Tag: Gold mining

Gold mining company Harmony approves US$623m to extend projects

Frank

SOUTH AFRICA – Harmony Gold Mining Company has unveiled a R9 billion (US$623 million) plan to extend several projects to drive long-term profitability as operations generated more cash on record bullion prices during the year to the end of Jun, according to IOL. Chief Executive Peter Steenkamp said that Harmony had approved the development of the R4.5 billion (US$311.4 million) Zaaiplaats project over the next 10 years, the R3.2billion (US$221.5 million) extension of Mine Waste Solutions over four years, and about R1billion (US$69.2 million) for Hidden Valley in Papua New…

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Red Rock starts drill program Kenya gold prospect

Frank

KENYA –  Natural resources development company Red Rock Resources, following recent receipts of all permits, is now beginning the 2,000 meters reverse circulation (RC) drill programme at the Central KKM gold prospect, the central part of the Mikei gold project (MGP) in Kenya. Hole depths are planned to be between 60 meters and 220 meters and there is a possibility of extending the drill programme, the company says. Elsewhere in the MGP, Red Rock is continuing its exploration, with 54 line kilometres of the planned 115 line kilometres of induced polarisation survey covered in the Masurura area of the…

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China Molybdenum to invest US$2.5b to double copper, cobalt output at DRC mine

Frank

DRC – China Molybdenum Company says it would spend US$2.51 billion to roughly double production of copper and cobalt at its giant Tenke Fungurume mine in the Democratic Republic of Congo. The bumper investment comes as prices for both metals have jumped in 2021 amid a demand rebound from the Covid-19 pandemic. Copper is up 23% year to date on the London Metal Exchange after hitting a record high of almost US$10,750 a ton in May 2021, while cobalt is up 64% at about US$52 000 a ton. China Moly…

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Asante Gold to acquire Bibiani gold mine from Resolute Mining for US$90m

Frank

GHANA – Resolute Mining Ltd has announced that it has agreed to sell its Bibiani gold mine in Ghana to Asante Gold Corp. for US$90 million in cash. The company will receive an initial US$30 million payment, followed by another US$30 million on or before six months from the transaction close. The final US$30 million is set to come on or before a year from completion, Resolute said. The Western Australia-based miner had inked in December a US$105 million sales deal with China’s Chifeng Jilong Gold Mining, which fell flat…

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Zimbabwe sells gold refinery Fidelity Printers and Refiners for US$49m

Frank

ZIMBABWE – A total of ten companies will take control of Zimbabwe’s privatized gold refinery, Fidelity Printers and Refiners (FPR), for US$49 million, the country’s Finance minister Mthuli Ncube has said, reports Newsday. This will be the first time that the refinery will be in private hands since it was established in 1988. The sale, first announced in December 2020, will see the new shareholders owning 60% of Fidelity Printers and Refiners, while the Reserve Bank of Zimbabwe (RBZ) retains the remaining 40%. “The process of partial privatization of Fidelity…

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UK’s Caracal Gold Plc to list at the Nairobi Securities Exchange

Frank

KENYA – Caracal Gold Plc, a gold mining company, based in the UK, has picked Faida Investment Bank as its financial adviser and joint broker as it plans to do a Kshs 2 Billion (US$18.4 million) listing at the Nairobi Securities Exchange (NSE). Caracal Gold Plc listing at the Nairobi Bourse will make it only the second Company to have a dual listing at both the NSE and London Stock Exchange (LSE). The Economic Partnership Agreement (EPA) that was ratified between Kenya and the UK in May 2021 to boost trade between…

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GoldStone Resources commences mining and ore stacking at the Homase mine

Frank

GHANA – GoldStone Resources has commenced mining and ore stacking at the Homase mine within its Akrokeri-Homase gold project (AKHM) in Ghana, with the first mined ore having been successfully stacked onto the heap leach pad. This follows the pre-stripping and clearing of the Homase mine site, which the company says is continuing to perform well. The daily mining rate and the growth in the primary and secondary run-of-mine stockpiles are performing at or above the targeted levels. CEO Emma Priestley says the stacking of ore onto the heap leach…

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Mining company Gold Fields’ board gives green light to South Deep solar project

Frank

SOUTH AFRICA – the Board of Directors Gold Fields, one of the world’s largest gold mining firms, has given the green light for the construction of a 40MW solar plant at the South Deep mine in South Africa. The move follows the granting of a licence by the National Energy Regulator of South Africa on 25 February 2021. The 40MW solar plant will generate over 20% of the average electricity consumption of the mine and  will comprise 116,000 solar panels and cover a 118 ha and will be on mine…

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Perseus Mining Ltd releases its CY20 Sustainable Development Report and future plans

Frank

WEST AFRICA – Perseus Mining Limited, a gold producer, developer and explorer, has released its CY20 Sustainable Development Report that details the company’s progress over the past 12 months. The company has recorded great progress in its 2020 sustainability report as it moves forward in delivering sustainable gold production of 500,000 ounces per annum by financial year 2022. It reports its delivery on its commitment to responsible mining operations in Côte d’Ivoire and Ghana, including an overall economic benefit to host countries totalling about USD$385 million. The report confirms the…

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Centamin awards contracts of Sukari Gold Mine to juwi AG and Giza Systems

Frank

EGYPT – Centamin, a gold mining company, has announced it has awarded the engineering, procurement and construction contracts for the 36 MW solar farm and 7.5 MW battery–energy storage system at the Sukari Gold Mine to juwi AG and Giza Systems. juwi AG has been contracted to design, supply and integrate the Sukari solar and battery plant into the current diesel power plant. juwi are renewable energy specialists, with an established track record of developing and integrating renewable energy solutionsfor mines. Giza Systems have been contracted to install the Sukari…

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