Tag - Mining
Monday, February 25 2019
By GCRU Gold News on Monday, February 25 2019, 00:35
Colorado-based Newmont Mining Corp. announced on Friday that its $10 billion deal to purchase Vancouver-based Goldcorp Inc. is moving forward after the latter obtained an interim plan of arrangement, throwing cold water on the idea that Newmont is interested in a merger with Barrick Gold Corp.
Saturday, February 23 2019
By GCRU Gold News on Saturday, February 23 2019, 01:11
Barrick Gold Corp., the world’s second-largest gold producer, has considered a bid for Newmont Mining Corp. in what could be the biggest-ever industry merger and propel the Canadian miner to the No.1 spot globally.
Monday, January 14 2019
By GCRU Gold News on Monday, January 14 2019, 12:34
Newmont Mining Corp said on Monday that it would buy smaller rival Goldcorp Inc in a deal valued at $10 billion, creating the world’s biggest gold producer by output.
The deal is the second high-profile merger in the mining industry since Barrick Gold Corp agreed to buy Randgold Resources Ltd in September last year to cut costs.
Saturday, December 22 2018
By GCRU Gold News on Saturday, December 22 2018, 01:52
Republic Metals, the South Florida-based gold refiner that is one of the nation’s largest, has filed for bankruptcy, a further sign of trouble for the U.S. precious metals industry, which has been targeted by federal prosecutors investigating “blood gold” for more than two years.
Monday, December 17 2018
By GCRU Gold News on Monday, December 17 2018, 23:51
SION Trading FZE (SION) is pleased to announce it has signed an agreement with Don David Gold Mexico SA de CV (DDGM), a 100% owned subsidiary of Gold Resource Corporation (NYSE American: GORO), to purchase precious metal dore produced from the miner's Oaxaca Mining Unit.
SION Trading FZE aims to provide mining companies with higher yields and services exceeding industry standards on miners' sales of precious metals.
SION is also the precious metals procurement agent for Arbitrade Ltd. SION plans to allocate the procurement of its precious metals, including those purchased from DDGM, to further enhance Arbitrade's existing gold assets.
Monday, December 10 2018
By GCRU Gold News on Monday, December 10 2018, 03:04
The nation’s 130-year-old gold industry
which has produced half the bullion ever mined on Earth is locked in the final stages of a decades-long death spiral. Most of South Africa’s gold mines are unprofitable at current prices.
Tuesday, October 23 2018
By GCRU Gold News on Tuesday, October 23 2018, 00:29
One hole even hit 36 meters at 12.47 grams per ton gold and that was starting from 5 meters below surface
Tuesday, September 25 2018
By GCRU Gold News on Tuesday, September 25 2018, 00:31
Canada’s Barrick Gold Corp has agreed to buy Randgold Resources Ltd in an all-stock deal valuing the Africa-focused miner at $6.5 billion, to create the world’s largest gold producer in an industry under investor pressure to put capital to good use.
The new Barrick company, which will be listed in New York and Toronto, will own five of the world’s 10 lowest cost gold mines and have market value of $19.4 billion based on Monday trading. That would make it the world’s biggest gold miner by market capitalization, overtaking Newmont Mining Corp, according to Reuters calculations.
Sunday, September 23 2018
By GCRU Gold News on Sunday, September 23 2018, 23:45
Barrick Gold Corp. is said to be in advanced negotiations to merge its operations with Africa-focused rival Randgold Resources Ltd., protecting the Toronto-based miner’s crown as the world’s largest producer of the metal.
Saturday, September 22 2018
By GCRU Gold News on Saturday, September 22 2018, 00:19
After almost a year of behind-the-scenes work, billionaire hedge-fund manager John Paulson has formed a coalition with 15 other investors aimed at curbing years of what his fund has called value destruction in the gold sector.
The group intends to ensure the management and boards of mining companies are aligned with shareholder interests, he said. The group will meet periodically to address a number of issues and will be funded by members.
Monday, September 17 2018
By GCRU Gold News on Monday, September 17 2018, 04:35
The Kambalda mine that produced more than $15 million worth of spectacular gold specimens a fortnight ago from a single deep cut 500m underground has turned out another precious stone after development restarted after the announcement.
A specimen stone weighing 43kg and estimated to contain 1100 ounces of gold, valued at about $1.8 million, was recovered after work resumed underground at the Beta Hunt gold mine.
Tuesday, July 24 2018
By GCRU Gold News on Tuesday, July 24 2018, 01:48
South Africa’s gold mines are the world’s deepest and among the most labor intensive. The country’s gold production dropped 16 percent in May from a year earlier, falling for an eighth straight month, as aging infrastructure, depleted reserves and accidents raise costs and curb output.
“Gold is a sunset industry,” Pityana said in an interview last week in Bloomberg’s Johannesburg office. “It doesn’t matter what you do, it doesn’t matter how you do it, you are not going to be able to change that.”
Friday, July 13 2018
By GCRU Gold News on Friday, July 13 2018, 04:47
“If I could give one sentence about the gold mining business … it’s that in my life, gold produced from mines has gone up pretty steadily for 40 years. Well, either this year it starts to go down, or next year it starts to go down, or it’s already going down… We’re right at peak gold here.”
Thursday, June 14 2018
By GCRU Gold News on Thursday, June 14 2018, 02:12
Gold is one of the rarest elements in the world, making up roughly 0.003 parts per million of the earth’s crust. But how much gold is the world digging up each year and what countries produce the most?
In 2017, global gold mine production was a reported 3,247 tonnes. This figure is down 5 tonnes from the previous year and marks the first annual drop since 2008, according to the GFMS Gold Survey 2018. The driving forces behind the drop in output were environmental concerns, crackdowns on illegal mining operations and rising costs.
Monday, June 4 2018
By GCRU Gold News on Monday, June 4 2018, 00:08
Major Russian gold mining companies are planning to almost double production. The increase could make Russia the world's second largest producer of the precious metal.
The country is currently third in the global rating of gold miners after Australia and China. However, that could change in less than a decade, according to Mikhail Leskov, deputy CEO at the Moscow-based Institute of Geotechnology, as quoted by Vedomosti.
Monday, May 28 2018
By GCRU Gold News on Monday, May 28 2018, 01:03
BHP, Barrick Gold and mining contractor Hatch are all looking at ways to replace mines with grids of wells that pump metal out of the ground, up-ending the industry's economics.
Engineers in the mining industry say the same could be about to happen in copper and gold, as some of the world's largest mining companies examine ways to replicate fracking, injecting liquid into deposits to extract metal from ore, before pumping it back to surface.
Thursday, May 17 2018
By GCRU Gold News on Thursday, May 17 2018, 00:49
'Are we not looking for it? Are we bad at finding it? Or have we found it all? My answer is we found it all'
Tuesday, May 8 2018
By GCRU Gold News on Tuesday, May 8 2018, 00:39
The demand for gold is increasing, yet new discoveries of the precious metal have not kept pace with the demand. Funds for exploration are historically high, $54.3 billion, up 60 percent over the past 18 years.
Thursday, November 30 2017
By GCRU Gold News on Thursday, November 30 2017, 14:24
A report by BMI Research states that global gold mine output growth will pick up in the next few years, supported by higher gold prices and solid projects in key countries.
“We forecast global gold production to increase from 105moz in 2018 to 125moz by 2026, averaging 2.3% annual growth. While a steady pace of growth, this represents a slight deceleration in growth rate compared with the previous eight-year average of 3.1%,” the firm says.
Saturday, November 25 2017
By GCRU Gold News on Saturday, November 25 2017, 00:22
A gold industry obsessed with containing costs and minimizing risks will find itself at the edge of a cliff by 2020 as supply tightens, according to one of the most profitable producers.
Half of the gold coming out of the ground isn’t profitable to mine based on the true extraction costs, he said.
The industry is headed for a dramatic supply shortage from 2020 if gold prices stay between $1,000 and $1,400 an ounce, he said.
Input costs probably will rise as “you’ve got a complete over-inflation of value in just about every asset class and industry in the world, with burgeoning central bank balance sheets.”
The result will be higher gold prices