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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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Friday, December 23 2016

Gold Miners Are Running Out of Metal: Five Charts Explaining Why

Gold’s had a roller-coaster year, surging as much as 30 percent before giving up the bulk of those gains. But one trend has been consistent: mining companies are finding it harder to dig up more of the precious metal.

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Friday, December 9 2016

An Australian gold producer sells high and buys low

Blackham Resources (BLK.AX), a junior gold producer that has just begun to ramp-up production at a newly-commissioned mine in Western Australia, reported something interesting earlier this week. Having forward-sold about half of next year’s expected gold production a few months ago when the gold price was near its highs for the year, the company recently took advantage of gold’s price decline by closing-out the bulk of its forward sales. It did so by purchasing gold and delivering it into the forward sales contracts, thus realising a cash profit of A$6.3M.

In other words, having sold high during May-September, BLK’s management turned around and bought low over the past couple of weeks. Sell high, buy low. Sounds like a good strategy to me. More gold producers should try it.

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Monday, December 5 2016

Fears rise over future supply of gold

“For the first time in history, gold supply into the future is under enormous pressure.” The warning from Mark Bristow, chief executive of London-listed Randgold, encapsulates the gold mining sector’s woes.

“There is a chronic shortage of exploration money and as usual the gold price is not acting in the way everyone thought it would do,” says Peter Hambro, chairman of the company.

This backdrop has left many in the industry forecasting a supply shortage by the end of the decade.

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Monday, November 21 2016

SA to exhaust gold reserves in 38 years

Statistics South Africa (Stats SA) said in its Environmental Economic Accounts Compendium 2013 output levels show SA will exhaust its proven platinum reserves in 239 years, coal in 118 years, and gold in 38 years.

A closer look at the rapidly decreasing importance of gold mining in SA shows gold production has come down by 57% for the period between 2003 and 2013.

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Bidding far more than expected, Chinese firm wins Barrick's half of big Australian mine

China paying a 25% premium to buy gold in the ground.

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Wednesday, November 16 2016

Decade of Gold Mine Declines Poised to Spur Deals, Prices

Gold’s dwindling pipeline of new mines is poised to usher in a decade-long output slump, spurring prices and delivering a new impetus for dealmaking and industry consolidation, according to Goldcorp Inc., the third-largest gold producer.

Mine supply may fall about a third in the 10 years to 2025, according to Bloomberg calculations based on forecasts from BMO Capital Markets and Randgold Resources Ltd. The number of newly discovered primary gold deposits fell to three in 2014, from a peak of 37 in 1987, according to Melbourne-based industry adviser MinEx Consulting Pty.

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Tuesday, October 25 2016

Nano technology could be a game changer for placer mines

Nano-technology could come to the rescue of ailing gold companies. A new recovery method using nano-technology promises to improve gold recoveries by upwards of 40%, and in some tests has achieved improvements of an astonishing 90%. For marginal mine operators, this is could clearly be a game changer.

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Saturday, October 15 2016

Interactive Gold Mining Map

At a country level, China was the largest producer in the world in 2015, accounting for around 14 per cent of total global production. Our interactive gold mining map provides a breakdown of the top gold producing countries in the world, which demonstrates the geographical dispersion of gold mine supply.

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Wednesday, September 28 2016

Shandong Gold Said to Be Top Bidder for $2 Billion Glencore Mine

China’s Shandong Gold Mining Co. has emerged as the lead bidder for Glencore Plc’s gold mine in Kazakhstan, which may fetch about $2 billion in a sale, according to people familiar with the matter.

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Tuesday, September 27 2016

Randgold chief sees gold-supply problem

Mark Bristow, South African-born founder and chief executive of Randgold Resources, foresees a looming supply problem in the gold industry, saying that there was not enough exploration to replace gold that was being produced.

“To keep the gold industry supplied we need to discover 90 million ounces a year. We are only discovering 10 million to 15 million ounces a year. We either have to discover more quality ounces or reduce the life of mines,” said Bristow.

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