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Category: Gold

Twiga Transforms Tanzanian Mining, Sets Standard for Industry 1 International Gold Partnership 

Twiga Transforms Tanzanian Mining, Sets Standard for Industry

Constance
Twiga Minerals, the joint venture between the Tanzanian government and Barrick Gold Corporation, has revitalized the country’s gold mining industry through a partnership that should serve as a model for similar operations, particularly in developing regions, Barrick president and chief executive Mark Bristow said yesterday July 10th. Briefing media at a mine visit, Bristow said in 2019 when Barrick took control over North Mara and Bulyanhulu — the mines that now form the Twiga complex — both were rundown and at a virtual standstill due to a deadlocked dispute between… Read More Here
Successful Exploration Continues to Extend Tongon’s Life of Mine 2 Gold Exploration International 

Successful Exploration Continues to Extend Tongon’s Life of Mine

Constance
Originally scheduled for closure in 2020, the life of Barrick’s Tongon gold mine continues to be extended through successful exploration campaigns. Speaking at a media briefing on Wednesday July 5th general manager Hilaire Diarra said that since Tongon poured its first gold in 2010, the mine has contributed $2.2 billion to the Ivorian economy in the form of taxes, infrastructure development, salaries and payments to local suppliers. “Extending its life will help ensure that Tongon is still able to share the value it creates with all its Ivorian stakeholders continuing… Read More Here
Great Future Beckons for Lumwana as Barrick Unlocks Potential 3 Mining in Zambia Copper Gold 

Great Future Beckons for Lumwana as Barrick Unlocks Potential

Constance
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Barrick’s drive to transform the Lumwana copper mine into a Tier One1 asset with a life extending beyond 2060 is picking up speed with a strong performance in the past quarter adding impetus to its continuing production ramp-up. Briefing media at a site visit here today July 7th, Barrick president and chief executive Mark Bristow said the mine’s full potential was only now being revealed. Additional expansion opportunities, identified through an updated geological model, are currently being assessed, while drilling at the Kababisa prospect highlights potential… Read More Here
Kibali Set to Roll Out New 10-Year Plan on Back of Production Ramp-Up and Reserve Replacement 4 Mining in DRC Gold Hydro power plant 

Kibali Set to Roll Out New 10-Year Plan on Back of Production Ramp-Up and Reserve Replacement

Constance
Africa’s biggest gold mine, Kibali, stepped up production significantly in the past quarter as part of its planned ramp-up and is well on track to achieve its annual guidance. At the same time, successful exploration is expected to more than replace reserves depleted by mining again this year. Briefing media on Wednesday July 5th, Barrick president and chief executive Mark Bristow said the 10-year-old mine was now rolling out its business plan for the next decade, securing its status as one of the company’s elite portfolio of Tier One mines… Read More Here
Kavango signs option over gold project in Zimbabwe 5 Gold International 

Kavango signs option over gold project in Zimbabwe

Constance
Kavango Resources, a UK-based mining company focused on South Africa, has entered an exclusive two-year option to acquire Nara, a gold exploration project in Matabeleland, Zimbabwe. The Nara project includes 45 contiguous gold claims. According to the company, the project has the potential to host a bulk mineable gold deposit. Each of the gold claims is claimed to be at least ten hectares in size. The area of the project has supported historic high-grade underground mining and continuous surface mining on small-scale and custom milling over a 30-year period. It has… Read More Here
Local First Policy Drives Barrick’s Procurement Practices 6 Mining in Zambia Copper Economy Gold Taxes 

Local First Policy Drives Barrick’s Procurement Practices

Constance
The Lumwana copper mine has purchased approximately $4.3 billion in goods and services from Zambian registered businesses since it went into production, in line with Barrick Gold Corporation’s (NYSE:GOLD)(TSX:ABX) local procurement and economic development practices. President and chief executive Mark Bristow said Lumwana’s local procurement expenditure in 2022 was $432 million, out of a total of $520 million, which represents 83% of the mine’s total procurement spend. Since 2019, when Barrick was reconstituted following its merger with Randgold Resources, local expenditure has increased year on year. Additionally, all Lumwana’s copper… Read More Here
Kavango signs option over gold project in Zimbabwe 7 Gold International 

Kavango signs option over gold project in Zimbabwe

Constance
Kavango Resources, a UK-based mining company focused on South Africa, has entered an exclusive two-year option to acquire Nara, a gold exploration project in Matabeleland, Zimbabwe. The Nara project includes 45 contiguous gold claims. According to the company, the project has the potential to host a bulk mineable gold deposit. Each of the gold claims is claimed to be at least ten hectares in size. The area of the project has supported historic high-grade underground mining and continuous surface mining on small-scale and custom milling over a 30-year period. It has… Read More Here
Protests erupt as illegal miners remain in Ghana gold mine  8 International Artisanal mining Gold 

Protests erupt as illegal miners remain in Ghana gold mine 

Constance
Protests have erupted in the mining town of Obuasi, Ghana, as up to 300 gold miners remain underground at an AngloGold Ashanti mine due to fear of arrest if they exit. Heavily armed police officers fired shots at protesting crowds, according to footage taken by Al Jazeera. The illegal, or artisanal, miners entered the mine last week, and more than 80 have chosen to leave and been immediately arrested by Ghanian police forces. In a statement to Mining Technology, AngloGold Ashanti said that “the main exit ramp from the mine,… Read More Here
Gold Remains the Shining Star in the Precious Metals Market 9 Gold Artisanal mining International 

Gold Remains the Shining Star in the Precious Metals Market

Constance
The global precious metals market is experiencing remarkable growth, poised to surpass $400 billion by 2028, according to a report by Fortune Business Insights™. The report highlights the significant role played by gold in driving this market expansion. As the market continues to thrive, it becomes crucial to consider the repercussions for the Artisanal and Small-Scale Gold Mining (ASGM) sector, particularly in Africa and other frontier mining jurisdictions. Unleashing the Potential of Gold: Gold stands as a beacon of stability and security amidst the volatile investment landscape. Its low-risk nature… Read More Here
Pan African's Missed Gold Bonanza: Can They Catch Up? 10 Gold International 

Pan African’s Missed Gold Bonanza: Can They Catch Up?

Constance
What Eskom taketh away, the rand giveth back. That’s one way of looking at prospects for Pan African Resources, a midtier gold producer that seems to have completely missed the rand gold price bonanza being lapped up by other South African-focused gold miners. Pan African’s share price has fallen 19% in 12 months whereas shares in Harmony Gold are 67% higher. DRDGold, the company with which Pan African is most often compared, is 115% higher. Over five years, the difference is even starker: Pan African has returned a respectable 120%, including… Read More Here

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