Tag - Mining

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Thursday, October 5 2017

Paulson Says Sprott, Others Keen to Join Gold-Investors Group

Last week, billionaire John Paulson said his firm will spearhead the creation of the Shareholder’s Gold Council to give a greater voice to institutional investors on matters including board appointments, pay plans and mergers. The group is meant to rein in what Paulson called years of bad management at many gold-mining companies.

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Wednesday, September 27 2017

Paulson hedge fund in blistering attack on top gold miners

On Tuesday, New York hedge fund Paulson & Co, founded by noted gold bull John Paulson launched a blistering attack on the world’s top gold mining companies over “serial value destruction” in the industry.

Speaking at the Denver Gold Forum, the sector’s most important gathering now in its 28th year, Paulson & Co partner Marcelo Kim called on major gold equity investors to join a coalition – dubbed the Shareholders Gold Council – to stop CEOs, boards and management enriching themselves at the expense of shareholders and prevent companies from embarking on the kind of acquisitions and budget blow-outs that according to Kim have destroyed $85 billion in value just since 2010.

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Monday, September 25 2017

Thoughts on global gold mine supply

Looking ahead, I expect global gold mine supply will gradually decline over the coming years, driven by the recent downward trend in prices, a reduction in exploration spend and a decline in development projects. I do believe, however, that the scale of decline will be gradual. Between the mid-1990s and early 2000s, industry mine supply dropped by approximately 1% annually. It is likely to be similar this time round.

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Monday, August 21 2017

Today's Gold prices are not much above production costs

The chart below shows the global cost curve for gold mining — in terms of all-in costs. That includes operating costs, sustaining capital at mines, and development costs to bring new ounces of production online.

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Thursday, August 10 2017

Top gold scientists solve mining’s growth problem

Here’s something few investors know.

The gold mining industry is massively depleting its reserves, not finding new deposits fast enough, and could be on the cusp of its most profitable turning point ever.

Gold mine supply will peak in 2019 and continue falling through at least 2025, according to BMO Capital Markets and Bloomberg.

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Saturday, May 20 2017

From Yukon to Patagonia, Gold Explorers Stir After Sleep

From Canada’s Yukon to southern Patagonia, outbreaks of gold-rush fever are popping up as bullion markets stage a tentative recovery.

The number of holes drilled at gold deposits has been rising steadily for more than a year, according to S&P Global Market Intelligence. And while early-stage exploration budgets haven’t kept pace with spending at existing mines, prospecting hot spots are starting to pop up in traditional destinations Canada, Australia and Latin America.

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Monday, April 24 2017

Gold Fields South Deep Mine, Digging Two Miles Underground

Gold mining at South Deep, the world's second-biggest deposit, would never be easy. Located an hour's drive west of Johannesburg, the resource holds 63 million ounces that formed in an ancient lake, now crystallized in rock, three kilometers (1.9 miles) underground. Gold Fields Ltd. has spent 29 billion rand ($2.5 billion) on the mine and has repeatedly missed ramp-up targets due to fatal accidents, mistakes and changing mining methods. A complex geological formation, seismic activity as well as the difficulty of operating high-powered diggers in deep tunnels has slowed progress. Now, armed with a new mining plan and costs under control, it says South Deep will operate at full capacity within five years, and will churn out the precious metal for at least the next 70 years.

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Wednesday, April 12 2017

Russian Scientists Find Way to Reduce Gold Production Costs by 40%

Chemists from Russia working with their Chinese colleagues have come up with a new method for producing gold from ore, reducing extraction costs by upwards of 30-40%, and dramatically decreasing the amount of time needed to do so, the press service of Moscow's National University of Science and Technology (MISiS) has reported.

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Thursday, April 6 2017

China's Shandong in advanced talks to buy half of Barrick's Veladero mine

China's Shandong Gold Mining Co Ltd is in advanced talks to buy a 50 percent stake in Barrick Gold Corp's Veladero gold mine in Argentina, people familiar with the process told Reuters even as the Canadian miner grappled with a pipe rupture at the site.

As part of a purchase plan being discussed, Shandong would also acquire 50 percent of Barrick's nearby undeveloped Pascua-Lama gold and silver project, one of the people said.

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Wednesday, March 29 2017

Shandong Gold Says It May Have Found China's Biggest Gold Mine

The Xiling mine in Shandong province told local authorities it had found 382.58 tons of gold reserves and that the volume could reach more than 550 tons once exploration is completed in two years, which would make it China’s largest mine, according to a statement Tuesday that cited the company on sdchina.com, a website supervised by the provincial government. Operating at full capacity, the mine would have a life of 40 years, according to the statement.

Chinese gold companies have been stepping up their search for domestic deposits and eyeing acquisitions as the nation seeks to increase reserves by 3,000 tons to as much as 14,000 tons by 2020, the Ministry of Industry and Information Technology said last month.

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Friday, March 24 2017

Reviving King of Gold Means Getting Mine Workers Off Their Knees

If only it was that easy for the rest of the once dominant South African gold industry. After more than a century as the world’s top producer, the country has slipped to No. 7 over the past decade. Mines are deep, labor intensive and are being developed with mostly drill-and-blast methods little changed since the 1950s, which means costs have soared and output has dropped.

“South Africa is endowed with an unbelievable mineral resource,” said Neal Froneman, the chief executive officer of Sibanye Gold Ltd., the biggest producer of South African gold. “If we don’t have this shift to a new way of thinking about technology, we are going to sterilize resources. The industry will be dead by 2033 if we don’t change.”

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Monday, March 6 2017

World's top 10 gold mining companies – 2016

The price of gold broke a three-year losing streak in 2016, but the focus of the world's top gold mining companies in terms of output continued to be on cost-cutting and divestment (with varying degrees of success) which led to a decline in production for most of the sector's majors.

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Tuesday, February 28 2017

Showdown in Indonesia Brings World’s Biggest Gold Mine to Standstill

The American mining company Freeport-McMoRan has brought the world's biggest gold mine, in the Indonesian province of West Papua, to a standstill. The corporation is butting heads with the Indonesian government over protectionist mining regulations. And now that Freeport has started to dismiss tens of thousands of workers, the local economy is poised to take a huge hit. In Mimika Regency, the West Papua province containing the Grasberg gold mine, 91 percent of the Gross Domestic Product (GDP) is attributed to Freeport.

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Monday, February 27 2017

These Fearsome Robots Will Bring Mining to the Deep Ocean

Now, more than 40 years later, we're ready to start deep-sea mining for real. We're depleting many of our land-based stores of minerals, and remote though it is, the bottom of the ocean is a likelier source of precious minerals than asteroids. It is strewn with deposits rich in gold, copper, manganese, cobalt, and other resources that supply our electronics, green technology, and other vital tools like medical imaging machines.

In 2019, Canadian mining firm Nautilus Minerals will send robots to excavate deposits rich in copper and gold within the jurisdiction of Papua New Guinea. Other nations are hot on their heels. The International Seabed Authority, which regulates deep-sea mining in international waters, has granted contracts to more than 25 countries to explore for minerals.

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Thursday, February 23 2017

Rick Rule- Anatomy of a Serially Successful Entrepreneur

In a recent interview with Maurice Jackson, Rick explains that out of the roughly 250,000 to 300,000 people involved in mining exploration, the majority will never be involved in the discovery of a single mine. This despite spending most of their life at it—an incredible fact.

Yet there are others, the serially successful, who have been involved in 10 or more discoveries each.

Who are they? And what makes them so special?

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Monday, February 20 2017

Uganda to build Gold refinery

Uganda is set to launch a gold refinery in a bid to add value to Uganda’s gold that is still extracted using rudimental means.

According to Alain Goetz the chief executive director, African Gold Refinery, a company planning to constrict this refinery, this high-capacity gold refinery is the first of its kind in the Great Lakes region.

He says Gold from Uganda and the Great Lakes region has always been sold raw on the international market, costing the region hundreds of millions of dollars annually in potential revenues over the years.

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Gold refinery to be built in Armenia

Vahagn Lalayan, chief of the Armenian economic development and investments ministry’s investment policy division, told journalists on Friday that a gold-refining plant is planned to be built in Armenia.

In his words, four to five tons of gold are extracted every year in Armenia, and after the launch of new equipment by Lydian International the annual output is expected to reach 10 to 12 tons already by the end of this year or in the beginning of 2018.

The Armenian subsidiary of Lydian International is engaged in construction of mining facilities in Amulsar gold deposit in Armenia’s Jermuk.

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Saturday, February 18 2017

For world's top gold miners, growth no longer a dirty word

After five years of painful belt-tightening, the world's biggest gold miners are starting to cautiously loosen their purse strings and spend more money to find new deposits and build mines.

Several miners said this week that they have hiked budgets for exploration, construction and expansion projects. The plans, detailed in financial reports and conference calls, come as top producers face a "production cliff", with some analysts forecasting a sharp drop in their output in just four years due to under-investment.

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Wednesday, February 8 2017

Gold Miners Burned by Bad Deals Are Again Rushing to M&A

Top executives are on the hunt for mergers and acquisitions, and focusing on exploration as the industry emerges from survival mode. Gold prices have recovered and cost cuts are taking effect, delivering profits for companies that need to remedy a shortage of new discoveries and declining reserves.

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Thursday, January 19 2017

Gold Supply Is Guaranteed to Fall - Here's How

The primary reason new gold supply will fall is because mine supply is set to decline. And producers can’t easily or quickly increase mine output even if gold prices jump, as you’ll see

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