sells Makapela Gold Project to Propel Adumbi Mine Development

Constance
Loncor Gold, owner of the Adumbi gold mine, has seized an opportunity to fuel its flagship project’s progression by selling its Makapela gold project. The decision to divest the Makapela asset, announced on December 13, 2023, has enabled Loncor to secure 13.5 million Canadian USD (approximately 10 million USD). CEO John Barker highlighted that this strategic move allowed Loncor to procure vital funds for the Adumbi mine’s development without resorting to substantial equity dilution. The sale of Makapela, categorized as a “non-essential asset,” aligns with the company’s strategy to bolster… Read More Here

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