Tag - Production
Tuesday, August 19 2014
By GCRU Gold News on Tuesday, August 19 2014, 03:46
Gold producers opening new mines are hurting efforts to revive industry returns following the biggest price slump last year in more than three decades, according to Randgold Resources Ltd. Chief Executive Officer Mark Bristow.
Friday, August 15 2014
By GCRU Gold News on Friday, August 15 2014, 23:48
Not content with its Central Bank being this year’s world’s largest gold purchaser, Russia looks like it might be moving into second place in the World gold mine production table and overtaking Australia which currently holds this position. Last year Russia mined just under 8 million ounces of gold – around 248.5 tonnes – as opposed to Australia’s 8.53 million ounces – 265.3 tonnes. But Russian gold output is reported as rising 26.6% in the first half of the year and if this level increase continues in H2 Russian full year output could total 10.1 million ounces – or 314.6 tonnes, although with normally far higher output in the second half of the year this kind of annual percentage increase may not be achievable.
Tuesday, August 12 2014
By GCRU Gold News on Tuesday, August 12 2014, 12:02
U.S. gold production dropped 9% year-over-year from 19,100 kilograms (614,079 troy ounces) in May 2013 to 17,300 kg (556,207 oz), the U.S. Geological Survey reported Monday.
Sunday, July 20 2014
By GCRU Gold News on Sunday, July 20 2014, 01:57
The report points out that over the past 24 years mining companies have discovered some 1.66 billion ounces of gold in 217 major discoveries, BUT – and it’s a big BUT – while this may sound a huge amount, over the same period the industry has actually produced 1.84 billion ounces of gold, so discoveries have not been keeping pace with production. But the report goes much further in showing that the number of significant discoveries (defined as deposits with a minimum of 2 million ounces of contained gold) is diminishing and this diminishing trend seems to be accelerating. In the 1990s some 124 deposits containing 1.1 billion ounces of gold were discovered while since the year 2000 this has fallen to only 605 million ounces in 93 such discovered deposits. And most recently significant new discoveries appear to have slowed to a trickle.
Thursday, July 3 2014
By GCRU Gold News on Thursday, July 3 2014, 11:25
The gold mining industry was fundamentally broke at a gold price of $1 300/oz, Randgold Resources CEO Dr Mark Bristow said on Wednesday.
Speaking to journalists at a media lunch, Bristow said the industry was unable to make returns at that low level of gold price range.
The consequences would be a reduction in the supply of gold, which would ultimately push the gold price higher, as physical demand was definitely present.
By GCRU Gold News on Thursday, July 3 2014, 11:24
Two South African gold miners have recently relinquished their memberships in the World Gold Council (WGC), citing costs as being the main reason driving their decisions.
Friday, June 20 2014
By GCRU Gold News on Friday, June 20 2014, 23:37
Infographics on the largest producers in the major producing countries.
Thursday, June 19 2014
By GCRU Gold News on Thursday, June 19 2014, 09:12
The cost of building a mine has increased significantly over the last decade, from US$560 per ounce of gold production capacity in 2014 to more than $2,300/oz last year, says a new report by SNL Metals & Mining.
Based on data from mines currently under construction, capital costs are expected to peak this year at almost $2,400/oz, according to an article by SNL metals analyst Kevin Murphy.
Wednesday, June 18 2014
By GCRU Gold News on Wednesday, June 18 2014, 09:06
Predicting the future of gold mining in South Africa has become easy these days. With a lot of conviction, I can forecast that our production will continue to decline. Having peaked in 1970, it has fallen to a 109-year low of 167 tons in 2012, at which point Peru overtook us in the global ranking. Forecasting seems particularly easy at this point in time because, for exactly 20 years now, SA's declining output has followed a distinct linear pattern (if we disregard the effect of the 2012 strike). In itself, this is highly remarkable since it has completely disregarded the law of price elasticity: no supply response at all following bullion's spectacular price increase after 2001.
By GCRU Gold News on Wednesday, June 18 2014, 09:04
No date has been set for miners' return to work at Lonmin's platinum mine while workers wait for "unconditional" agreements to be made by the firm.
Thursday, May 29 2014
By GCRU Gold News on Thursday, May 29 2014, 09:48
Tuesday, May 13 2014
By GCRU Gold News on Tuesday, May 13 2014, 19:16
In its fourth acquisition during the current financial year, gold miner Northern Star Resources (ASX: NST) has agreed to pay US$91 million) in cash for Newmont’s Jundee underground gold mine in the northern Yandal Belt of Western Australia.
Jundee, which produced 290,000 gold ounces in 2013, is expected to increase Northern Star’s production from 350,000 ounces to 550,000 ounces in FY2015, making it the second largest ASX-listed gold miner. Jundee’s all-in sustaining cost in CY2013 was A$930/oz. Mined since 1995, it is believed to have two to three years of mine life remaining.
Saturday, May 10 2014
By GCRU Gold News on Saturday, May 10 2014, 22:46
IN THE most sweeping strategic change since it unbundled all its South African mines except for South Deep into Sibanye last year, Gold Fields has now effectively shut down its “greenfields” exploration and development projects.
Instead, the group will look at buying gold companies that are in production and making profits, preferably in regions where Gold Fields is already operating.
“Given where we are in the gold business cycle, we think there’s more value in buying gold than there is in discovering it,” Mr Holland said. “We’ve been exploring for 16 years. Expenditure on exploration has gone up significantly, but the number of discoveries and the grade of those discoveries has come down.
“Gold is scarce. It’s not easy to find the stuff,” he said.
By GCRU Gold News on Saturday, May 10 2014, 21:52
Goldcorp - though it produces far less gold - once again bested Barrick Gold for the title of gold miner with the largest marketcap, if only by the slimmest of margins. Goldcorp eclipsed Barrick late last week and has held the top spot since then. At presstime the margin was tiny - a few hundred million dollars - but it is notable nonetheless at least for its symbolic value: Barrick's marketcap was C$21.6 billion versus Goldcorp's C$21.9 billion.
Of course the only prize for Goldcorp is the bragging right. But for the world's top gold producer - Barrick - and its management it has to bruise the egos somewhat to produce near three times Goldcorp ounces, but sit behind it in marketcap ranking. Barrick - as we recently noted - produced 7.2 million ounces gold in 2013 versus Goldcorp which produced 2.7 million ounces last year, making them respectively the first and fourth ranked gold producers in the world.
By GCRU Gold News on Saturday, May 10 2014, 14:56
The new Gold and Silver Mining focus report from Metals Focus notes that the Russian Federation surpassed the U.S. as the world’s No. 3 gold producer in 2013, while South Africa regained the No.5 slot from Peru as it increased output marginally by 1% over strike hit 2012, while Peru’s output fell back by 3%. The No.1 and No.2 slots were retained by China and Australia respectively
Wednesday, May 7 2014
By GCRU Gold News on Wednesday, May 7 2014, 08:15
Chender pointed to current exploration trends as suggesting a significant squeeze on potential future gold supply. While there had already been a notable decline in the discovery of major new gold discoveries anyway over the past several years, one of the unintended consequences of the latest spate of cost cutting and reserve and resource re-evaluation by the gold mining companies has been a sharp decline in exploration expenditures. The extent to which industry has cut back will thus have a huge impact on resource and reserve replacement going forward.
Monday, May 5 2014
By GCRU Gold News on Monday, May 5 2014, 18:55
Kibali will be, when it reaches full capacity, one of the world’s largest gold mines.
Kibali represents an investment of more than $2.5 billion by Randgold Resources and AngloGold Ashanti and while still a work in progress - it is both an operating mine and a development project - Kibali produced 88,200 ounces of gold and made a profit from mining, before interest, tax and depreciation, of $68.3 million in the three months to December, its first production quarter.