Category: Gold

Perseus Mining Ltd. , an Australian company with a focus on Africa, has released an update on estimated mineral resources and ore reserves at its operations. The company currently operates three gold mines in Africa. They include the Edikan in Ghana, as well as the Sissingue and Yaoure mines in Cote d’Ivoire. It also owns the Meyas Sand Gold Project in Sudan, where employees were recently withdrawn following an outbreak of armed conflict. In a recent presentation, the company said 2023 financial year production was 535,281 ounces at an all-in-sustaining… Read More Here

Anglogold Ashanti shareholders on Friday voted in favour of the miner’s plans to switch its primary listing from Johannesburg to New York, the company announced, clearing the way for its exit from South Africa. More than 98% of Anglogold shareholders approved the switch, exceeding the required majority of at least 75% at a virtual meeting held on Friday, the company said in a statement. The proposed reorganization also includes the relocation of Anglogold’s headquarters to London from Johannesburg. AngloGold, the forerunner of which was founded by industrialist Ernest Oppenheimer a… Read More Here

South Africa-based platinum group metals (PGMs) and gold miner Sibanye-Stillwater expects its headline earnings for the first six months of the year to fall by up to 53%, compared with the same period last year. The company, which is the world’s biggest primary producer of platinum, the second biggest primary producer of palladium and the third largest producer of gold, expects its headline earnings a share to be between 198c and 218c, compared with 423c in the first half of 2022. This represents a decline of 48% to 53%. Earnings… Read More Here

The price of gold was close to its lowest point in over five weeks yesterday, August 17th as confirmed by precious metals market traders. The metal is being negatively affected by the strengthening of the dollar and the yields of US Treasury bonds, at a time when the minutes of the July meeting of the Federal Reserve (Fed) are expected to be released. These minutes could provide clarity on the intention to raise interest rates. Spot gold experienced minimal fluctuations, reaching its lowest level since July 7th. US gold futures… Read More Here

Imagine descending 2.5 miles into the earth just to get your hands on a precious metal. The descent takes an hour and is done in stages. The tunnel walls are so dangerously hot that ice is pumped down from above to keep the temperature at safe levels. This is the Mponeng Gold Mine in  South Africa, the deepest gold mine in the world. How Deep is the Deepest Gold Mine in the World? Owned by Harmony Gold Mining, the Mponeng mine extends 2.5 miles (4 km) beneath the surface. That distance… Read More Here

Barrick Gold chief executive Mark Bristow has slammed western fund managers for their short-sighted focus on making quick returns. He urged them to follow the example of some sovereign wealth funds that are showing interest in investing in risky mining projects in the world’s dangerous regions. He used Saudi Arabia’s Public Investment Fund (PIF) as an example of an investor considering projects that may not deliver short-term returns but would help production of vital metals for the clean energy transition. “The western world has become extremely myopic, driven by instant… Read More Here

he operating profit of Aim-listed mining services group Goldplat, which owns and operates gold recovery operations in South Africa and Ghana, decreased to £1.19-million for the fourth quarter of its financial year ended June 30. The group’s operating profit for the financial year also decreased to £6.03-million, from £9.07-million in the 2022 financial year. The group’s Goldplat Recovery operation, in South Africa, posted an operating profit of £750 000 for the fourth quarter, down from £1.24-million in the fourth quarter of the 2022 financial year, as a result of power supply challenges and infrastructure-related issues. Goldplat points out that the operation lost 23 operating days – 25% of the total days available… Read More Here

 Barrick Gold Corp (ABX.TO) is open to bringing in Saudi Arabia’s wealth fund as one of its partners in Pakistan’s Reko Diq gold and copper mine, Barrick CEO Mark Bristow told Reuters in an interview on last week. He also dismissed a june media report that Barrick was in talks with fellow Canadian miner First Quantum Minerals (FM.TO) on a possible acquisition as a “rumour”. Barrick Gold owns a 50% stake in Pakistan’s Reko Diq mine, with the remaining 50% owned by the governments of Pakistan and the province of Balochistan. Barrick considers the mine… Read More Here