Category: Gold

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

Vancouver-based B2Gold remains actively committed to exploring expansion opportunities in Mali, despite the government’s proposal to introduce a new mining code. The proposed code aims to enhance the State’s stake in gold mining projects within the country. Under the leadership of the military-led government, discussions are under way with gold mining companies, including B2Gold, regarding potential amendments to the existing mining law that could increase the government’s take in projects from 20% to 35%. B2Gold CEO Clive Johnson has provided assurance on last week’s earnings call that the proposed 2023 mining code will only apply to future developments and that the Fekola mine will continue to be… Read More Here

Uganda’s Wagagai Gold Mine and Refinery will commence production in March 2024. The large-scale gold mining and refining facility is being developed by Wagagai Mining Limited and planned and designed by gold mining institution Shandong Gold Design Institute of China. Announced during a site visit at the facility, Wagagai Mining Limited’s General Manager, Tan Jiuchang, indicated that the firm will set up all aspects of the mining value chain, which will include mining, beneficiation, smelting, refining, logistics and foreign trade sales. “Our target is to get this facility ready for… Read More Here