Mining News
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Physical gold demand was up 7% in Q3 from a year ago according to the latest report on the gold market by GFMS. In its just-published Q3 Gold Survey, the consultancy group reports that the increase was because of an increase in net official sector buying and a marked improvement in the level of retail […]
Randgold Resources’ Tongon gold mine has paid off its shareholders’ loans of US$448 million, used to partially fund the US$580 million capital investment in building the mine five years ago. The Tongon mine is located within the Nielle exploration permit in the north of Côte d’lvoire, 55 km south of the border with Mali. Randgold […]
Vast Resources plc plans to double the plant capacity at its 50.1%-owned Manaila mine, in Romania, to 2.4 Mt/y by re-commissioning a second mill. The cost of the second mill is estimated at US$0.2 million. The open pit mine commenced production in July this year. As part of its plans for Phase 1 of the […]
Lonmin plc, the platinum producer with operations in South Africa, is proposing a financial restructuring to weather the low PGM price environment. The plan involves a US$400 million rights issue, a US$400 million new equity issue and an amendment of its debt facilities to replace the existing US$543 million, which matures in H1 2016. The […]
Shanta Gold produced a record 24.6 koz of gold in Q3, 8% higher than the corresponding quarter of 2014 as the grade increased from 4.47 g/t to 5.68 g/t at its New Luika gold mine, in Tanzania. The result was a marked improvement on the previous quarter when production was only 14.7 koz of gold. […]
Rio Tinto PLC continues to increase its iron ore production despite the recent history of poor prices and fears of a glut on world markets. Q3 production of iron ore was 86.1 Mt, 12% higher than the same quarter of 2014 and 8% above the Q2 2015 quarter. This takes YTD production (100% basis) to […]
Hochschild Mining plc is to raise £64.8 million (net £61.1 million), through a rights issue, which it will use to strengthen its balance sheet by applying at least 50% to repaying debt. As at 30 June 2015, the company had short term debt of US$97.1 million and long term debt outstanding of US$442.9 million (US$343.3 […]
Fresnillo plc produced 34.8 Moz of silver in the first nine months of 2015, some 7% higher than the corresponding period in 2014, with the start-up of Saucito II and higher ore grade at Ciénega. Q3 production came in at 11.0 Moz, in line with Q3 14. The company states that it is on track […]
DiamondCorp plc, which is ramping up to commercial production at its underground Lace diamond mine, in South Africa, is currently commissioning a new conveyor system, which it believes will reduce operating costs. The 400 t/hr conveyor system to surface will replace the existing dump truck haulage, although the latter will still be used to transport […]
Caledonia Mining Corporation reports that the Blanket mine, in Zimbabwe, produced almost 11 koz of gold in Q3, taking gold production for the first nine months of the year to 31.3 koz (9 mnth 2014: 31.3 koz) The company expects the mine to achieve its target production for 2015 of 42.0 koz of gold. 49%-owned […]