Tag - Mining
Monday, April 24 2017
By GCRU Gold News on Monday, April 24 2017, 20:24
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.
Wednesday, April 12 2017
By GCRU Gold News on Wednesday, April 12 2017, 23:58
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.
Thursday, April 6 2017
By GCRU Gold News on Thursday, April 6 2017, 03:07
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.
Wednesday, March 29 2017
By GCRU Gold News on Wednesday, March 29 2017, 09:57
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.
Friday, March 24 2017
By GCRU Gold News on Friday, March 24 2017, 02:03
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.”
Monday, March 6 2017
By GCRU Gold News on Monday, March 6 2017, 07:21
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.
Tuesday, February 28 2017
By GCRU Gold News on Tuesday, February 28 2017, 02:39
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.
Monday, February 27 2017
By GCRU Gold News on Monday, February 27 2017, 23:56
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.
Thursday, February 23 2017
By GCRU Gold News on Thursday, February 23 2017, 07:52
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?
Monday, February 20 2017
By GCRU Gold News on Monday, February 20 2017, 10:06
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.
By GCRU Gold News on Monday, February 20 2017, 10:05
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.
Saturday, February 18 2017
By GCRU Gold News on Saturday, February 18 2017, 07:30
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.
Wednesday, February 8 2017
By GCRU Gold News on Wednesday, February 8 2017, 21:47
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.
Thursday, January 19 2017
By GCRU Gold News on Thursday, January 19 2017, 23:25
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
Friday, December 23 2016
By GCRU Gold News on Friday, December 23 2016, 01:43
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.
Friday, December 9 2016
By GCRU Gold News on Friday, December 9 2016, 08:09
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.
Monday, December 5 2016
By GCRU Gold News on Monday, December 5 2016, 22:35
“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.
Monday, November 21 2016
By GCRU Gold News on Monday, November 21 2016, 23:02
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.
By GCRU Gold News on Monday, November 21 2016, 08:54
China paying a 25% premium to buy gold in the ground.
Wednesday, November 16 2016
By GCRU Gold News on Wednesday, November 16 2016, 21:48
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.