Tag - Mining
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.
Tuesday, October 25 2016
By GCRU Gold News on Tuesday, October 25 2016, 06:46
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.
Saturday, October 15 2016
By GCRU Gold News on Saturday, October 15 2016, 00:11
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.
Wednesday, September 28 2016
By GCRU Gold News on Wednesday, September 28 2016, 06:20
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.
Tuesday, September 27 2016
By GCRU Gold News on Tuesday, September 27 2016, 22:04
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.
Wednesday, September 21 2016
By GCRU Gold News on Wednesday, September 21 2016, 01:30
With gold output in South Africa mired in a multiyear decline, the country’s biggest producer is turning to an overlooked and cheaper source of supply: the dump.
About 6.5 million ounces valued at $8.5 billion is buried inside mammoth mounds of discarded mine waste at sites owned by Sibanye Gold Ltd. They’re leftovers from more than five decades of excavation west of Johannesburg. But there’s a catch. The traces are so small that the company will process rubble heavier than the Statue of Liberty just to retrieve an egg’s weight in gold. And the investment could take 18 years to pay off.
Sunday, September 11 2016
By GCRU Gold News on Sunday, September 11 2016, 01:39
Gold output across the globe hit an all-time high in 2015, climbing 1.8 percent to 3,211 tonnes. Much of this growth was led by Mexico, whose output increased double digits (18 percent) from 112 tonnes in 2014 to 133 tonnes last year. Indonesia grew 20 percent, Kazakhstan 29 percent.
This year, global production is expected to level out as project development budgets were slashed during the three-year gold bear market. But with gold prices rebounding, miners are in a good position to be much more profitable.
Thursday, September 1 2016
By GCRU Gold News on Thursday, September 1 2016, 11:19
Scottish scientists have developed a new method for recovering gold from old gadgets such as mobile phones, TV’s and computers, which not only doesn’t require the use of toxic chemicals, such as cyanide, but it is also said to be more effective than current techniques.
According to the researchers from the University of Edinburgh, who have just published their findings in the journal Angewandte Chemie, their extraction method could help recover about 300 tonnes of the precious metal used in electronics each year.
They estimate that electrical waste contains as much as 7% of all the world’s gold as the precious metal is a key component of the printed circuit boards found inside most modern devices.
Wednesday, August 31 2016
By GCRU Gold News on Wednesday, August 31 2016, 01:07
BMI Research, a division of Fitch, predicts in a new report that gold miners will add 10 million ounces or more than 280 tonnes to global production with average annual growth of 2.7% for a total of 110 million ounces or 3,118 tonnes yearly output by 2020. This represents a slight deceleration in growth rate compared the previous five-year average of 3.2%.