The company said it was "currently revising its Fort Cady mine plan" to effect the change. The junior has a staged development plan at Fort Cady requiring A$54 million in upfront capital.Read More
The contract was only extended for a further two years in February, and was expected to generate A$123 million in revenue. Perenti earlier terminated contracts at Boungou and Bissa in Burkina Faso following a major incident that left 19 of its workers dead and 26 wounded when a convoy was attacked by militants on November 6. It decided the security situation in western Burkina Faso was t...Read More
In October, the wheels started turning on one of the world's largest conveyor systems. Once in full operation, 14 kilometres of belts will bring 140,000 tonnes of ore a day to surface from huge tunnels carved out beneath Codelco's giant Chuquicamata pit in northern Chile.The operation represents the future of Chile's mining industry, Chilean President Sebastian Pi??era said at its inauguration in...Read More
Endeavour Mining (TSX: EDV) and Egypt-focused miner Centamin (TSX: CEE; LON: CEY) have agreed to assess the merits of a merger that would create a mid-tier gold company with an almost $4-billion market value and annual output of more than 1.2 million ounces.The announcement follows weekend talks in Perth, Australia, between Endeavour's chief executive, S?(C)bastien de Montessus, and Centamin's cha...Read More
Equinox Gold (TSX: EQX) has become the latest Canadian gold miner to acquire a smaller rival and consolidate portfolios after announcing the acquisition of Leagold Mining (TSX: LMC) for $769.3 million (US$578 million).The offer, which implies a no-premium consideration of $2.70 per share, will add Leagold's four mines in Mexico and Brazil to Equinox's portfolio, consisting of two mines in Californ...Read More
U.S. President Donald Trump signed off on a phase-one trade deal with China on Dec. 13 to avert a planned round of tariffs on US$160 billion of consumer goods. The news sent copper rallying to a several-month high of over US$6,170 per tonne (US$2.80 per lb.), and generated renewed optimism for the red metal's fundamentals heading into 2020.Consensus forecasts for copper are guardedly bullish headi...Read More
The Dow Jones Industrial Average rose 0.43% to 28,135.38 and the S&P 500 Index gained 0.73% to 3,168.80. Spot gold climbed US$16 per oz. to finish at US$1,475.70 per ounce.Shares of Rio Tinto jumped US$2.35 to US$57.72 on news about its Oyu Tolgoi mine in Mongolia. The company announced unanimous approval of a resolution by the Mongolian parliament that instructs the government to look for ways to...Read More
The S&P/TSX Venture Composite Index moved 0.50% higher to 540.53, while spot gold finished at US$1,475.70 per oz., up US$16 per ounce (1.10%).Shares of Victoria Gold jumped 51 ? to $8.56 in the wake of assay results from trenches in the Nugget zone - part of its Raven discovery in the Yukon. The latest assay results extend surface mineralization over 200 metres east and 250 metres southeast from t...Read More
The S&P/TSX Composite Index rose 0.04% to 17,003.10. The S&P/TSX Global Mining Index rose 3.80% to 80.99 and the S&P/TSX Global Base Metals Index gained 4.97% to 109.84. Spot gold climbed US$16 per oz. (1.10%) to US$1,475.70 per oz., and the S&P/TSX Global Gold Index advanced 3.02% to 251.40.Kirkland Lake Gold topped the list of value gains during the trading week, jumping $3.03 to $56.64 per shar...Read More
For the first time since World War II's Manhattan Project, the U.S. military is investing directly into commercial-scale rare earths production.I've written for years about the U.S. dependence on China - who refines most of the world's rare earths - and the vulnerable position the U.S. is in as a result.Back in October, I told you that the Department of the Interior announced it would look for new...Read More
Gold has pulled back sharply, after reaching a multi-year high of over US$1,550 per ounce in early September 2019, to trade at US$1,475 an ounce. This has tarnished much of the bullish optimism surrounding the outlook for the yellow metal and gold miners.One miner that has been particularly roughly handled by the market is New Gold (TSX:NGD)(NYSE:NGD). It has gained a mere 7% since the start...Read More
A “phase one” trade deal has been reached at the very last minute, giving the markets a full day of trading to adjust to the relaxed tensions between the U.S. and China. For nearly two years, our two largest trade partners have been engaged in a trade war that has weighed on the markets and stalled global growth.With a December 15th deadline that had loomed large over the week now defu...Read More
Many commodity miners have been roughly handled by the market since the start of 2019 because of the U.S. China trade war and fears of a global recession, which have weighed on commodity prices.Diversified Canadian miner Teck Resources (TSX:TECK.B)(NYSE:TECK) has lost 20% since the start of 2019, triggering speculation that it is attractively valued and poised to rebound because of signs that the...Read More
Share this articleThe chairman of Equinox Gold Corp. says the purchase of Leagold Mining Corp. in a friendly all-stock deal makes sense in an industry where "size matters" more than ever before.On a conference call after announcing the deal valued at about $770 million on Monday, Ross Beaty said the merging of two "young, dynamic companies," both based in Vancouver, is a natural."We have real sy...Read More
Share this articleVANCOUVER - Equinox Gold Corp. will acquire Leagold Mining Corp. in a friendly deal that will raise its annual production to about one million ounces of gold starting in 2021.It's offering 0.331 of an Equinox share per Leagold share.Based on Friday's closing stock prices, Equinox's offer is worth $2.70 per share - equal to Leagold's stock price, which gave it a market value of...Read More
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